Executives at Perbadanan Usahawan Nasional (PUNB) – Malaysia’s National Entrepreneur Corporation – appear to have taken their remit rather too literally.
Unnamed senior officials at the state-funded agency, which aims to encourage indigenous Bumiputera business, seem to have been a little too enterprising with their sources of funding over attempts to issue $5 billion of unauthorised bonds.
The venture capital agency, which only has paid-up capital of M$100 million ($26 million), now finds itself at the centre of an investigation by Malaysia’s anti-corruption agency after an executive was arrested on his return from Singapore.
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