MACC takes statement from 'Tan Sri' over highway sukuk funds misuse

Summary

• The MACC has recorded a statement from a “Tan Sri” in connection with alleged sukuk fund embezzlement for a Klang Valley highway project.

• Four individuals, including a “Datuk Seri”, were arrested last month on suspicion of submitting false claims totalling RM360 million, using sukuk funds allocated for the same RM1.3 billion highway project between 2016 and 2017.

The MACC today recorded a statement from an individual holding the “Tan Sri” title, in connection with the alleged embezzlement of sukuk funds for the construction of a highway in the Klang Valley.

Bernama reported unnamed sources saying that two investigating officers from the MACC had conducted the interview at the man’s residence in Kuala Lumpur, and that the MACC had also raided his residence in Malacca, though no seizures or confiscations were made.

The New Straits Times previously reported sources saying that the man was undergoing medical treatment at a private hospital.

RM20m misused for gambling

On June 2, the MACC revealed that at least RM20 million from sukuk funds earmarked for a Klang Valley highway project were misused for gambling purposes.

MACC chief commissioner Azam Baki said the transactions were uncovered during further investigations into the case.

“I have been briefed by my investigation officers that more than RM20 million may have been spent on gambling activities.

“We also found 300 bottles of luxury alcoholic beverages in a storage facility,” he was quoted as saying by the New Straits Times.

A sukuk fund operates by collecting capital from multiple investors to acquire syariah-compliant securities known as sukuk, which adhere to Islamic financial principles through asset-backed structures instead of conventional debt instruments.

Azam said that the anti-graft agency is still tracing assets within the country and abroad, which will be frozen or seized to facilitate further investigations.

The New Straits Times also reported that the MACC had seized assets and frozen bank accounts totalling RM85.6 million in its investigation involving the man, over the alleged misappropriation of funds.

Among the seized items were 14 personal accounts containing RM4.5 million, eight company accounts containing RM33 million, and RM7.65 million in luxury vehicles.

Other items included handbags worth RM3 million, luxury watches worth RM7 million, and properties valued at RM24.5 million.

The daily reported that the MACC also uncovered a storage room stocked with various types of luxury alcoholic beverages at a residence worth approximately RM3 million, believed to be linked to money laundering activities.

‘Datuk Seri’ among four held in RM360m sukuk fraud probe  

Last month, four individuals - including a “Datuk Seri” - were arrested on suspicion of submitting false claims totalling around RM360 million.

The suspects, comprising three men and one woman in their 50s and 70s, were detained while giving their statements at the MACC office.

They are believed to have submitted the false claims using sukuk funds allocated for a Klang Valley highway project valued at approximately RM1.3 billion, between 2016 and 2017.

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