KUALA LUMPUR, June 21 ― Datuk Mohamed Nizam Abdul Razak is the beneficial owner of an offshore company registered in the British Virgin Islands, a news portal reported today, citing from a fresh batch of document leaks known as the Panama Papers.
Nizam, the brother of Datuk Seri Najib Razak, was named in the leaked documents to own Everbright Universal Holdings Limited, with his intermediary named as Credit Suisse Trust Ltd (Singapore) which provides financial services, news portal Malaysiakini reported.
Malaysiakini cited documents that were leaked from a law firm in Panama named Mossack Fonseca, also noting however that Nizam's ownership of a BVI-registered firm does not imply any wrongdoing by Nizam.
The portal's report said the leaked documents show Nizam declaring in September 2016 that the BVI company is a property investment holding firm mainly with operations in the US and using loans to fund its business.
The report said there was no information given on the company's assets and liabilities.
According to Malaysiakini, Mossack Fonseca's compliance department had in March 2017 suggested that Everbright's beneficial owner Nizam be regarded as a politically exposed person (PEP).
The report explained that the PEP label is used for those who hold prominent public office or their family members and associates, with such individuals' financial activities often required to be under extra scrutiny.
Malaysiakini said it has yet to receive a reply from Nizam or his intermediaries.
Najib's son, Datuk Mohd Nazifuddin Razak, was named in 2016 in the first leak of documents dubbed the Panama Papers as being involved in two companies incorporated in the British Virgin Islands.
But he has clarified that he was no longer involved in those companies and that no business transactions were made during his time with the two firms.