THE Malaysian Anti-Corruption Commission (MACC) has started investigating a former senior minister and a businessman over alleged misappropriation of the country’s funds amounting to RM2.3 billion.

According to news reports, the probe is related to documents revealed by the International Consortium of Investigative Journalists over transactions carried out at offshore financial centres. 

Anti-graft officials said the probe focuses on the purchase and ownership of shares of a listed company by a giant corporation. 

MACC insiders said the move was masterminded by the said former senior minister. 

“The transactions in acquiring the shares is believed to have caused economic decline and weakening of the ringgit at the end of the 1990s. 

“The misappropriation was done in the interests of these individuals to bail out (the company) suffering huge losses,” said a source. 

MACC chief commissioner Azam Baki confirmed investigations under the MACC Act 2009 and money-laundering laws are ongoing. 

It is learnt the probe will look into the acquisition of assets by the “Tan Sri” businessman and the former senior minister, believed to be in the billions of ringgit. 

The source also said MACC had recorded statements from 14 witnesses over the past few weeks in relation to documents in the Pandora Papers leak. – May 19, 2023.