What is the extent of alleged false claims in the RM1.35 billion sukuk funds?

Question

Accepted Answer

Alleged False Claims Total RM360 Million in RM1.35 Billion Sukuk Funds

The extent of alleged false claims within the RM1.35 billion sukuk funds, related to a Klang Valley highway construction project, amounts to approximately RM360 million. This figure is part of a broader investigation into financial misconduct that occurred between 2016 and 2020. The Malaysian Anti-Corruption Commission (MACC) has seized assets valued at RM143 million in connection with this case.
Misuse of Sukuk Funds for Highway Project

The investigation centres on the misuse of sukuk funds allocated for the construction of a highway in the Klang Valley. This RM1.67 billion project reportedly failed to meet its scheduled completion. Preliminary findings indicate that the alleged false claims of RM360 million were part of a larger pattern of financial irregularities, which also included RM416 million in other false claims and RM50 million in unrelated bank facility loans.
Scope of Seized Assets

As part of the probe into the alleged misuse of funds, the MACC has seized a significant amount of assets totalling RM143 million. These seizures include RM4.5 million across 14 individual bank accounts and RM33 million from eight company accounts. Additionally, luxury properties such as condominiums and land valued at RM24.5 million, along with nine cars worth RM7.65 million, have been confiscated.
Additional Seized Items and Ongoing Investigation

Beyond bank accounts and vehicles, the MACC's seizures also encompass luxury items including watches valued at RM25 million, handbags worth RM3 million, jewellery and diamonds amounting to RM6 million, and four horses valued at RM400,000. The investigation also noted RM3 million in alcoholic beverages and over RM15 million in foreign assets, with approximately RM20 million linked to gambling activities. The MACC is also investigating RM12 million in alleged bribes paid to facilitate the movement of funds.

Reading history

Hide →

This history is cleared when the page is closed.

What is the extent of alleged false claims in the RM1.35 billion sukuk funds?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends