Ex-senior minister, business tycoon under MACC probe over RM2.3 billion embezzlement
The investigation concerns the revelation of private documents by the International Consortium of Investigative Journalists over transactions carried out at offshore financial centres.
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The Malaysian Anti-Corruption Commission (MACC) has initiated several investigations under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 against a prominent business figure and a former senior minister concerning the misappropriation of state funds amounting to over RM2.3 billion.
According to sources, the investigation is a continuation and extension of revelations made by the International Consortium of Investigative Journalists regarding suspected transactions that took place in several offshore financial centres.
"The investigation relates to the purchase and ownership of shares in a listed company by a major state company, allegedly orchestrated by the former senior minister.
"It is also believed that these share purchase and ownership transactions contributed to the country's economic downturn and the depreciation of the Malaysian ringgit in the late 1990s, and were misused to bail out the individuals involved from suffering more severe losses," the source added.
The source further stated that the investigation encompasses transactions arising from the sale of shares in the said listed company.
The investigation includes the ownership of valuable assets that have been identified by the MACC as being held by the businessman with "Tan Sri" title, the former senior minister, and their family members, estimated to be worth billions of ringgit both within and outside the country.
The source also revealed that the MACC has recorded statements from approximately 14 witnesses in recent weeks, including statements from the business figure and former senior minister, in connection with the sensitive documents exposed by the Pandora Papers.
When contacted, MACC chief commissioner Azam Baki confirmed the matter and said investigation are ongoing under Section 23 of the MACC Act 2009 on the offence of abuse of power for gratification, and Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 on the offence of money laundering.
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