MACC probes public university subsidiary over asset purchase

A subsidiary of a public university is being investigated by the Malaysian Anti-Corruption Commission (MACC) over alleged misappropriation of funds in connection with an asset purchase in 2017, sources said.

According to a source, the purchase of the asset in the Klang Valley and related additional allocations totalled more than RM50 million, and the asset was no longer functioning as usual.

"The MACC went to the office of the company on Thursday to retrieve some documents.

"The asset purchase and additional allocations were allegedly not referred to and approved by the Finance Ministry," said the source.

The source also claimed that several board members of the company were being investigated for their alleged role in renovations of the asset.

Kedah MACC director Datuk Shaharom Nizam Abd Manap, when contacted today, confirmed that MACC was investigating the matter.

"The case is being investigated under Sections 16, 17, 18 and 23 of the MACC Act 2009," he said but declined to elaborate.

-- BERNAMA