Remand Extended In MACC Probe Into Alleged Share Sale Irregularities

PUTRAJAYA, April 12 (Bernama) -- Remand orders against a former chief executive officer of a government-linked statutory body and a holding company chairman have been extended by five days to assist investigations into alleged corruption and irregularities involving share transactions.

The remand order until April 16 for both suspects was issued by Magistrate Ainul Izzati Mohd Jamili after an application by the Malaysian Anti-Corruption Commission (MACC) at the Putrajaya Magistrates’ Court this morning, following the expiry of their initial remand period today.

MACC Senior Director of Special Operations Division Datuk Mohamad Zamri Zainul Abidin confirmed the arrests under Section 16 of the MACC Act 2009.

“The case is also being investigated for criminal breach of trust and other related offences, particularly under money laundering laws,” he said.

The two male suspects, aged in their 40s and 50s, were previously detained by MACC on Thursday on suspicion of conspiring with several board members and shareholders of a company in relation to the sale of shares to the statutory body between 2022 and 2023.

Preliminary investigations found that the share transaction allegedly involved an unreasonable and inflated valuation, resulting in losses to public funds estimated at over RM300 million.

So far, 13 locations involving agency premises, company offices and residences have been searched, while 62 personal and corporate bank accounts involving about RM450 million have been frozen as part of the investigation.

-- BERNAMA