The Malaysian Anti-Corruption Commission (MACC) is set to summon a prominent individual with the title "Tan Sri" for questioning regarding the suspected misappropriation of Islamic bond funds intended for infrastructure development. Investigations have revealed that funds meant for the Klang Valley Expressway project were partially diverted to gambling, high-end consumption, and overseas asset purchases, involving an amount up to 20 million Malaysian Ringgit (approximately 4.2 million US dollars).
According to The Star, this Tan Sri had recently been discharged from a private hospital, and MACC is preparing to arrange a formal inquiry after doctors confirmed his recovery. Azam Baki, the chairman of the Anti-Corruption Commission, stated that although this key figure has not yet recorded a statement, investigators have gathered substantial information from other leads and witness testimonies.
MACC investigations found that the Islamic bond funds were used to purchase luxury houses, jewelry, branded watches, luxury cars, and even purebred horses. Shockingly, about 20 million Malaysian Ringgit was used for high-stakes gambling activities, completely deviating from the Islamic bonds' purpose of funding public infrastructure. Islamic bonds (Sukuk) are designed according to Sharia law, emphasizing that funds must be invested in legally and ethically compliant purposes, and such misuse not only allegedly violates the law but also undermines the system's credibility.
Currently, MACC has frozen and seized assets worth approximately 143 million Malaysian Ringgit, including:
Bank account funds worth 37.5 million Malaysian Ringgit
Several high-end real estates
Numerous pieces of jewelry, luxury watches, and cars
High-value liquor assets (about 3 million Malaysian Ringgit)
Over 15 million Malaysian Ringgit in overseas assets
Additionally, 45 witnesses have been questioned, some of whom will be summoned again to court to supplement or clarify their testimonies. MACC has also issued asset declaration notices to the involved Tan Sri and several related individuals to thoroughly clarify the financial trail.
Azam emphasized that although this Tan Sri is a key figure in the case, MACC's investigation is not limited to individual persons but involves a systematic tracing of the entire fund flow chain. The authorities will decide whether to press charges based on sufficient evidence.
The case has attracted widespread public attention, not only because of the large amount involved but also because it tests the credibility of the Islamic financial mechanism. The community is closely monitoring the progress of MACC's ongoing investigation.
