THE Malaysian Anti-Corruption Commission (MACC) is set to summon a former senior minister and a well-known businessperson for further questioning regarding the alleged misappropriation of over RM2.3 bil in public funds.
Recent news reports have highlighted the ongoing investigation into these individuals, who hold the title of Tan Sri.According to a source mentioned in local portals, the investigation is being carried out in accordance with the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. This investigation is an extension of the previous revelations made through the release of confidential documents known as the Pandora Papers. The Pandora Papers report, compiled by the International Consortium of Investigative Journalists (ICIJ) involving 600 journalists worldwide has exposed the involvement of numerous wealthy Malaysians, including politicians and businessmen in offshore companies and trusts used for concealing their wealth. The report is based on a vast collection of over 11.9 million leaked documents and records obtained from 12 offshore service providers that assist in the establishment and management of shell firms and trusts in various tax havens globally, with the British Virgin Islands (BVI) being a popular choice among affluent Malaysians.
MACC has made significant progress in its investigations regarding the acquisition of shares by a public-listed company, which is believed to have contributed to the economic downturn in Malaysia during the 1990s.As part of their efforts, MACC has successfully seized multiple documents related to the takeover.
To gather further evidence and information, the MACC plans to summon two public figures, including the businessperson holding the esteemed title of Tan Sri, for additional questioning.Additionally, MACC has summoned several individuals, including a lawyer, an auditor and representatives from a company involved in the acquisition, to provide relevant documents necessary for the ongoing investigation. These latest developments indicate the MACC’s determination to uncover the truth behind the alleged actions that impacted Malaysia’s economy during the 1990s. Moreover, news portal The Vibes said the seized documents purportedly include banking papers as well as documents from the Securities Commission and developers. The online portal added that another business tycoon has also been asked to appear before investigators tomorrow for questioning. Besides the sale of shares in the listed company, the investigation is also looking into the ownership of valuable assets by the businessperson and the former senior minister and family members, who are estimated to be worth billions of ringgit, both in the country and abroad. — May 21, 2023
Main photo credit: The Edge Markets