Archive for October 6th, 2016

“Biggest corruption bust ever” more a reflection that MACC has yet to become an independent and professional anti-corruption agency to combat the scourge of corruption which has become a runaway problem tarring the country as “global kleptocracy”

This is the biggest “corruption bust ever” in the nation’s history – RM114million recovered from the top two officials of the Sabah Water Department, including RM53.7mil in cold hard cash that took more than 30 officers 15 hours to count.

Also recovered from the homes and offices of the department’s director and his deputy were nine mostly luxury vehicles, expensive watches, jewellery and 94 high-end handbags.

The Malaysian Anti-Corruption Commission (MACC) said the cash – RM45mil seized from the director and RM7.5mil from his deputy – was found stashed inside safes, cupboards, drawers and also a car boot.

Also seized was RM1.18mil in over half-a-dozen foreign currencies.

Among the vehicles seized were a BMW 535i (which costs RM500,000), Mercedes-Benz C300 (RM308,000), Range Rover SE V8 (RM1.1mil), Mazda6 (RM195,000), Volvo XC60 (RM270,000), Lexus ES (RM260,000), Audi A1 (RM180,000) and Ford Ranger (RM112,000) – in all, the cars total some RM3mil in value.

The luxury watches comprised brands like Patek Philippe, Tag Heuer, Rolex, Cartier and Guess while the handbags included Chanel, Burberry, Versace, Louis Vuitton and Hermes.

The two senior state civil officers were arrested by MACC yesterday and remanded for a week for investigations into alleged kickbacks involving RM3.3bil worth of federal infrastructure projects.

The corruption figure may even reach a staggering RM300 million as MACC revealed the amount of money, in cash and from accounts of the suspects, recovered so far did not include the value of properties and possible deposits made overseas. Read the rest of this entry »


Biggest MACC seizure in history

Elton Gomes
Borneo Post
October 6, 2016

KOTA KINABALU: The Malaysian Anti Corruption Commission (MACC) has made their biggest cash seizure in its history following the arrest of two senior government officers here on Tuesday.

About RM112 million in cash was seized from four individuals, namely a 54-year-old director and his 51-year-old deputy, the deputy director’s 55-year-old businessman brother with a Datuk title, and his 50-year-old accountant.

The director and deputy director were arrested at their office on Tuesday while the businessman and the accountant were picked up by MACC yesterday.

The director and deputy director were suspected to have handled infrastructure construction projects valued at over RM3.3 billion since 2010 and had given all of them to their siblings. Read the rest of this entry »

No Comments

Swiss investigators seek Malaysia’s help in 1MDB probe

Nikkei Asian Review
October 5, 2016

BANGKOK — Switzerland’s Office of the Attorney General, looking into allegations that a Malaysian state investment fund was involved in money laundering, said Wednesday it has determined that a Ponzi scheme was used to misappropriate $800 million from the fund and requested further information from authorities in Malaysia.

As part of the Swiss criminal investigation into 1Malaysia Developer Berhad that began in August 2015, the Attorney General’s office said it had uncovered a “Ponzi scheme fraud” that it said was used to launder $800 million belonging to SRC International, a former 1MDB subsidiary.

Ponzi schemes involve paying returns to initial investors from sources other than income generated from the investments, often the funds of those who invest later.

The Attorney General’s office said its initial request in January for legal assistance from the Malaysian authorities to examine funds passing through Swiss financial institutions is still pending. Read the rest of this entry »

No Comments