MACC probing ex-senior minister, Tan Sri businessman over late-90s transactions amounting to RM2.3bil

PUTRAJAYA: A former senior minister and a businessman are being investigated by the Malaysian Anti-Corruption Commission (MACC) in connection with alleged misappropriation of the country's funds amounting to RM2.3bil.

It is learnt that the probe is related to the revelation of private documents by the International Consortium of Investigative Journalists (ICIJ) over transactions carried out at offshore financial centres.

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Sources with knowledge of the investigation said the probe focuses on the purchase and ownership of shares of a listed company by a giant corporation.

It is believed that the move was masterminded by the said former senior minister.

It is learnt that transactions in acquiring the shares is believed to be the cause of economic decline and weakening of the ringgit at the end of the 1990s.

"The misappropriation was done for the interests of these individuals to bail out (the company) suffering huge losses," said a source.

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According to sources, investigators will also focus their probe on transactions for the sale of shares of the listed company.

"The probe will also look at the acquisition of assets by the Tan Sri businessman and the former senior minister as well as their families, believed to be in the billions of ringgit," the source added.

The source also said that the MACC had recorded statements from 14 witnesses over the past few weeks in relation to documents in the Pandora Papers leak.

MACC chief commissioner Tan Sri Azam Baki confirmed that investigations under the MACC Act and money laundering laws are ongoing.