‘Tan Sri’, ex-minister under probe over RM2.3 bil fund misappropriation

Investigation stems from disclosure of confidential documents by ICIJ regarding offshore transactions

(The Vibes) – A former senior minister and a prominent businessman with the title of Tan Sri are being investigated by the Malaysian Anti-Corruption Commission (MACC) in connection with the alleged misappropriation of national funds worth more than RM 2.3 billion.

According to a source, the investigation was conducted in accordance with the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001.

The source also said that the investigation is a continuation and extension of the disclosure of confidential documents by the International Consortium of Investigative Journalists regarding suspected transactions in several offshore financial centres.

“The focus of the investigation is in relation to the purchase and ownership of shares in a giant listed company, which is said to have been orchestrated by the former senior minister.

“It is understood that this transaction of purchase and ownership of shares is believed to be the cause of the decline of the national economy and the fall of the ringgit currency in the late 1990s, and has been distorted for the benefit of the individuals involved to be saved (bailed out) from suffering further losses,” according to the source.

The source also said that the investigation focused on transactions involving the sale of shares of the listed company, the ownership of valuable assets owned by the businessman and former senior minister and their family members, estimated to be worth billions of ringgit, both in the country and abroad.

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