Datuk Raymond Chan Boon Siew through his company Sagajuta has alleged links with UFun, a Thai company that ran a Ponzi scheme. — AFP picKOTA KINABALU, May 22 — A prominent Sabah businessman is being investigated by the Malaysian Anti-Corruption Commission (MACC) for corrupt business practices of his company, Sagajuta (Sabah) Sdn Bhd, which was recently linked to the UFun scandal which cheated 120,000 people of some RM4 billion in Thailand.
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.
Sagajuta, which runs 1 Borneo hypermall, a leasehold shopping mall here, was allegedly linked to UFun, a Thai company that ran a Ponzi scheme selling Utokens — a digital currency used to buy items and services online.
Sagajuta has said it had lodged a police report on April 23 last year denying links to UFun and claiming it never sold any property to UFun Club nor sold any UFun tokens.
Prime Minister Datuk Seri Najib Razak’s second son Mohd Nazifuddin Najib was at one time director and chairman of Sagajuta but resigned from the posts in May 2012.
The company was named in a video aired on Thai television station NOW26 saying that Mohd Nazifuddin was involved in UFun and could not be touched because of his links to the prime minister.-
Both parties have denied the links, claiming the rumours were started with ill-intentions aimed at causing mischief and confusion.
Chan first entered the corporate limelight in October 2011 when he and Mohd Nazifuddin emerged as substantial shareholders in Harvest Court Industries, which became famous for its meteoric stock market rise and fall from less than 10 sen to almost RM2 within a month.
The counter plunged after it was declared a designated stock in November 2011.
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