Latest news with #Anti-MoneyLaunderingandAnti-TerrorismFinancingAct
The Star
3 days ago
- The Star
MACC seizes luxury properties in highway funds probe
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) seized six luxury residences and a plot of land owned by a 'Tan Sri' in its investigation into the misappropriation of sukuk funds for highway construction in the Klang Valley. A source stated that the seizure resulted from a raid by the MACC's investigation division involving properties valued at approximately RM12mil. "During the raid, the MACC also discovered a luxury horse worth hundreds of thousands of ringgit, believed to have been purchased using sukuk funds." "As a result, the MACC has summoned the individual involved along with his wife for questioning, but only the woman appeared, as her husband reportedly has health issues," the Commission said in a statement on Friday (May 30). It also mentioned that the MACC is expected to call between 30 to 50 witnesses to assist in the investigation. The commission is continuing efforts to trace the assets owned by the Tan Sri and his wife both within and outside the country. On Thursday (May 29), the media reported that the MACC seized various assets worth approximately RM32mil belonging to the same individual. These included branded handbags, jewellery, luxury vehicles, watches, and cash. During the operation, the MACC also found a storeroom in one of the residences used to store various luxury liquors estimated to be worth RM3mil, believed to be linked to money laundering activities. The MACC's Strategic Communications Division stated that all items and assets were seized for further investigation under the MACC Act 2009 and the Anti-Money Laundering and Anti-Terrorism Financing Act (AMLA) 2001.
New Straits Times
16-05-2025
- Business
- New Straits Times
Court upholds negligence ruling against Hong Leong Bank over seizure order breach
KUALA LUMPUR: The Court of Appeal has upheld a ruling that Hong Leong Bank was negligent in breaching a seizure order under anti-money laundering laws. This breach resulted in the release of RM1.2 million paid by Ten Jing Enterprise Sdn Bhd to the insolvency department over a decade ago. The court also affirmed the High Court's decision that the government was not liable for the bank's error. Justice Ahmad Kamal Shahid, delivering the court's brief grounds of judgment, stated, "The appeals by the bank and the company (Ten Jing Enterprise Sdn Bhd) are dismissed as they have no merit." The bank had appealed the judgment in favour of Ten Jing and the government, while the company appealed the dismissal of its claim against the government. The panel, comprising judges S Nantha Balan and Azhahari Kamal Ramli, ordered the bank to pay the company RM30,000 and the government RM20,000 in costs. Conversely, Ten Jing was ordered to pay RM30,000 to the government and RM10,000 to the bank. The Court of Appeal upheld the High Court's judgment requiring Hong Leong Bank to pay Ten Jing RM1,270,262.15, inclusive of 5 per cent interest from Oct 10, 2018 until the judgment sum is fully settled. Lawyers V Jeya Kumar, Kee Hui Yee, and Jowyn Saw represented Ten Jing, while Karen Lee and See Yen Lin appeared for the bank. Senior federal counsel Siti Aishah Ramlan and Siti Syakimah Ibrahim acted for the government. The case arose from a 2012 transaction in which Ten Jing paid RM1.2 million to TS Steel Sdn Bhd for steel supplies that were never delivered. In early 2013, a seizure order was issued under the Anti-Money Laundering and Anti-Terrorism Financing Act (AmlaTFA) 2001 against TS Steel's assets, including the RM1.2 million deposited in its account with Hong Leong Bank. After a series of legal battles, the Court of Appeal in 2018 ordered the return of the money to Ten Jing. However, when Ten Jing and the customs department requested the release of the funds, the bank informed them that it had, upon realising a winding-up order had been issued against TS Steel, remitted the funds to the insolvency department. In 2019, Ten Jing filed a suit against the bank, the government, two customs officers, and the director-general of customs for breach of statutory duty and negligence in failing to preserve the money under the seizure order pending the disposal of proceedings under the anti-money laundering laws.
