Former YBR chair denies any misappropriation of RM10 million investment
Former Yayasan Bank Rakyat chair Nazir Hussin Akhtar Hussin said the foundation’s RM10 million investment earned a profit and was not misused, after a week-long MACC remand.
At a press briefing in Kuala Lumpur, former Yayasan Bank Rakyat chair Nazir Hussin Akhtar Hussin asserted that the foundation’s RM10 million investment was profitable, yielding RM1.85 million in returns, and that no money was lost or diverted. He denied any wrongdoing by himself or his elder brother, Mubarak Hussin, insisting the investment was made after thorough due-diligence and within the board’s authority. Both brothers were taken into custody by the Malaysian Anti-Corruption Commission on 1 October, during which the agency also raided their homes and confiscated 15 luxury cars and 12 high-powered motorcycles.
Mubarak was released on 5 October after his remand expired, while Nazir’s detention was extended by two days. Nazir criticized the MACC’s actions as an abuse of process and said previous internal and MACC investigations had found no misconduct. He added that the ongoing allegations were harming their businesses and that their lawyers were reviewing the matter.
Why it matters
The case highlights concerns over political influence, anti-corruption investigations and governance of charitable foundations in Malaysia.
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