It was reported that five armed men attempted to stop the vehicle but the expatriate, believed to be the manager of the Imperial Restaurant, was determined to get away.
The shooting took place at around 8am today as the man, believed to be in his late 40s, was leaving the Imperial Restaurant inside the Fortune Club.
An eyewitness who resides next to the Fortune Club told TVWan news that the criminals were armed with factory made guns and had been waiting outside the gate as the Malaysian drove out.
Other witnesses and onlookers who spoke off camera described the criminals as very ordinary and calm.
TVWan news was told that the victim lost control of his vehicle after the criminals shot him in the hand, where his car ran off the road onto the fence of Laga Industries.
The thugs then closed in, taking close range shots to his hands and his chest before taking the bags of money in his vehicle.
NCD Metropolitan Superintendent Perou N’Dranou confirmed that the case is now with homicide and investigations are continuing.
The five criminals were travelling in a white Hyundai Tucson that got away before Police arrived at the crime scene.
Details into the victim's condition are yet to be confirmed.
(The victim’s vehicle outside Laga Industries, Port Moresby)