MACC: Assets seized from ‘Tan Sri’ in highway sukuk scandal now total RM143 million

KUALA LUMPUR, June 4 — The Malaysian Anti-Corruption Commission (MACC) has seized assets worth RM143 million in connection with the alleged misuse of sukuk funds meant for the construction of a highway in the Klang Valley. The assets are believed to belong to a highway concessionaire holding the honorific title of "Tan Sri," following an operation carried out last week.

MACC chief commissioner Tan Sri Azam Baki said the seizures include 14 personal bank accounts amounting to RM4.5 million and eight corporate accounts with RM33 million. Authorities also seized a luxury condominium and land valued at RM24.5 million, nine cars worth RM7.65 million, and 13 other vehicles that have yet to be surrendered to investigators.

Additional seized items include luxury watches valued at RM25 million, handbags worth RM3 million, jewellery and diamonds worth RM6 million, four horses worth RM400,000, alcoholic beverages worth RM3 million, foreign assets exceeding RM15 million, and gambling proceeds estimated at RM20 million.

Preliminary investigations found that between 2016 and 2020, sukuk funds totaling RM1.35 billion were allegedly misappropriated, involving false claims amounting to RM360 million, RM416 million, and another RM50 million from other banking facilities.

Azam added that the RM1.67 billion highway project failed to meet its completion schedule. Investigators are also probing RM12 million in alleged bribes paid to facilitate the misappropriation of funds, which are believed to have been laundered through various channels.

The suspects reportedly used professionals — including auditors, financial consultants, engineers, and shell companies — to embezzle the funds.

Azam noted that the "Tan Sri" has yet to provide a statement as he is currently warded at a private hospital. The investigating officer is seeking medical confirmation today before proceeding with the statement recording.

So far, statements have been recorded from 45 witnesses, some of whom are expected to provide further details. Investigators are also tracing luxury assets abroad, including properties and vehicles located in London and Switzerland.

Efforts are ongoing to determine the full extent of luxury liquor in the suspect’s possession and to verify if any funds were moved to other accounts. An asset declaration notice has been served to the "Tan Sri" and other parties involved. — Bernama