KUALA LUMPUR (April 30): The Malaysian Anti-Corruption Commission's (MACC) probe into the alleged submission of false claims amounting to RM360 million — which has nabbed four people, including one with a 'Datuk Seri' title — is linked to funds from a RM1.3 billion sukuk issuance for the 18km Maju Expressway Extension, according to sources.
The sukuk was issued by MEX II Sdn Bhd, which is owned by Maju Holdings Sdn Bhd. Neither could be reached for comment at the time of writing. Maju Holdings also owns Maju Expressway Sdn Bhd, the operator of the 26km Maju Expressway or MEX linking Putrajaya and Cyberjaya with Kuala Lumpur.
Maju Holdings established MEX II to undertake the proposed 18km Putrajaya-KLIA Highway, also known as the MEX Extension, which is intended to be a three-lane dual carriageway that will start at MEX's Putrajaya Interchange and merge onto the existing KLIA highway.
Originally planned for completion by December 2019, the MEX Extension faced delays as cash flow issues prevented MEX II from completing the construction of the highway.
While MEX II had issued the sukuk to finance the project, issues with the company’s ability to pay the sukuk’s principal and profit payments emerged in 2021, which saw it deferring payments. The debt notes were then suspended by end-2021 by CIMB Investment Bank Bhd, the sukuk’s facility agent, after payments due were not received despite extensions granted by sukuk holders.
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