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New Straits Times
11 hours ago
- New Straits Times
MACC seizes assets, freezes Tan Sri's bank accounts worth RM85.6 million
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized assets and frozen bank accounts totaling RM85.6 million in its investigation involving a Tan Sri, concerning the misappropriation of sukuk funds meant for highway construction in the Klang Valley. MACC Chief Commissioner Tan Sri Azam Baki said among the seized items were 14 personal accounts containing RM4.5 million, eight company accounts containing RM33 million, and RM7.65 million of luxury vehicles. He added that other seized items included RM3 million worth of handbags, luxury watches worth RM7 million, and properties valued at RM24.5 million. "We suspect that sukuk funds amounting to hundreds of millions of ringgit channelled to a company owned by the Tan Sri were misused for personal gain and were not used for the intended financing of the related highway projects. "The money was then distributed to certain companies and individuals, including into the Tan Sri's account, who acted as the 'main mover'," he said. Azam said the funds were then believed to have been transferred to several other entities, including proxy companies and accounts owned by the Tan Sri's wife. "The money is believed to have been used to purchase various assets such as properties, luxury vehicles, jewellery, and handbags, as well as for gambling activities. "It is also believed to have been channelled for personal expenses such as the purchase of properties both domestically and abroad, as well as investments, through multiple layered financial transactions intended to obscure the original source of the funds," he said. Azam said the MACC has yet to record a statement from the Tan Sri involved, as he is still receiving treatment at the hospital. "The investigation is ongoing, and with the asset seizures, we will examine the acquisition of properties, including obtaining financial documents from banks and from the individual himself for analysis to assist the investigation. "All those involved in assisting the investigation will be called to give statements. I do not rule out that some of his family members will be summoned to assist the investigation," he said. So far, Azam said 45 people have been called and their statements recorded to facilitate the MACC's investigation into the case. He added that between 30 and 50 witnesses are expected to be called to complete the investigation. It was reported on Thursday that the MACC seized various assets, including handbags, jewellery, luxury vehicles, watches, cash, and luxury residences, with a total estimated value of about RM32 million belonging to the individual involved in yhe case. During the operation, the MACC also discovered a storage room containing various types of luxury alcoholic beverages at a residence valued at approximately RM3 million, believed to be linked to money laundering activities. The MACC's Strategic Communications Division reportedly said the seized items and assets are held for further investigation under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLA) 2001. Last month, it was reported that four people, including a Datuk Seri, were detained on suspicion of submitting false claims amounting to about RM360 million. All suspects, comprising three men and one woman aged between their 50s and 70s, were detained while giving statements at the MACC office. The four suspects are believed to have submitted false claims amounting to about RM360 million using sukuk funds in a highway construction project in the Klang Valley valued at about RM1.3 billion between 2016 and 2017.
Barnama
12 hours ago
- Business
- Barnama
MACC Seizes RM85.6 Mln In Assets Over Alleged Highway Sukuk Fund Misuse
KUALA LUMPUR, May 31 (Bernama) -- 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.
Barnama
a day ago
- Business
- Barnama
CPO FUTURES SLIP ON WEAK SOYBEAN OIL, SNAPPING 5-DAY RALLY
WORLD By Siti Noor Afera Abu KUALA LUMPUR, May 30 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives snapped its five-day rally to close lower on Friday, dragged down by weakness in the soybean oil market, said palm oil trader David Ng. He noted that key support and resistance levels are seen at RM3,800 and RM4,000 per tonne respectively. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Dr Sathia Varqa said CPO futures close lower as traders booked their profits ahead of the long weekend. At the close, the spot month June 2025 contract lost RM41 to RM3,888 per tonne, July 2025 decreased by RM51 to RM3,491 per tonne, and August 2025 went down RM54 to RM3,878 per tonne. September 2025 was RM51 lower at RM3,870 per tonne, October 2025 slid by RM49 to RM3,870 per tonne, and November 2025 eased RM46 to RM3,874 per tonne. Trading volume fell to 59,698 lots from 69,553 lots yesterday, while open interest narrowed to 241,994 contracts from 244,448 contracts previously. The physical CPO price for June South fell by RM30 to RM3,930 per tonne. Bursa Malaysia Bhd and its subsidiaries will be closed on June 2 in conjunction with the official birthday of His Majesty Sultan Ibrahim, King of Malaysia and would resume operations on June 3 (Tuesday).
Malaysian Reserve
a day ago
- Business
- Malaysian Reserve
AirAsia X, Capital A extend aviation restructuring deadline to July 31
AirAsia X Bhd and Capital A Bhd have extended the deadline for their aviation business restructuring deal by two months – from May 31 to July 31, 2025 – to allow time for finalising the terms of AirAsia X's RM1 billion private placement and securing regulatory and lender approvals. In filings to Bursa Malaysia, the companies noted that due diligence for AirAsia Aviation Group and AirAsia Bhd has been completed. The proposed restructuring involves AirAsia X acquiring AirAsia Aviation Group for RM3 billion and AirAsia Bhd for RM3.8 billion, alongside a RM1 billion fundraising exercise led by a sovereign wealth fund. AirAsia X's shares closed 2.33% lower at RM1.68 today, with a market capitalisation of RM751.1 million. Capital A slipped 2.3% to 85 sen, valuing the group at RM3.7 billion. — TMR
New Straits Times
a day ago
- New Straits Times
Ex-MMEA director jailed 20 months for accepting RM10,000 bribe
JOHOR BARU: A former Malaysian Maritime Enforcement Agency (MMEA) director was today sentenced to 20 months in prison by the Sessions Court here for accepting a RM10,000 bribe five years ago. Judge Datuk Ahmad Kamal Arifin Ismail found Mohd Zulfadli Nayan, 44, guilty after ruling that the prosecution had succeeded in proving its case beyond a reasonable doubt at the end of the defence stage. "After hearing and considering all the evidence, the court is of the view that the accused has failed to raise a reasonable doubt against the prosecution's case. "The court therefore finds the accused guilty and convicts him of the charge," he said, ordering Mohd Zulfadli to begin serving his sentence today. Lawyer Mohd Fazaly Ali Mohd Ghazaly, representing Mohd Zulfadli, formerly Tanjung Sedili Maritime Zone MMEA director, requested for a stay of the execution of the jail sentence, but it was dismissed. Earlier, during mitigation, the lawyer requested the court to impose a fine on his client, who has four children aged three to 11 to support. He said Mohd Zulfadli was suspended from work as senior assistant director of the International Relations and Coordination Branch at the MMEA Headquarters on May 23, 2021, and had since been working as an e-hailing driver and taking an electrical wiring job, earning between RM2,000 and RM3,000 a month. "He also suffers from gout, serious migraines and gastritis for which he has to take his medication regularly," said the lawyer. Deputy public prosecutor Zander Lim Wai Keong, from the Malaysian Anti-Corruption Commission (MACC), prosecuted. On May 23, 2021, Mohd Zulfadli claimed trial on a charge of accepting a cash bribe of RM10,000 from a shipping company owner, Wan Mohd Fauzi Wan Kamaruddin, at a restaurant in Jalan Yahya Awal here at 10 pm on Oct 2, 2020. He was alleged to have used his position at the time to refrain from taking action in an investigation involving the vessel MT 'Singa Gangsa', owned by Alamgala Resources Sdn Bhd. The ship was detained by 'KM Mulia' of the MMEA's Tanjung Sedili Maritime Zone on Sept 17, 2020. He was charged under Section 165 of the Penal Code, which carries a jail sentence of up to two years, a fine or both upon conviction.
