Latest news with #RM758.2mil
The Star
28-06-2025
- Business
- The Star
UK authorities join forfeiture bid on Daim's assets
PUTRAJAYA: Steps to forfeit assets belonging to the late finance minister Tun Daim Zainuddin, his family and proxies in the United Kingdom have begun, says the Malaysian Anti-Corruption Commission (MACC). Chief commissioner Tan Sri Azam Baki said the agency had also filed applications for the forfeiture of Ilham Tower yesterday. 'On June 5, we have filed for a restraining order on assets in UK worth RM700mil. We have informed the authorities in the UK and yesterday they informed us they have filed the same to their courts. 'This is a new development where the UK authorities agree with our request in Malaysia and the process will be continued at their courts,' he said this at a press conference here yesterday. 'On the defendant's side they have filed for an intervention and the courts have set July 9 for it. This is for case management and the restraining order application remains. Meanwhile on the forfeiture proceedings of Ilham Tower, he said, it would not be an easy process. 'There is a lot to be done and the documents involved are also quite thick,' he said. Media reports on June 3 stated that three luxury homes in London were among the seven properties and one bank account said to belong to Na'imah and her family, involving a total value of UK£132mil (RM758.2mil), which were frozen by the MACC. MACC investigations found that the movable and immovable assets were linked to alleged offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Ilham Tower, owned by Daim's family, was first seized by MACC in December 2023 in its anti-money laundering probe involving a corporate transaction of RM2.3bil (US$500mil) in November 1997 involving public-listed Renong Bhd and United Engineers Malaysia Bhd (UEM), both linked to Umno. In an unrelated matter, Azam said that there was no decision made yet on any criminal charges on former prime minister Datuk Seri Ismail Sabri Yaakob. 'All investigation papers have been forwarded to the DPP and we have been told that they have agreed to file for the asset forfeiture on the monies seized, worth around RM170mil, in the coming two weeks. It is up to him to challenge our application. 'Regarding criminal charges, we are awaiting the DPP's decision. I do not know when they will be but I believe a decision will be made within a month,' he said. He added that on their end investigations have been deemed completed. When asked on the role of Ismail Sabri's former son-in-law Datuk Jovian Mandagie in the investigation, he said that he is a witness. On March 3, Azam had disclosed that Ismail Sabri is a suspect in an ongoing corruption and money laundering investigation following the discovery of approximately RM170mil in cash at a safe house during a raid. The cash, held in numerous currencies such as baht, riyal, pound sterling, won, euro, Swiss franc and yuan, was seized alongside 16kg of pure gold bars valued at nearly RM7mil. Additionally, 13 bank accounts containing over RM2mil have been frozen as part of the probe. The investigation focuses on funding sources and expenditures related to promotional and publicity activities during Ismail Sabri's tenure.
The Star
25-06-2025
- Business
- The Star
MACC proceeds with asset forfeiture of Daim's UK properties
PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) has been authorized to proceed with the forfeiture of assets belonging to the late finance minister Tun Daim Zainuddin, his family, and his proxies in the United Kingdom. Chief commissioner Tan Sri Azam Baki announced at a press conference that UK counterparts have filed for similar action following Malaysia's request. "On June 5, we filed for the restraining order of assets in the United Kingdom worth RM700mil. We informed the authorities there, and yesterday (June 24) we were told they have filed the same to their courts. "This is a new development where the UK authorities agree with our request in Malaysia, and the process will continue in their courts. "On the defendant's side, they have filed for an intervention, and the courts have set the date of July 9 for case management while the restraining order application remains," he said. Azam added that MACC will soon file applications for the forfeiture of Menara Ilham, and within a week or two, they will pursue the forfeiture of assets within the country. Media reports on June 3 mentioned that three luxury homes in London were among the seven properties and one bank account allegedly belonging to Na'imah and her family, involving a total value of £132mil (RM758.2mil), which were frozen by the MACC. MACC investigations revealed that the movable and immovable assets were linked to alleged offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Ilham Tower, owned by Daim's family, was first seized by MACC in December 2023 during its anti-money laundering probe involving a corporate transaction of RM2.3bil (US$500mil) in November 1997, involving public-listed Renong Bhd and United Engineers Malaysia Bhd (UEM), both linked to Umno.
The Star
24-06-2025
- Business
- The Star
Court stays order to freeze assets
KUALA LUMPUR: The High Court here has granted a stay on an ex parte forfeiture order obtained by the Malaysian Anti-Corruption Commission (MACC) earlier this month to freeze £132mil (RM758.2mil) worth of assets in London belonging to Toh Puan Na'imah Abdul Khalid (pic) and her family. Justice Azhar Abdul Hamid stayed the order pending Na'imah's application to intervene in the MACC's notice of motion. 'The application (to be an intervener) should be heard inter partes. It should be filed and served within 14 days. At the same time, the order dated June 3 is stayed,' Justice Azhar said here yesterday. The court fixed July 9 for the hearing of the application to intervene. On June 3, the same court granted the MACC an order to freeze the assets in London belonging to Na'imah, the wife of the late former finance minister Tun Daim Zainuddin. The assets include two commercial buildings, five luxury residences and one bank account. According to the MACC, investigations revealed the assets were linked to suspected offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The commission said the freeze was part of ongoing efforts to trace and recover assets believed to be connected to unlawful activity. At a separate High Court, Justice K. Muniandy fixed Aug 1 to hear Na'imah's application to intervene in another ex parte notice of motion filed by the MACC. The MACC went to the court yesterday to obtain an ex parte court order under Section 53 of the same Act to forfeit more than RM544mil in US dollars and pound sterling. Deputy Public Prosecutor Wan Nur Iman Wan Ahmad Afzal told the court the monies – investments locked in 12 bank accounts in Singapore – belonged to Na'imah, her family and her associates. 'An investigation has been carried out by the Inland Revenue Board. Based on preliminary investigation, we believe the assets owned by Na'imah and her associates had never been declared. 'We say that the assets must be frozen before they are disposed of,' she said in her application. Na'imah's lawyer Datuk Dr Gurdial Singh Nijar said he was 'perplexed and disappointed' over the application, as the MACC had never mentioned any respondent's name in their filing. 'The order isn't just against the property but also against the person. This application cannot proceed as an ex parte. It has to proceed as an inter partes. 'I seek that this court make no order (on the freeze) until an inter partes application is heard,' he said. Justice Muniandy ruled that the application to intervene would be heard inter partes and fixed Aug 1 for the hearing.
The Star
23-06-2025
- Business
- The Star
High Court stays freeze order on Na'imah's assets
KUALA LUMPUR: The High Court here has granted a stay on an ex-parte forfeiture order obtained by the Malaysian Anti-Corruption Commission (MACC) earlier this month in its bid to freeze £132mil (RM758.2mil) worth of assets in London belonging to Toh Puan Na'imah Khalid and her family. Justice Azhar Abdul Hamid said the order was stayed pending an application by Na'imah, who is seeking to intervene in the MACC's notice of motion. ALSO READ: Daim's widow to challenge London asset freeze order "This application (to be an intervener) should be heard inter parte. "The application should be filed and served within 14 days. At the same time, the order dated June 3 is stayed," Justice Azhar said on Monday (June 23). The court fixed July 9 to hear the application to intervene. On June 3, the same court had granted the MACC an order to freeze the assets in London belonging to Na'imah, who is the wife of the late former finance minister Tun Daim Zainuddin. The assets include two commercial buildings, five luxury residences and one bank account. ALSO READ: Dismissal of Na'imah's application a miscarriage of justice, court told According to the MACC, investigations indicated that the assets were linked to suspected offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. It said the freeze was part of ongoing efforts to trace and recover assets believed to be connected to unlawful activity. At a separate High Court, Justice K. Muniandy fixed Aug 1 to hear Na'imah's application to intervene in another ex-parte notice of motion filed by the MACC. The MACC had sought to obtain an ex-parte court order under Section 53 of the AMLATFPUAA to forfeit more than RM544mil in US dollars and pound sterling. ALSO READ: Lawyers for Daim's widow to challenge MACC's seizure of Ilham Tower in court DPP Wan Nur Iman Wan Ahmad Afzal told the court that the monies, which were investments locked in 12 bank accounts in Singapore, belonged to Na'imah, her family and her associates. "An investigation has been carried out by the Inland Revenue Board (LHDN). Based on preliminary investigation, we believe the assets owned by Na'imah and her associates had never been declared (to the LHDN). "We say that the assets must be frozen before (they are) disposed of," she said in her oral application. Meanwhile, Na'imah's lawyer Datuk Dr Gurdial Singh Nijar said he was "perplexed and disappointed" over the application as the MACC had never mention any respondent's name in its filing. "The order isn't just against the property but also against the person. This application cannot proceed as an ex parte. It has to proceed as an inter parte. I seek that this court make no order (on the freeze) until an inter parte application is heard," he said. Justice Muniandy then ruled that the application to intervene would be heard inter parte and fixed Aug 1 for hearing.
The Star
04-06-2025
- Business
- The Star
Daim family assets frozen to prevent disposal during probe, says MACC
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) said it froze seven properties and one bank account belonging to the late Tun Daim Zainuddin's wife, Toh Puan Na'imah Abdul Khalid, to prevent the assets from being disposed of while investigations are ongoing. MACC chief commissioner Tan Sri Azam Baki said the move was part of the commission's preliminary actions to facilitate further investigation. ALSO READ: Tun Daim's widow to contest asset freeze order "In this case, we have submitted a court application for a prohibition order to freeze the overseas assets. If such an order is not obtained, there is a high possibility that the assets, believed not to have been declared, may be disposed of," he said in a statement Wednesday (June 4). Media reports on Tuesday (June 3) stated that three luxury homes in London were among the seven properties and one bank account said to belong to Na'imah and her family, involving a total value of UK£132mil (RM758.2mil), which were frozen by the MACC. MACC investigations found that the movable and immovable assets were linked to alleged offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. ALSO READ: MACC gets nod to freeze assets of Daim's wife The MACC's application, represented by Deputy Public Prosecutor Mahadi Abdul Jumaat, to freeze the assets was granted by High Court Judge Datuk Azhar Abdul Hamid in an ex parte proceeding Tuesday. Meanwhile, former MACC chief commissioner Tan Sri Dzulkifli Ahmad said the legally accurate term in this case is a prohibitory order, not a freezing order. He explained that "freezing" typically refers to action under Section 44 of the Anti-Money Laundering Act (AMLA), which usually involves bank accounts and specific financial instruments. ALSO READ: MACC in process of seizing late Daim's assets worth billions In contrast, this case involves a prohibitory order under Section 53 of AMLA, which pertains to restrictions on transactions involving overseas assets suspected of being linked to unlawful activities. "However, the issuance of a prohibitory order does not imply or presume that the assets in question were obtained through corruption or illegal means," he added. "The purpose of this order is simply to block any transactions involving the specified assets while MACC investigations are ongoing. It is a temporary measure to maintain the status quo and prevent disposal of the assets during the investigation," he said in a statement. ALSO READ: High Court grants Na'imah's application for judicial review Dzulkifli, who is also a lawyer, noted that the High Court's prohibitory order was issued through an ex parte application, meaning it was made without prior notice or the presence of the affected parties. At that stage, he added, the individuals subject to the order have not yet been given the opportunity to respond or challenge the application in court. - Bernama
