Kuala Lumpur: The Malaysian Anti-Corruption Commission (MACC) has seized assets linked to the misuse of sukuk funds for the construction of a highway in Klang Valley, believed to be owned by a highway concessionaire with a Tan Sri title. The assets, totaling RM143 million, were confiscated during an operation conducted last week.
According to BERNAMA News Agency, MACC's chief commissioner, Tan Sri Azam Baki, stated that the seizures included 14 individual accounts totaling RM4.5 million, eight company accounts totaling RM33 million, luxury condominiums and land valued at RM24.5 million, nine cars worth RM7.65 million, and 13 additional cars that are yet to be surrendered to the investigation team.
Other seized items comprised luxury watches worth RM25 million, handbags valued at RM3 million, jewelry and diamonds amounting to RM6 million, four horses worth RM400,000, alcoholic beverages valued at RM3 million, foreign assets exceeding RM15 million, and approximately RM20 million linked to gambling activities.
Preliminary investigations indicated misconduct between 2016 and 2020, involving approved sukuk funds of about RM1.35 billion, with false claims amounting to approximately RM360 million, RM416 million, and RM50 million in other bank facility loans. The RM1.67 billion highway project failed to be completed according to schedule, and investigations are focused on bribes worth RM12 million paid to certain parties as inducements to facilitate the cash flow out and back to the suspect. These proceeds are also believed to have been used in money laundering activities.
To embezzle the funds, the parties involved allegedly employed professionals such as auditors, financial experts, engineers, and shell companies. The MACC has yet to take the Tan Sri's statement as he is currently in a private hospital ward. The investigating officer will seek confirmation from the doctor on the Tan Sri's health status before recording his statement.
Meanwhile, 45 witness statements have been recorded, and those witnesses have been asked to provide further information. The investigating team is also tracking down luxury vehicles and properties belonging to the Tan Sri abroad, including in London and Switzerland. The investigation focuses on the true amount of luxury liquor kept by the Tan Sri and the possibility of funds being transferred to other accounts.
An asset declaration notice has been handed to the Tan Sri and other related parties.