KUALA LUMPUR – The Malaysian Anti-Corruption Commission (MACC) has uncovered an extensive international money trail exceeding USD51.3 million (about RM240 million) in its investigation into a RM300 million share transaction scandal, highlighting suspected money laundering and misuse of public funds.
Sources told local news outlets that the former chief executive officer (CEO) of a government-linked statutory body exercised “absolute control” over the share sale process, acting as both proposer and approver during confidential negotiations with minority shareholders.
“This gave the individual full control over the terms and pricing of the transaction, raising serious concerns of abuse of position involving public funds,” the source was quoted as saying.
Preliminary findings indicate elements of bribery and money laundering, with proceeds allegedly routed through offshore entities to conceal the beneficiaries’ identities. Part of the funds, estimated at around RM30 million, were reportedly reinvested into companies listed on Bursa Malaysia to make the financial flows appear legitimate.
Investigators traced six bank accounts in Singapore, revealing six transactions totaling more than USD48 million, alongside a separate USD3.3 million transfer in Labuan connected to two beneficial owners of companies that received public funds.
Two additional bank accounts in the United Arab Emirates, believed to be linked to the former CEO, are also under scrutiny, involving about USD10,000 and AED37,000 (approximately RM80,000).
Sources added that the cross-border transfers are thought to involve entities incorporated in the British Virgin Islands (BVI), a known offshore financial hub.
In a related move, MACC has frozen six individual accounts holding approximately RM11 million, bringing the total frozen funds to RM16.8 million.
Meanwhile, MACC Special Operations Division senior director Datuk Mohamad Zamri Zainul confirmed the investigations are ongoing.
He said the commission is expanding its probe to include cooperation with authorities in Singapore, the BVI, the UAE, and Labuan to trace assets and examine cross-border transactions.
The developments follow the remand of the former CEO and a holding company chairman, issued on April 9 by magistrate Azeren Zakariah at the Putrajaya magistrate’s court. Both were remanded for four days over their alleged involvement in a share transaction said to have caused RM300 million in losses to public funds.
Sources indicated the case is part of a wider investigation into collusion among board members and shareholders, which may have inflated valuations and facilitated questionable financial practices. – April 11, 2026