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THE Malaysian Anti-Corruption Commission (MACC) has remanded a former chief executive officer of a government-linked statutory body and a chairman of a holding company as part of an ongoing investigation into a controversial share sale.
The two male suspects, aged in their 40s and 50s, are alleged to have conspired with several board members and shareholders in a transaction involving the disposal of shares to the statutory body.
A four-day remand order until April 12, 2026, was granted by Magistrate Azeren Zakariah following an application by the anti-graft agency at the Putrajaya Magistrates’ Court.
According to a source, both suspects were arrested at around 6pm yesterday when they presented themselves to give statements at the MACC headquarters in Putrajaya.
“Preliminary investigations found that both suspects are believed to have conspired to commit the act between 2022 and 2023.
“Initial findings also revealed that the share sale transaction is believed to have involved an unreasonable valuation (overvaluation) that was disproportionate, resulting in estimated losses to public funds exceeding RM300 million,” the source said.
Investigators from the MACC’s Special Operations Division have conducted raids at 13 key locations, including government agencies, public interest companies, offices and private residences across the Klang Valley.
In addition to the arrests, authorities have frozen 62 personal and corporate bank accounts linked to the case, involving an estimated RM450 million.
Senior Director of the Special Operations Division, Mohamad Zamri Zainul Abidin, confirmed the arrests, adding that the case is being investigated under Section 16 of the MACC Act 2009.
He said the probe also covers potential offences of criminal breach of trust and other related crimes, particularly those involving money laundering. - April 9, 2026