KUALA LUMPUR, Jan 20 — Malaysian Anti-Corruption Commission officers raided the home of a businessman bearing the title of "Tan Sri” late last night for their investigation on a vehicle fleet supply and management contract, according to sources.

The sources told Utusan Malaysia that the MACC also raided four companies involved in the contract said to be worth over RM4 billion dollars, including three investment firms linked to the tycoon.

"The Tan Sri is the main shareholder in the company that supplied the vehicles to the government,” one source was quoted as saying.

"Pursuant to the investigation, over 100 personal and company accounts under his control were also seized last night for further action, but have not been frozen.”

In 2018, Spanco Sdn Bhd’s contract to supply the government with vehicles expired, triggering a race for the lucrative deal.

In August 2019, seven companies bid for the contract that would run for 15 years, involve around 12,500 vehicles, and said to be worth an estimated RM300 million annually starting after the fifth year.

Spanco had been given an extension to manage the fleet at that point and eventually joined the bidding war.

A joint venture firm between Berjaya Corporation Bhd and Naza Corporation Holdings Sdn Bhd eventually won the bid, before the letter of intent was withdrawn in 2020 during the Muhyiddin administration and the contract awarded to Spanco again.

Berjaya and Naza are suing the government over the rescinded offer.