Former statutory body CEO and company chairman detained for alleged collusion in share sale, with over RM450 million in accounts frozen
PUTRAJAYA: A former chief executive officer of a statutory body and a chairman of a holding company have been arrested for alleged collusion in a share sale transaction.
The Malaysian Anti-Corruption Commission detained the two men, aged in their 40s and 50s, when they arrived to give statements at its headquarters.
Sources said the suspects are believed to have colluded with several board members and shareholders between 2022 and 2023.
Preliminary investigations indicate the share sale involved significant overvaluation, causing estimated public fund losses exceeding RM300 million.
The MACC’s Special Operations Division conducted raids at 13 locations across the Klang Valley.
These included agencies, public interest companies, and the office premises and residences of identified individuals.
Investigators have also frozen 62 personal and company bank accounts linked to the case. The frozen funds amount to approximately RM450 million.
A magistrate granted the MACC a four-day remand order for both suspects until April 12.
MACC Special Operations Division senior director Datuk Mohamad Zamri Zainul Abidin confirmed the arrests.
He said the case is being investigated under Section 16 of the MACC Act 2009.
“The case is also being investigated for criminal breach of trust and other related offences, particularly those involving money laundering,” he said.