Former Tabung Haji CEO remanded over RM190 million investment fraud | Utusan Malaysia (MY) Article ID: 01M0KAKS97P13ZYC7P3BRFTQQX

A former Chief Executive Officer of Lembaga Tabung Haji (TH) is facing a seven-day remand as authorities investigate alleged misappropriation of investment funds and stocks worth RM190 million. The arrest is a direct consequence of findings from a Royal Commission of Inquiry (RCI) report, which exposed substantial losses at TH, estimated at nearly RM10 billion, attributed to a failure to adhere to regulations and flawed investment strategies dating back to 2014.

The suspect, in his 60s, was apprehended by the Malaysian Anti-Corruption Commission (SPRM) after presenting himself to provide a statement. The remand order was issued by Magistrate Ezrene Zakariah, allowing SPRM to continue its investigation under Section 23 of the SPRM Act 2009. If convicted, the former CEO could face up to 20 years in prison and a fine of at least five times the value of the bribe or RM10,000, whichever is higher.

This development is part of a wider investigation into financial misconduct at TH. Last week, seven other individuals, including a CEO, company directors, and former senior management, were detained in connection with the RCI report. SPRM has established a special task force to scrutinize the RCI's findings, focusing on identifying elements of corruption, embezzlement, document forgery, abuse of power, and money laundering.

In a separate but related case in Penang, five individuals, including a Datuk-titled chairman of a government agency, were remanded for four days for alleged abuse of power in land disposal deals resulting in losses of approximately RM1.96 million. These arrests underscore a significant push by Malaysian authorities to address financial irregularities and corruption across various sectors.