The Malaysian Anti-Corruption Commission (MACC) is investigating a 1997 corporate transaction involving Renong Bhd and United Engineers Malaysia Bhd (UEM), connected to the former ruling UMNO party. Former UMNO treasurer, Mr. Daim Zainuddin, faces asset declaration orders and freezing of accounts. CNA says the Ilham building, linked to Daim, is being seized by the MACC.
“Under the seizure order, the Malaysian Anti-Corruption Commission (MACC) will on paper take control of the US$580 million building, which is located near the iconic Petronas Twin Towers in downtown Kuala Lumpur,” the Singapore-based portal says.
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MACC
The probe, initially linked to alleged embezzlement of RM2.3 billion, involves figures like Halim Saad and Abdul Rashid Manaf. The focus on a decades-old deal has raised speculation of political motives, possibly tied to historical tensions between Dr. Mahathir and Anwar Ibrahim. Daim’s substantial but discreet business empire centers around Ilham Tower, completed in 2015.
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