KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has opened several investigation papers against a 'Tan Sri' business figure and a former senior minister in relation to the embezzlement of state funds worth more than RM2.3 billion.

According to reliable sources, the investigation is a continuation and addition to the disclosure of confidential documents made by the International Consortium of Investigative Journalists (ICIJ) regarding suspected transactions in several offshore financial centres.

"The focus of the investigation is in relation to the purchase and ownership of shares in a giant listed company that is said to be orchestrated by this former senior minister.

"It is also understood that this transaction of purchase and ownership of shares is believed to be the cause of the decline of the national economy and the fall of the ringgit currency in the late 1990s.

"The shares had also been misappropriated for the benefit of the individuals involved to be saved (bail out) from suffering losses," said the source.

Sources said the investigation also focused on transactions from the sale of shares of the listed company and that the investigation also covered the ownership of valuable assets owned by a businessman with the title of Tan Sri and a former senior minister and their family members.

The assets owned are estimated to be worth billions of ringgit both inside and outside the country.

They are investigated under the Malaysian Anti-Corruption Commission (ASPRM) Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).

The source added that MACC had also recorded the testimony of about 14 witnesses in the past few weeks who included business figures and former senior ministers related to the confidential documents revealed by the Pandora Papers.

Meanwhile, MACC Chief Commissioner, Tan Sri Azam Baki when contacted to confirm the matter said, the investigation was focused on Section 23 of the MACC Act 2009 regarding the offence of misuse of power to obtain bribes and the offence of money laundering under Section 4 (1) AMLATFPUAA 2001.

Last week, the New Straits Times reported that Azam had given assurance that MACC would focus on politically-exposed persons who had committed offences against the law, especially those who held power during that time.

At least 10 wealthy Malaysians, including businessmen and politicians, were named in the Pandora Papers, which shed light on offshore companies and trusts used to stash away fortunes and evade taxes.

Among the names mentioned were former finance minister Tun Daim Zainuddin, Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi, International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz and Selayang MP William Leong.

https://www.nst.com.my/news/crime-courts/2023/05/911064/macc-investigating-former-senior-minister-and-businessman-title-tan