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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.
New Straits Times
3 days 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
3 days 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.
New Straits Times
6 days ago
- New Straits Times
Perlis Customs seizes untaxed ciggies, liquor, arrests senior citizen
PADANG BESAR: Perlis Customs seized untaxed cigarettes and liquor worth over RM34,000, with unpaid duties exceeding RM70,000, in two separate raids in Taiping, Perak and Sungai Petani, Kedah over the weekend. The contraband was found stored in residential homes repurposed as makeshift warehouses. During one of the operations, a 60-year-old man believed to be the mastermind behind the illegal activity was arrested. Officers also seized three vehicles allegedly used to transport the untaxed goods. State Customs director Ismail Hashim said the first raid was conducted at 2.15am on May 17 following a tip-off about suspicious activities at the suspect's residence. "We found three cars parked outside the house. Upon inspection, 24,210 sticks of undeclared cigarettes and 113.25 litres of liquor were found in the boot of the vehicles," he said. The suspect, a trader, allegedly confessed to running the smuggling operation from his home for the past year. Authorities believe the goods were sourced from the Klang Valley. "The seized cigarettes include cigarettes from Indonesia and Germany. They were believed to be intended for distribution around Taiping," he said. In the second raid at about 1.30pm the same day, officers stormed a vacant house in Bukit Banyan, Sungai Petani and found 73,040 sticks of cigarettes worth RM50,563.80 hidden in a living room. "Although the two cases are not directly linked, we believe the modus operandi is similar, using cars or vacant premises as storage sites before distributing the items around Taiping and Sungai Petani," Ismail said. He added that the cigarettes and liquor found in the vehicles during the first raid appeared to have been recently acquired from suppliers. In total, 97,250 sticks of cigarettes worth RM33,258 were seized, involving unpaid duties estimated at RM67,510.80. The 113.25 litres of liquor were valued at RM1,489.52, with duties totalling RM2,734.41. "All three vehicles, believed to belong to the suspect, were also seized. Each is estimated to be worth around RM10,000," Ismail said. Cigarettes and liquor are restricted items and subject to import permits issued by the Customs Director-General under Items 1 and 3, Schedule III, Part II of the Customs (Prohibition of Imports) Order 2023. The case is being investigated under Section 135(1)(d) of the Customs Act 1967. If convicted, the offender may be fined not less than 10 times the value of the goods or RM100,000, whichever is higher, and not more than 20 times the value or RM500,000, or face imprisonment of between six months and five years, or both.
