KUALA LUMPUR, April 12 — The Malaysian Anti-Corruption Commission (MACC) has obtained a court order to extend the remand of a former chief executive officer (CEO) of a government-linked statutory body and a company chairman over suspected involvement in a share sale transaction.
The MACC said the two suspects are believed to have conspired with several board members and shareholders of a company in the sale of shares to the statutory body.
According to the commission, a five-day remand order until April 16, 2026, was issued by Magistrate Ainul Izzati Mohd Jamili at the Putrajaya Magistrates’ Court this morning, following an application by MACC after the initial remand period ended today.
The suspects were previously remanded for four days starting last Thursday.
MACC senior director of investigations Datuk Mohamad Zamri Zainul Abidin, when contacted, confirmed the development and said the case is being investigated under Section 16 of the MACC Act 2009.
He added that the probe also covers possible criminal breach of trust and other related offences, particularly those involving money laundering activities.
Investigations into the case previously revealed suspected abuse of power involving the former CEO, who is believed to have determined the terms and pricing of the share purchase while acting as both proposer and approver in negotiations with minority shareholders.
Sources said preliminary findings also pointed to elements of bribery and money laundering, with transaction proceeds allegedly channelled through offshore entities and nominee accounts to conceal beneficiaries. Financial flows detected are estimated to exceed US$51.3 million (about RM203.4 million), involving accounts in jurisdictions including Singapore, the British Virgin Islands and Labuan.
Investigators also believe part of the funds — estimated at around RM30 million — was reinvested into Bursa Malaysia-listed companies to disguise the money trail, while earlier findings suggested the transaction may have caused losses to public funds exceeding RM300 million.
Date: 12 April, 2026 3:05 pm
Source: Malay Mail
💬 Join the Conversation! 💬
We’ve disabled comments on our posts and pages to keep the discussions organized and lively! But don’t worry – the conversation isn’t over. Head over to our forum and share your thoughts, ideas, and feedback with the community! It’s the perfect place to connect, learn, and engage with others who care about the same things. We can’t wait to hear from you!