MACC issues asset declaration notice to Nazir Hussin and his younger brother

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MACC asset notice for Nazir Hussin

Highlights

The MACC issued an asset declaration notice to Nazir Hussin and his younger brother, Mubarak Hussain, under Section 36(1)(a) of the MACC Act 2009.
The MACC investigation concerns allegations of embezzlement and abuse of power in investment transactions worth approximately RM10 million involving Nazir Hussin, his wife and an assistant.
Nazir Hussin's injunction application at the Kuala Lumpur High Court has not stopped the MACC from continuing enforcement in a high-profile investigation involving a financial institution.

This article was translated from the original. Read the original version by our correspondent here.

Notice issued as part of MACC investigation

As reported by The Edge Malaysia, Nazir Hussin attended the MACC office in Putrajaya to receive a notice under Section 36(1)(a) of the MACC Act 2009, while Mubarak Hussain received the notice at his residence.

MACC Chief Commissioner Datuk Seri Abd Halim Aman confirmed the matter when contacted, saying that both individuals had complied with the notices issued.

On 14 Oct, the MACC summoned Nazir Hussin, his wife and an assistant to assist with its investigation into allegations of embezzlement and abuse of position in investment transactions worth approximately RM10 million. The MACC said the former chairman of the Bank Rakyat Foundation was summoned to receive a notice requiring him to declare his assets, while his wife and the assistant were called in to have their statements recorded.

Implications for enforcement proceedings

Abd Halim was previously reported as saying that Nazir Hussin had refused to accept the notice, citing an injunction application he had filed at the Kuala Lumpur High Court on Wednesday to halt enforcement of the order issued under Section 36 of the act.

The development indicates that the MACC is continuing its enforcement efforts in a high-profile investigation involving individuals connected to financial institutions and government-linked entities. In the context of corporate governance in Malaysia, asset declaration notices are typically part of efforts to establish details of property ownership and fund flows while investigations into corruption or abuse of power are underway.

In our previous report on the MACC investigation into Datuk Seri Nazir Hussin over allegations of embezzlement in investment transactions worth around RM10 million, we reported that he had been summoned to receive an asset declaration notice under Section 36 of the MACC Act 2009. The article also covered his filing of an injunction application to block enforcement of the notice, while his wife and an assistant had their statements recorded by the MACC before being released.

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