Remand Extended for Former CEO and Chairman in MACC Probe Into RM300 Million Share Deal
KUALA LUMPUR: The remand of a former chief executive officer (CEO) of a government-linked statutory body and a company chairman has been extended by five days as the Malaysian Anti-Corruption Commission (MACC) continues its investigation into a share transaction valued at over RM300 million.
The extension, until April 16, was granted by Magistrate Ainul Izzati Mohd Jamili at the Putrajaya Magistrates’ Court following an application by the MACC after the initial remand period expired.
The MACC said the two individuals are suspected of working in concert with several board members and shareholders in the sale of shares to the statutory body.
MACC senior director of investigations Mohamad Zamri Zainul Abidin confirmed the development, noting that the case is being investigated under Section 16 of the MACC Act 2009.
He added that investigators are also probing possible criminal breach of trust and other related offences, including money laundering.
Dual Role Raises Governance Concerns
Preliminary findings point to possible abuse of power involving the former CEO, who is believed to have played a decisive role in determining the terms and pricing of the transaction.
Sources indicated that the individual may have acted both as proposer and approver during negotiations with minority shareholders, raising serious concerns over conflict of interest.
Investigators have also identified early indicators of bribery and money laundering, with funds allegedly channelled through offshore entities and nominee accounts to conceal the identities of beneficiaries.
Cross-Border Financial Flows Traced
Financial flows linked to the case are estimated to exceed US$51.3 million (approximately RM203.4 million), involving accounts in jurisdictions such as Singapore, the British Virgin Islands and Labuan.
Part of the funds—estimated at around RM30 million—is believed to have been reinvested into Bursa Malaysia-listed companies in an attempt to obscure the origin of the money.
Authorities are also examining whether the transaction resulted in losses to public funds exceeding RM300 million.
Probe Ongoing
The MACC stressed that the investigation remains active and may be expanded to include other parties.
The case is expected to remain under close scrutiny given the scale of the transaction and its implications for corporate governance, transparency and the management of public funds.
-wilayah.com.my
