MACC finds RM11m converted into digital currency in highway sukuk case

Summary

• The MACC discovers that RM11 million, suspected to be linked to a highway sukuk fund that it is investigating, has been converted into digital currency for undisclosed expenses.

• MACC chief Azam Baki says the graft buster is now tracing how the money was withdrawn and used.

The MACC has discovered that RM11 million, suspected to be from a RM1.3 billion sukuk fund earmarked for a Klang Valley highway project, was converted into digital currency and subsequently spent on undisclosed expenses.

In a press conference today, MACC chief commissioner Azam Baki said the commission is now investigating how the money was withdrawn and used.

“The latest development is that we have been able to trace the use of money amounting to RM11 million, suspected to be from the sukuk that was granted and used in the form of digital currency.

“(It) was spent on certain expenditures, and we are tracing how this RM11 million was withdrawn and used,” Azam said at a press conference in Putrajaya.

Azam said that witness testimonies from 55 people have been recorded to date, and nine arrests have been made.

He also said that at least 10 more individuals would be summoned, and that 14 individual bank accounts and eight company accounts have been frozen.

“The total amount of frozen funds in accounts is RM156 million (made) under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act, and alcoholic beverages and gambling funds amounting to RM24 million (seized),” Azam said.

He added that the investigation papers for the case will be completed in two months, and the press will be informed of any latest developments.

Handbags, jewellery, gold bars, gambling

On June 2, the MACC revealed that at least RM20 million from sukuk funds earmarked for the project had been misused for gambling.

Azam said at the time that the transactions were uncovered during further investigations into the case.

He added that the anti-graft agency was still tracing assets within the country and abroad, which will be frozen or seized to facilitate further probes.

On June 12, the MACC deployed its Anti-Corruption Tactical Squad while recording statements from a “Tan Sri” who was linked to the case, due to suspicions that the man’s residence contained a secret room housing weapons, among other valuable items.

In a statement the following day, the MACC said it seized 84 luxury handbags valued at about RM3 million; 11 branded watches worth about RM1 million; alcoholic beverages worth RM5 million; gold bars, coins, and statues valued at about RM3 million; and diamonds and jewellery worth about RM4 million.

Additionally, the MACC said that one set of luxury-branded casino equipment, estimated to be worth RM150,000, was also seized.

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