Latest news with #RM24.5
Yahoo
a day ago
- Business
- Yahoo
Shariah-compliant bonds for highway project abused in luxury lifestyle scandal, says MACC
KUALA LUMPUR, June 2 — The Malaysian Anti-Corruption Commission (MACC) has uncovered that over RM20 million from misappropriated sukuk funds meant for a Klang Valley highway project were allegedly used for gambling activities. MACC Chief Commissioner Tan Sri Azam Baki said the discovery came during further investigations into the high-profile corruption case, the New Straits Times reported. 'I have been briefed by my investigation officers that more than RM20 million may have been spent on gambling activities. 'We also found 300 bottles of luxury alcoholic beverages were found in a storage facility,' he was quoted as saying. Azam said the authorities are still tracing assets both locally and abroad that will be frozen or seized to assist the probe. So far, 45 witnesses have provided statements, while the Tan Sri under investigation remains hospitalised at a private medical centre. On Sunday, the MACC froze and seized RM85.6 million in assets and accounts related to the case involving the alleged misuse of sukuk funds. Among the seized assets were 14 personal bank accounts with RM4.5 million, eight company accounts with RM33 million, and luxury vehicles worth RM7.65 million. Authorities also confiscated handbags valued at RM3 million, luxury watches worth RM7 million, and properties estimated at RM24.5 million. The MACC believes that sukuk funds — raised through shariah-compliant bonds — were channelled to a company owned by the Tan Sri and diverted for personal use rather than the intended highway construction. Last month, four individuals including a Datuk Seri were arrested over false claims involving RM360 million linked to the same RM1.3 billion Klang Valley highway project dating back to 2016–2017.
The Sun
3 days ago
- Business
- The Sun
MACC seizes RM85.6m over alleged highway sukuk fund misuse
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized and frozen assets and bank accounts worth an estimated RM85.6 million as part of an ongoing investigation into the alleged misuse of sukuk funds linked to a Klang Valley highway project. The probe centres on a concessionaire with the honorific title Tan Sri, suspected of diverting project financing for personal use. MACC Chief Commissioner Tan Sri Azam Baki said the seizures include 14 individual bank accounts totalling RM4.5 million and eight company accounts amounting to RM33 million. Also confiscated were luxury vehicles (RM7.65 million), designer handbags (RM3 million), jewellery (RM6 million), high-end watches (estimated at RM7 million) and properties valued at RM24.5 million. 'We believe hundreds of millions in sukuk funds were channelled to the contractor's company, owned by the Tan Sri, and later misused for personal interests rather than the intended highway project,' Azam said when contacted. The funds were allegedly transferred to multiple entities, including proxy companies and the personal account of the Tan Sri's wife, and used to acquire assets such as real estate, luxury vehicles and goods and to fund gambling activities. Azam added that the money may also have been used to finance local and overseas property purchases and investments, which were concealed through layered transactions designed to obscure their origin. As of now, investigators have not yet recorded a statement from the Tan Sri due to his current hospitalisation. 'We are reviewing the acquisition trail of these assets and obtaining relevant bank documents, including those tied to the suspect, to support our analysis,' he said. To date, 45 individuals have had their statements recorded, with another 30 to 50 witnesses expected to be called in. Family members of the Tan Sri may also be summoned. Earlier media reports noted that MACC had seized various luxury items, including handbags, jewellery, watches, vehicles, cash, and high-end residences, worth around RM32 million, believed to be linked to the same individual. During a Thursday operation, officers also discovered a storage room stocked with luxury alcoholic beverages valued at about RM3 million, suspected to be tied to money laundering activities. All assets were seized under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001 for further investigation.
The Sun
3 days ago
- Business
- The Sun
MACC seizes RM85.6m in assets over alleged highway sukuk fund misuse
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized and frozen assets and bank accounts worth an estimated RM85.6 million as part of an ongoing investigation into the alleged misuse of sukuk funds linked to a Klang Valley highway project. The probe centres on a concessionaire with the honorific title Tan Sri, suspected of diverting project financing for personal use. MACC Chief Commissioner Tan Sri Azam Baki said the seizures include 14 individual bank accounts totalling RM4.5 million and eight company accounts amounting to RM33 million. Also confiscated were luxury vehicles (RM7.65 million), designer handbags (RM3 million), jewellery (RM6 million), high-end watches (estimated at RM7 million) and properties valued at RM24.5 million. 'We believe hundreds of millions in sukuk funds were channelled to the contractor's company, owned by the Tan Sri, and later misused for personal interests rather than the intended highway project,' Azam said when contacted. The funds were allegedly transferred to multiple entities, including proxy companies and the personal account of the Tan Sri's wife, and used to acquire assets such as real estate, luxury vehicles and goods and to fund gambling activities. Azam added that the money may also have been used to finance local and overseas property purchases and investments, which were concealed through layered transactions designed to obscure their origin. As of now, investigators have not yet recorded a statement from the Tan Sri due to his current hospitalisation. 'We are reviewing the acquisition trail of these assets and obtaining relevant bank documents, including those tied to the suspect, to support our analysis,' he said. To date, 45 individuals have had their statements recorded, with another 30 to 50 witnesses expected to be called in. Family members of the Tan Sri may also be summoned. Earlier media reports noted that MACC had seized various luxury items, including handbags, jewellery, watches, vehicles, cash, and high-end residences, worth around RM32 million, believed to be linked to the same individual. During a Thursday operation, officers also discovered a storage room stocked with luxury alcoholic beverages valued at about RM3 million, suspected to be tied to money laundering activities. All assets were seized under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001 for further investigation.
