Opposition leaders today questioned the progress of the Anti-Corruption Agency (ACA) investigations into a multi-billion ringgit bond scam said to be associated with top level government officials.

DAP national chairperson Lim Kit Siang told malaysiakini that he suspected there had been directives "to close the case" as no reports from the ACA regarding the matter have been forthcoming despite months of investigation.

"There is total silence from the ACA on this matter. Has the ACA been directed to keep a low profile? Has it been told in no uncertain terms to concentrate only on the small fishes and not the big ones?" asked Lim.

"It seems to me that when the new ACA director-general came on board, the agency disappeared from the public radar," he added.

Early this year, new ACA director-general Zulkifli Mat Noor, who was Sarawak chief police officer, took over from Ahmad Zaki Husin.

In January, before Ahmad Zaki's retirement, he told reporters that the investigation was almost completed and the ACA report would be handed over to the Attorney-General's chambers in a week's time.

London broker

ACA began investigations into the Perbadanan Usahawan Nasional Berhad (PUNB) bond scandal in January this year following information that the government company had issued US$5 billion (RM19 billion) worth of bonds without the approval of the Finance Ministry.

PUNB is a company set up in 1991 under government policy to encourage Malay entrepreneurs.

It was reported that at least three top PUNB executives could be involved in the case and that the ACA had queried eight people, including a senior executive who was reportedly arrested at the Kuala Lumpur International Airport when he returned from London.

ACA officials have also spoken to various people in Singapore and the United Kingdom and have seized the bond certificates which had been sent to a British broker in London to market.

The case was classified as abuse of power, an offence under section 15 of the Anti-Corruption Act 1997.

The bonds, dated Oct 13, 2000, had a 10-year maturity date and carried the signatures of the chief executive officer and secretary of PUNB.

'Huge amount'

Keadilan member of parliament for Kemaman Abdul Rahman Yusof also queried if there were any attempts to close the case despite the huge amount involved.

According to him, the bond scam was an attempt to raise money to bail out ailing companies and could be linked to Renong Berhad's debt restructuring cost which was RM20 billion and the depreciation of Perbadanan Nasional Berhad's asset amounting to RM24 billion.

Renong is closely connected to Umno, the dominant party in the ruling Barisan Nasional, while state-owned PNB is an investment company.

"I have brought this matter up in Parliament. I wonder if the finance minister's resignation has anything to do with this?" Abdul Rahman further asked.

"The amount is so huge and yet the matter has not been taken seriously. ACA cannot just wash its hands off the matter and keep silent on the issue," he added.

Cover-up

PRM president Syed Husin Ali urged the government to reveal the outcome of the ACA investigations.

"What basis did ACA have to release the people involved? So far, only their statements have been taken and there is no follow-up," said Syed Husin.

"If they continue to cover up cases like this, it will finally explode," he added.

There is presently rumours that former finance minister Daim Zainuddin will be arrested, though this was denied by both Prime Minister Dr Mahathir Mohamad and his deputy, Abdullah Ahmad Badawi.

Syed Husin said that last month the prime minister had repeatedly denied speculations that Daim would resign.

However on June 1, Daim resigned as finance minister, special functions minister and Umno treasurer after two months leave.