MACC opens 7 probe papers on Felda, subsidiary
The Malaysian Anti-Corruption Commission (MACC) has launched seven investigations into Felda and its subsidiary, FIC, regarding alleged misappropriation and abuse of power. The probe covers a decade of investment transactions and asset acquisitions that reportedly caused significant financial losses.
Why it matters
This investigation addresses major financial mismanagement in a state-linked entity, reflecting broader efforts to combat corruption in Malaysia.
Prime Minister Anwar Ibrahim said last month that Felda was facing losses of nearly RM10 billion because of mismanagement and excessive political interference.
PETALING JAYA: The Malaysian Anti-Corruption Commission has opened seven investigation papers regarding alleged misappropriation, abuse of power and corruption involving investments at Felda and its subsidiary, Felda Investment Corporation Sdn Bhd (FIC).
MACC chief commissioner Abd Halim Aman said the large-scale special investigation would focus on investment transactions and asset acquisitions by Felda and FIC over a 10-year period from 2010 to 2020, reported Harian Metro.
He said six new investigation papers were opened on Aug 24, while another existing investigation paper remains active.
"The six new investigation papers involve the purchase and investment in assets at prices exceeding their actual assessed values, which is believed to have caused losses to Felda as a whole," he said at a press conference at the MACC headquarters here today.
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