KUALA LUMPUR – A former chief executive officer (CEO) of a statutory body and a chairman of a holding company have been arrested for allegedly colluding with several board members and shareholders of a company in a share sale transaction involving the agency.
According to sources, the two male suspects, in their 40s and 50s, were arrested by the Malaysian Anti-Corruption Commission (MACC) at about 6 pm yesterday when they turned up to give their statements at the MACC headquarters in Putrajaya.
Sources said initial investigations found that both suspects are believed to have colluded in committing the act between 2022 and 2023.
“Preliminary investigations also found that the share sale transaction is believed to have involved overvaluation that was disproportionate, resulting in estimated losses to public funds exceeding RM300 million,” the sources said.
According to the sources, investigations are being carried out by the MACC Special Operations Division, including raids at 13 key locations involving agencies and public interest companies, office premises and residences of identified individuals around the Klang Valley.
In addition to the arrests, a total of 62 personal and company bank accounts linked to the case have been frozen, involving approximately RM450 million.
The two individuals have been remanded for four days until April 12 after Magistrate Azeren Zakariah allowed the application by the MACC at the Putrajaya Magistrate’s Court today.
Meanwhile, MACC Special Operations Division senior director Datuk Mohamad Zamri Zainul Abidin, when contacted, confirmed the arrests and 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. – April 9, 2026