Klang Valley Highway Sukuk Funds Gambled Away Says Macc Chief

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MACC has revealed that at least RM20 million from sukuk funds earmarked for a Klang Valley highway project were misused for gambling purposes.
ADSMACC chief commissioner Azam Baki said the transactions were uncovered during the course of further investigations into the case.
“I have been briefed by my investigation officers that more than RM20 million may have been spent on gambling activities.
“We also found 300 bottles of luxury alcoholic beverages in a storage facility,” he was quoted as saying by the New Straits Times today.
A sukuk fund operates by collecting capital from multiple investors to acquire syariah-compliant securities known as sukuk, which adhere to Islamic financial principles through asset-backed structures instead of conventional debt instruments.
Azam said that the anti-graft agency is still tracing assets within the country and abroad, which will be frozen or seized to facilitate further investigations.
Statements from 45 witnesses have been recorded to date, he added.
One of the suspects being investigated in the case, an individual with a Tan Sri title, is still receiving medical treatment at a private hospital as of yesterday.
The daily reported that on Sunday, the MACC had seized assets and frozen bank accounts totalling RM85.6 million in its investigation involving the Tan Sri, over the misappropriation of sukuk funds meant for the highway construction project.
Among the seized items were 14 personal accounts containing RM4.5 million, eight company accounts containing RM33 million, and RM7.65 million of luxury vehicles.
Other items included handbags worth RM3 million, luxury watches worth RM7 million, and properties valued at RM24.5 million.
Storage facility discovered
During a raid, the MACC uncovered a storage room stocked with various types of luxury alcoholic beverages at a residence worth approximately RM3 million, believed to be linked to money laundering activities, NST reported.
ADSLast month, four individuals - including a Datuk Seri - were arrested on suspicion of submitting false claims totalling around RM360 million.
The suspects, comprising three men and one woman in their 50s and 70s, were detained while giving their statements at the MACC office.
They are believed to have submitted the false claims using sukuk funds allocated for a Klang Valley highway project valued at approximately RM1.3 billion, between 2016 and 2017. - Mkini

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