Ex-CEO of statutory body, chairman of holding firm arrested

Ex-CEO of statutory body, chairman of holding firm arrested

PETALING JAYA: The former CEO of a statutory body and the chairman of a holding company have been arrested by the Malaysian Anti-Corruption Commission (MACC) and remanded until April 12.

A MACC source said the suspects, in their 40s and 50s, allegedly conspired with the directors and shareholders of a company in a share sale transaction involving the statutory body.

They were arrested at the anti-graft agency’s headquarters yesterday while giving their statements.

The source said the suspects were believed to have committed the offence from 2022 to 2023.

“Preliminary investigations found that the share sale involved an overvaluation and that the transaction caused more than RM300 million in losses in public funds,” said the source.

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MACC also raided 13 locations around the Klang Valley including agencies, “public-interest companies”, offices, and homes.

Some 62 personal and company bank accounts have been frozen involving about RM450 million in funds.

MACC special operations division senior director Zamri Zainul Abidin confirmed the matter and said the case is being probed for criminal breach of trust and money laundering, among others.