No ‘sakau’ in Yayasan Bank Rakyat’s RM10m financial investment, states ex-chair

Fresh from a seven-day remand by the MACC, previous Yayasan Bank Rakyat (YBR) chairperson Nazir Hussin Akhtar Hussin today insisted he had actually not done anything incorrect over the structure’s RM10 million financial investment in 2020.

The business owner declared YBR did not lose a single sen from the financial investment and rather made RM1.85 million in returns when it withdrew the funds in November 2022.

Nazir likewise rejected that his senior sibling …

Fresh from a seven-day remand by the MACC, previous Yayasan Bank Rakyat (YBR) chairperson Nazir Hussin Akhtar Hussin today insisted he had actually not done anything incorrect over the structure’s RM10 million financial investment in 2020.

The business owner declared YBR did not lose a single sen from the financial investment and rather made RM1.85 million in returns when it withdrew the funds in November 2022.

Nazir likewise rejected that his senior sibling, Mubarak Hussin, who was likewise remanded by MACC, owned the business in which YBR invested.

“First and foremost, I want to start with the most important matter, which is the funds. There was no ‘sakau’ (misappropriation) in this RM10 million investment by the foundation, and not a single sen was lost or misappropriated by anyone. This is very important.

“The structure’s financial investment produced RM1.85 million in ‘hibah’ (returns) over the financial investment duration.

“What is important is that everyone has been questioning the matter and portraying it as though the RM10 million had disappeared.

“The RM10 million has actually not been lost, there were no losses, and the cash has actually not vanished,” Nazir (below) told a press conference at a restaurant in Kuala Lumpur.

Also present were Mubarak and their lawyers, Arif Azmi and Johan Radzi.

The brothers were remanded by MACC on Oct 1 to facilitate investigations into YBR’s investment in an investment company allegedly owned by Mubarak.

The anti-graft agency also raided their homes and seized 15 luxury cars worth about RM31 million and 12 high-powered motorcycles valued at about RM5 million as part of its investigation.

According to news reports, Mubarak was released on Oct 5 after his remand order expired, while Nazir’s remand was extended by two days until yesterday.

‘Abuse of process’

Nazir said MACC had accused him of abusing his position and power as YBR chairperson to direct the investment into the company, whose name has not been disclosed.

He denied that the company was owned by Mubarak, saying his brother only invested in it several months after YBR had done so.

“What the rakyat and media good friends here must understand is that, when I was the chairperson of YBR, we had actually performed all the due diligence and followed great governance practices before making the financial investment.

“There was no wrongdoing or negligence here. The investment was made according to due process and within the authority given,” Nazir stated.

He included that he was prepared to deal with the law if there had actually been any breach of it.

Nazir likewise implicated MACC of abusing its powers by raiding their homes and treating them “like serious criminals”

He stated the financial investment had actually formerly been scrutinised through an internal audit after YBR got a poison-pen letter, and was consequently examined by the MACC in 2022.

He declared both probes discovered no misdeed including the structure or himself.

“They (MACC) already have all the documents. But why now, after four years, do this?

“If they did not have actually the files required, they might go to the structure’s workplace at any time. If they had any doubts, they might just call me to help in the examination or record my declaration,” he said.

‘Frivolous’ questions

Nazir also questioned the decision to remand him for seven days, claiming he was questioned about the YBR case for only several hours on the fourth day.

During the other days, he claimed investigators asked him questions he considered “pointless”, including questions relating to politics.

However, he declined to elaborate on the questions he considered frivolous or political, including whether they were related to his time in Umno.

Nazir is a former Umno Youth exco member and former Titiwangsa Umno division youth chief. He was sacked by the party in 2023.

He also questioned MACC’s decision to post a video of him and Mubarak during the remand process, featuring audio from a scene in P Ramlee’s “Ali Baba Bujang Lapok” movie in which the 40 thieves celebrate in their hideout.

“Is this MACC or J-Kom?” he quipped, describing the federal government’s Community Communications Department.

Nazir stated the accusations and unfavorable understanding surrounding him and Mubarak had actually impacted their organizations, including that their attorneys were checking out the matter.