A FORMER senior manager and board member of Perbadanan Usahawan Nasional Bhd (PUNB) is suspected of abusing and misappropriating funds in the acquisition of several companies, involving contracts, loans and the sale of property valued at more than RM10 million.

Sources told The Malaysian Insight the contracts include the purchase of 20,000 copies of a book on former prime minister Najib Razak worth RM400,000.

The Malaysian Anti-Corruption Commission (MACC) has been investigating the case since mid-2018.

An internal investigation report sighted by The Malaysian Insight revealed that the purchase of books did not comply with the procurement process and procedures of PUNB, while the publisher had family ties with PUNB’s board of directors.

“The report (on misappropriation), which was completed in July 2019, has been submitted to the MACC,” a source told The Malaysian Insight.

An investigation by an accounting firm has been under way since the end of October 2018, following the transition of the PUNB leadership.

In September 2018, Hazimah Zainuddin was appointed PUNB chairman, replacing former Malacca chief minister Mohd Ali Rustam who resigned at the end of June that year.

Ali, who led PUNB from August 1, 2013, resigned with two other board members, Jamelah A. Bakar and Hasbullah Wa David.

MACC has confirmed it is investigating the case in relation to the purchase of books.

“We are awaiting further instructions as to whether to bring charges or not,” a source from the anti-graft agency told The Malaysian Insight.

In May 2018, MACC raided the PUNB headquarters in Kuala Lumpur in connection with the publication of the book, which is believed to be an abuse of power.

An internal investigation report sighted by The Malaysian Insight also showed that there was no clear record that the publisher had submitted all 20,000 copies of the books to PUNB.

There is also evidence that about 1,000 copies were ordered to be disposed of by PUNB officials for no apparent reason.

In addition, PUNB also granted a loan of RM300,000 to the publisher without a valid approval process.

Aside from the book deal, the internal investigations also revealed property sales and development through a subsidiary established without the approval of the Ministry of Finance and the Bumiputera Development Foundation (YPB).

The internal investigation revealed that PUNB issued a project-management contract to renovate its 12 branch offices across Malaysia to an architectural firm without due process.

PUNB is a body set up by the government in 1991 to create a Bumiputera trade and industry society.

It provides a variety of entrepreneurship training programmes and loan schemes for small and medium Bumiputera entrepreneurs.

Prior to leading PUNB, Hazimah was the founder of a company distributing automotive parts and was a respected entrepreneur involved in several advisory bodies and business councils in Malaysia. – June 5, 2020.