Sagajuta’s Raymond Chan facing uFun Club corruption probe
Damned if they won’t haul in uFun Club management for even an interrogation, but authorities in Malaysia appear to be investigating the scheme’s money laundering activities.
Citing a brief local new story, we’d reported earlier today that an unidentified individual had been picked up for questioning in Sabah, Malaysia.
We can now reveal that individual as none other than Raymond Chan, CEO and owner of the Sagajuta construction firm.
We thought the Royal Malaysian Police might have been the investigative agency involved, but turns out it was the Malaysian Anti-Corruption Commission (MACC).
The specifics of the MACC investigation pertain to Sagajuta being involved in “corrupt business practices”, by way of their relationship with uFun Club.
Datuk Raymond Chan Boon Siew, who owns the Sabah property development company is said to have surrendered documents to the MACC for investigation related to infrastructure development in the state.
“There is an ongoing investigation on him for corruption and conflict of interest. We have collected documents from him, but he has yet to be arrested or called in for questioning,” a source told Malay Mail Online.
Earlier reports suggested Chan was being questioned, but it appears thus far only documents have been handed over at the request of the MACC.
Despite Sagajuta and Chan denying any links with uFun Club, investors in the $1.17 billion dollar Ponzi scheme were advertising investment in Sagajuta projects dating as far back as mid 2013.
Recently uFun Club signed a memorandum of understanding with Sagajuta, through which an undisclosed amount of stolen Ponzi funds is planned to be transferred from uFun Club into Sagajuta’s Gateway Klang project.
Also tied to Sagajuta is Mohd Nazifuddin, son of Malaysian Prime Minister Najib Razak.
Nazifuddin was Chairman at Sagajuta till 2012. It was then revealed Nazifuddin attended a uFun Club sponsored beauty pageant as a guest of the scheme’s executives in 2013:
Nazifuddin had previously claimed he had never met uFun Club executives or knew who they were.
Nazifuddin maintains he has no involvement in uFun Club, but now claims he “doesn’t know” if Raymond Chan is in bed with the scheme.
Nazifuddin meanwhile remains a major shareholder in Sagajuta. If the firm is found to have assisted uFun Club with the laundering of Ponzi proceeds, it’s extremely likely that Nazifuddin indirectly profited from Sagajuta and uFun Club’s business relationship.
Whether he becomes a suspect in the MACC’s investigation remains to be seen.
Meanwhile if the MACC are even remotely competent, I’m having a hard time believing Raymond Chan is going to be cleared. He needs to start spilling when and how uFun Club funds flowed through Sagajuta, and quickly.
Had Mohd Nazifuddin not have been caught schmoozing with uFun Club executives, I’d almost be inclined to give him the benefit of the doubt over whether or not he had any idea of what was going on.
That Nazifuddin was dining with the uFun Club elite however, is too much of a co-incidence for my liking.
Quite obviously Sagajuta has accepted uFun Club funds and to what extent needs to be thoroughly investigated. Post haste.