Latest news with #highwayproject
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
RM85.6mil in assets seized so far in highway sukuk fund misuse, says Azam
MACC chief commissioner Azam Baki said hundreds of millions in sukuk funds were channelled to a Tan Sri's company and later misused for personal interests rather than the intended highway project. 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 financing for the project for personal use, Bernama reported. MACC chief commissioner Azam Baki said the seizures included 14 individual bank accounts totalling RM4.5 million and eight company accounts amounting to RM33 million. Also confiscated were luxury vehicles (costing RM7.65 million), designer handbags (worth RM3 million), jewellery (valued at RM6 million), high-end watches (estimated to cost 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 as he has been admitted to a hospital. 'We are reviewing the acquisition trail of these assets and obtaining the relevant bank documents, including those tied to the suspect, to support our analysis,' he said. To date, 45 people 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 2001 for further investigation.
Yahoo
24-05-2025
- General
- Yahoo
Wonder what the State College Area Connector could look like? Take a look
Newly released video simulations of the state's preferred route for the State College Area Connector offer one of the most detailed looks yet at the major highway project set to reshape travel through Centre County. The proposed route — unveiled by the state Department of Transportation earlier this month — would stretch about eight miles and connect U.S. Route 322 at Potters Mills to the Mount Nittany Expressway near Boalsburg. Flyover videos show how the recommended four-lane highway would wind through rural parts of Centre County, cutting through homes, farms, wetlands and an athletic complex. The project's estimated cost is $600 million to $900 million, a PennDOT spokesman told the Centre Daily Times. It's aimed at improving safety and reducing congestion in one of the county's busiest corridors. Sixteen residences would be displaced by construction, the fewest of the final three options PennDOT considered. Nineteen farms and 163 acres of farmland would also be affected. The agency also said its suggested route would have the smallest total effect on agricultural land and historic properties. It would avoid the Tusseyville historic district. More than a dozen bridges would be needed to mitigate impacts to wetlands and streams, the only drawback listed by PennDOT. Fifteen were listed among the other two potential routes. The agency cast the potential for encountering sinkholes as moderate. The central alignment was most preferred by those who responded to a public survey. PennDOT said 36% of respondents preferred the central route, compared to 35% who preferred the south alternative. Eighteen percent preferred the north alternative and 11% sought a combination or other alternative. The south alternative would have cut through the fewest farms, but also the most streams and wooded habitats by far. There would have also been a high potential for encountering acid-producing rock — something that can be harmful to plants and animals if left unchecked. The north alternative, meanwhile, would have displaced the most residences and cut through the most farms and farmland. PennDOT said there was a high potential for encountering sinkholes. In order to gain final approval, the Federal Highway Administration must sign off on certain environmental aspects of the project. From there, the project would head into a final engineering design phase that's expected to last from mid-2026 until the end of 2029. That phase would be followed by right-of-way acquisition. Construction is not expected to begin until 2030 and would take about six years to complete.
