Former TH CEO remanded 7 days over RCI report

PUTRAJAYA: A former CEO of the Malaysia Treasury Fund (TH) has been held for seven days as authorities probe allegations raised in the Royal Commission of Inquiry (RCI) report. The remand, valid until August 27, was handed down by magistrate Ezrene Zakariah after the Malaysian Anti-Corruption Commission (MACC) requested it at the Putrajaya magistrates' court this morning.

The 60-year-old man, dapper in orange prison garb and handcuffs, arrived at 9:38 am, trailed by MACC officials. Bh reported earlier that he was likely among the latest individuals under MACC's investigation related to the RCI report on TH. A source had previously revealed that the individual was a high-profile corporate figure who had served in several leading companies across the nation.

Bh has sought confirmation from the MACC chief commissioner regarding this claim. The MACC had previously detained and questioned seven individuals to aid their investigation into the RCI report, which included a former chief executive of a shipping firm, a director of a construction company, a former company director, and four former senior TH executives.

The comprehensive RCI report on TH, released after a four-year investigation, proposed 25 crucial recommendations to boost transparency, professionalism, and governance within the institution. A notable recommendation called for barring active politicians from joining TH's board of directors to prevent political influence. His Majesty Sultan Ibrahim, the King of Malaysia, had also mandated that the investigation into the RCI report be carried out thoroughly, leaving no stone unturned.