What did MACC find about Yayasan Akalbudi annual general meetings since 1997?

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MACC Found No Records of Yayasan Akalbudi Annual General Meetings Since 1997

A Malaysian Anti-Corruption Commission (MACC) investigator testified that there were no records of any annual general meetings or recorded meetings concerning the activities and affairs of Yayasan Akalbudi between 1997 and 2018. This lack of formal meetings indicates that the foundation's operations and finances were managed solely by its trustee, Datuk Seri Ahmad Zahid Hamidi, without the informed participation of other trustees.
Absence of Formal Meetings

Investigator Khairudin Kilau stated that his probe into Yayasan Akalbudi, a foundation established to help the poor, revealed a significant absence of documented meetings. Specifically, from the foundation's registration in 1997 up to 2018, no minutes or records pertaining to annual general meetings or other official gatherings were found. This finding contrasts with standard corporate governance practices, where such meetings are typically held to review the organisation's performance, finances, and strategic direction.
Centralised Management by Trustee

Khairudin further elaborated that all financial matters and activities of Yayasan Akalbudi were exclusively managed by Zahid himself. Since June 2013, Zahid had been the sole signatory for the foundation's Affin Bank account, consolidating his control over its funds. This centralised management structure meant that other individuals listed as trustees of Yayasan Akalbudi were not privy to the details of the foundation's operations.
Lack of Transparency for Other Trustees

The MACC investigator highlighted that the other trustees of Yayasan Akalbudi were not kept informed about the foundation's specific activities, its contributors, or the amounts of donations received. Their awareness was limited to general welfare activities, particularly those benefiting residents of Bagan Datuk, such as donations to mosques and tahfiz centres. The absence of detailed reporting to other trustees raises questions about the transparency and oversight mechanisms within the foundation's governance.

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What did MACC find about Yayasan Akalbudi annual general meetings since 1997?

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