KUALA LUMPUR (June 2): Malaysian anti-graft authorities found RM20 million from a sukuk issuance meant for a Klang Valley highway project was allegedly misappropriated for gambling, according to several news reports.

Several other investments were also identified as potentially linked to illegal activities in the latest investigation involving a prominent “Tan Sri”, Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki was quoted as saying by Berita Harian.

The commission is tracing assets, including those located overseas, believed to have been acquired through the misappropriation of funds raised from the sukuk, Azam was reported as saying.

So far, the MACC has recorded statements from 45 witnesses. However, the commission has yet to record a statement from the Tan Sri who is still receiving treatment at a private hospital, Azam reportedly told the New Straits Times.

On May 31, national news agency Bernama reported that the MACC had seized and frozen assets and bank accounts worth an estimated RM85.6 million as part of an ongoing investigation into the alleged misuse of sukuk funds linked to a Klang Valley highway project.

Apart from individual and company bank accounts, the MACC had also reportedly confiscated luxury vehicles, designer handbags, jewellery, high-end watches and properties.

“We believe hundreds of millions in sukuk funds were channelled to the contractor’s company, owned by the Tan Sri, and later misused for personal interests rather than the intended highway project,” Azam told Bernama.