MACC has legal power to order asset declaration, says lawyer

The Malaysian Anti-Corruption Commission (MACC) possesses the legal authority to compel individuals to disclose their assets, according to a criminal lawyer's response to the attempt by former Yayasan Bank Rakyat chairman Nazir Hussin Akhtar Hussin to obstruct a MACC asset declaration order. Sivananthan clarified that the MACC's power to request individuals under investigation to reveal their assets is derived from the MACC Act.

He questioned the effectiveness of Nazir's refusal to comply with the MACC's request, given that he had already sought an injunction to prevent enforcement of the order. Nazir is currently under investigation for alleged misappropriation and abuse of power in connection with a RM10 million investment made in 2020, with his brother, Mubarak Hussin, also implicated in the probe.

Sivananthan expressed confusion over the grounds for Nazir's objection to the asset declaration notice, emphasizing that authorities have the power to request asset declarations, yet individuals are now attempting to prevent such investigations through legal means. The MACC had summoned Nazir to their headquarters on October 14, along with his wife and assistant, to aid in the investigation.

They recorded statements from Nazir's family members while formally serving him with the asset declaration notice, which he chose not to accept. On October 8, Nazir had previously accused the MACC of exercising its powers improperly, criticizing their investigations, including raids on his residence and his brother's home, as well as their conduct during Nazir's seven-day remand.

During the raids, the MACC confiscated 15 luxury cars estimated at RM31 million, 12 high-powered motorcycles valued at RM5 million, five luxury watches, three bracelets, and around RM30,000 in cash. Additionally, two personal bank accounts containing approximately RM2 million were frozen. Nazir maintained that the RM10 million principal had been recovered in full, along with RM1.85 million in returns, and that an earlier MACC investigation into the investment had not found any wrongdoing.