KUALA LUMPUR: One was the CEO while the other served as the chairman of the holding company. Together, they conspired with several board members and shareholders from another company in a share sale transaction involving a statutory body from 2022 to 2023.
The transaction was conducted at an unreasonable valuation, characterised by an overvaluation that did not reflect its true worth, leading to losses exceeding RM300mil in public funds.
The Malaysian Anti-Corruption Commission (MACC), which is intensifying its investigation into the share trading scandal, says the misappropriation of funds was believed to have been systematically planned.
Sources said the two former top executives were believed to have colluded with several board members and shareholders of another company in the share sale transaction for the investment body.
The probe by the MACC’s Special Operations Division is focusing on allegations of inflated and unreasonable share valuations, which led to significant financial losses.
“Today, the MACC raided two additional firms involved in valuing the shares.
“Investigations also showed suspected fund transfers in and out of overseas accounts,” a source said.
So far, 10 witnesses have had their statements recorded, with seven more expected to be called in soon to assist in the probe.
When contacted, MACC senior director of special operations Datuk Mohamad Zamri Zainul Abidin said the investigation is currently focused on offences under Section 16 of the MACC Act 2009, as well as criminal breach of trust.
He added that investigators are also identifying other possible offences, particularly those related to money laundering.
Previously, it was reported that a former CEO and the holding company chairman were detained and remanded by graftbusters.
A total of 62 personal and company bank accounts linked to the case, involving about RM450mil, have also been frozen as part of the investigation.
