The Anti-Corruption Agency (ACA) has yet to provide an update on the status of its investigations into the Perbadanan Usahawan Nasional Berhad (PUNB) RM19 billion bond scam.

ACA officials contacted in Kuala Lumpur today refused to comment on the matter, stating the gag order on them was made by the agency's new director-general Zulkifli Mat Noor who took office on April 2.

Zulkifli, previously the Sarawak police commissioner, replaced Ahmad Zaki Husin whose term expired March 23.

It has been more than a month now since Ahmad Zaki told the press that the ACA will wrap up its investigations into the PUNB bond scam within a week.

An ACA official, however, told malaysiakini that Zulkifli was being briefed on various ACA operations and administration functions at the moment and will hold a press conference later this month where he would answer questions on the PUNB bond investigations.

The fraudulent bonds, dated Oct 13, 2000, have a 10-year maturity date and carried the signatures of the chief executive officer and secretary of PUNB. PUNB is a company set up in 1991 by the government to encourage Malay entrepreneurs.

Ahmad Zaki told the press on Feb 19 that the agency was in the final stages of its probe into the scam and that it was in the process of "tying-up certain loose ends". The case was classified as abuse of power, an offence under Section 15 of the Anti-Corruption Act 1997.

"Investigations will most probably be completed this week," he said then.

Huge losses

ACA began investigations into the PUNB scandal in January following information that PUNB had issued a US$5 billion (RM19 billion) bond without the approval of the Finance Ministry. It was reported that at least three top executives could be involved in the case.

The agency questioned eight people, including a PUNB senior executive. It was also reported in February that a top PUNB executive was arrested at the KL International Airport when he returned from London.

ACA officials have also spoken to various people in Singapore and the United Kingdom regarding the case and have seized the bond certificates, which were sent to a British broker in London.

Ahmad Zaki was also reported as saying that the agency's quick action has averted the possibility of huge losses to the government and PUNB arising from the fraudulent bond issue.

He said "people in authority" in PUNB had issued the bonds without the authority of PUNB directors, Bank Negara or the Finance Ministry.