18-1-2024 (KUALA LUMPUR) The Malaysian Anti-Corruption Commission (MACC) has intensified its focus on the upper echelons of Malaysian business, with the son of former Prime Minister Mahathir Mohamad being the latest subject of scrutiny. The MACC has summoned Mahathir’s son, rumored to be Mirzan, to record a statement regarding his substantial assets following revelations in the Pandora Papers, exposing global leaders and influential figures in covert financial dealings.
The Pandora Papers implicated Mirzan in various transactions and high-value asset ownership, prompting the MACC to investigate further. While the commission has not officially confirmed Mirzan’s involvement, widespread rumors suggest his connection to the ongoing probe.
This development follows last year’s inquiry where the MACC called upon Mahathir’s son to assist in an investigation into undisclosed business dealings. The inquiry gained momentum with the release of documents by the International Consortium of Investigative Journalists (ICIJ), shedding light on opaque financial activities of global elites, including 330 politicians from 91 countries.
The documents, listing offshore company ownership, shadow accounts, and luxury assets, implicated several Malaysian figures. It’s crucial to note that being named in these documents doesn’t necessarily imply wrongdoing, as there are legitimate uses for offshore entities.
In a parallel revelation, leaked documents reported by Malaysiakini connect the family of former finance minister Tun Daim Zainuddin to an undisclosed offshore trust with assets in the hundreds of millions. The MACC is investigating these claims, suggesting that the trust harbored more wealth than initially known.
The ZA Trust, reportedly in the name of Daim’s wife and sons, was valued at US$52.56 million as of 2020, a significant increase from previous estimates. The leaked documentation highlights the complex web of trusts and companies in tax haven jurisdictions, making it challenging to pinpoint actual ownership.
The MACC’s widening investigations signal Prime Minister Anwar Ibrahim’s commitment to unraveling crony capitalism that has long influenced Malaysia’s economic landscape. The recent seizure of assets, including the landmark Ilham Tower, belonging to Daim Zainuddin underscores the administration’s determination to address corruption at the highest levels.
The MACC is delving into a 1990s transaction involving United Engineers Malaysia and Renong Berhad, with figures like Mirzan Mahathir, Halim Saad, and Abdul Rashid Manaf emerging as persons of interest. The probe follows allegations that over US$500 million could have been misappropriated in the deal.
