Pressure piles up as IRB raids companies of Mahathir’s 3 sons

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PETALING JAYA: On the same day that Mokhzani Mahathir’s Kencana Capital Sdn Bhd office was raided by the Inland Revenue Board (IRB), the offices of Dr Mahathir Mohamad’s two other sons were also raided.

A source close to the former prime minister’s family told FMT last night that the IRB had, on Aug 8, also raided Opcom Holdings Berhad and Crescent Capital Sdn Bhd.

According to Opcom’s official website, the company was established in November 1994 as a private limited company.

It deals primarily in the manufacture of fibre optic cables and cable-related products.

Mokhzani is listed as its “chairman and chief executive officer”. Mukhriz on the other hand, is mentioned as a “major shareholder of the company”.

Meanwhile, Mahathir’s eldest son Mirzan, who holds an MBA from top business school Wharton, is listed as the CEO of Crescent Capital which is an investment holding and financial advisory company.

"I don't think it's a coincidence. Or that they (IRB) are just doing their job," says Marina.
“I don’t think it’s a coincidence. Or that they (IRB) are just doing their job,” says Marina.

Mahathir’s daughter, social activist Marina, confirmed the source’s information.

“I don’t think it’s a coincidence. Or that they (IRB) are just doing their job,” she said in a text message to FMT.

Umno leaders, including its deputy president Ahmad Zahid Hamidi and supreme council member Nazri Aziz, had recently called for a probe on the Mahathir family wealth.

However, these moves against him did not appear to ruffle the 92-year-old, as he calmly invited Prime Minister Najib Razak to sit down with him in a Nothing to Hide Forum 2.0 this Sunday.

He had, while extending the invitation to Najib, said the two could have discussions on how he had enriched his children as well as how the prime minister had RM2.6 billion in his personal accounts.

Mahathir had, in the past, claimed that his friends and those thought to be connected to him were being harassed by the government, including through the use of the IRB.

One of these friends was businessman Lee Kim Yew, who wrote a letter last May claiming he was being investigated under criminal laws instead of civil laws.

This, according to the letter, had caused him to liquidate his assets to settle the income tax bill.

Mahathir had slammed the IRB’s probe on Lee, saying it showed the “depths to which the government of Malaysia, its prime minister and civil servants have sunk”.

Mahathir himself is under investigation over the multi-billion ringgit losses incurred by Bank Negara Malaysia through foreign exchange trading in the early 1990s, when the now Pakatan Harapan chairman was prime minister.

He has said the Royal Commission of Inquiry (RCI) formed to conduct the investigation, was a “desperate effort by Najib to silence his detractors”.

Mahathir, along with other opposition leaders, has since urged the government to also form an RCI to investigate the alleged losses suffered by 1MDB, and allegations of embezzlement from the state-owned firm.