The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

A little too free in the enterprise

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.


Full details of what had been widely dubbed locally as a bond scam are still to materialise, but it seems that at least three senior PUNB officials were involved in the exercise.


In addition to company executives, a local businessman, a British national and a Singaporean have been implicated in the affair.


Fake bond certificates with a total face value amounting to $5 billion have been seized from PUNB offices.






Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree