The Malaysian Anti-Corruption Commission arrested four men for allegedly misappropriating RM596 million ($141 million) in a sukuk agreement involving a project for registering, hiring, and recording foreign workers’ data.
The men, aged between 40 and 55, were directly involved in developing the system for a ministry.
Sukuk Arrests
The misappropriation is suspected to have occurred through the opening of a new account, resulting in losses amounting to millions of ringgit for sukuk holders. A sukuk is an Islamic financial certificate that complies with Shariah law, similar to a bond in Western finance.
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The suspect is believed to have committed the offence while serving at the Pahang State Secretary’s Office (SUK) between April 2021 and February 2022.
