How was RM50m council fund misused by Melaka official?

Question

Accepted Answer

Melaka Finance Director Arrested for Alleged Misuse of RM50 Million in Council Funds for Share Investments

A director of the finance department at a local authority in Melaka has been arrested on suspicion of abusing his power by investing approximately RM50 million of the authority's funds into shares. The suspect, who is in his 50s, was detained by the Malaysian Anti-Corruption Commission (MACC) in Melaka.
Alleged Investment Scheme

The alleged misuse of funds is understood to have occurred between 2020 and 2023. Investigations suggest the suspect appointed his wife, who is employed by a bank, to act as the investment agent for these share investments. This arrangement reportedly involved a sum of around RM50 million.
Lack of Proper Approval Suspected

Preliminary findings indicate that the suspect may have utilised public and trust funds without obtaining the necessary approval from the financial controlling officer. This action forms the basis of the power abuse allegations.
MACC Investigation Underway

The Melaka MACC director confirmed the arrest and stated that the case is being investigated under Section 23 of the MACC Act 2009, which pertains to the abuse of power by MACC officers. The suspect is expected to be brought before the Ayer Keroh Magistrates’ Court for a remand application.

Reading history

Hide →

This history is cleared when the page is closed.

How was RM50m council fund misused by Melaka official?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends