Corruption Probe Rocks Malaysia: Former Senior Minister and Businessman Face Embezzlement Charges

A major corruption probe has been launched in Malaysia, targeting a former senior minister and a prominent businessman with the prestigious Tan Sri title. The investigation, conducted by the country’s anti-graft agency, focuses on alleged misappropriation of national funds worth more than RM2.3 billion (US$505 million).

Probe Details

The probe centers around the purchase and ownership of shares in a giant listed company allegedly orchestrated by the former senior minister. According to sources, this transaction is believed to be the cause of Malaysia’s economic decline and currency fall in the late 1990s.

• The shares were allegedly misappropriated to bail out individuals involved from further losses.
• The investigation has recorded statements from around 14 witnesses, including prominent businessmen and former senior ministers, about confidential documents revealed by the Pandora Papers.

Pandora Papers Connection

The Pandora Papers are a trove of 11.9 million leaked financial documents naming heads of state, billionaires, and celebrities who use offshore companies to acquire mansions, private jets, and stakes in companies with little or no transparency.

• The investigation is centered on Section 23 of the MACC Act 2009 regarding the offence of misuse of power to obtain bribes.
• It also focuses on the offence of money laundering under Section 4 (1) AMLATFPUAA 2001.

Confirmation and Assets

MACC chief commissioner Azam Baki confirmed the matter, stating that the probe focuses on these specific sections of the laws. The assets owned by the businessman and former senior minister and their family members are estimated to be worth billions of ringgit both in Malaysia and abroad.

• This high-profile investigation is expected to send shockwaves through the country’s political and business circles.
• It will likely have far-reaching implications for those involved, as well as the broader Malaysian economy.