Malaysia: Former bank president nabbed in RM8mil bribery case

A former bank president and managing director have been arrested by the Malaysian Anti-Corruption Commission (MACC) for receiving bribes.

The 49-year-old man was detained by anti-graft officers along with three other individuals in Kuala Lumpur late Tuesday (March 30).

Sources said the four, aged 49 to 53, had received about RM8mil in commission for approving a financial loan worth RM400mil to fund a nonexistent project.

“This is a cunning act conducted with inside help, in which a bogus project was created with the purpose of securing a financial loan.

“After the loan was approved and the funds were obtained, the applying company was shut down and the project was not implemented, ” said the source.

The source added that the former bank president is alleged to have approved the loan without following procedures and due diligence after being bribed.

On Wednesday (March 31), the Putrajaya Magistrate’s Court allowed the four to be remanded by the MACC for three days until April 2 under Section 117 of the Criminal Procedure Code.

When contacted, MACC chief commissioner Datuk Seri Azam Baki confirmed the arrests and said the case is being investigated under Section 16 of the MACC Act.

The article has been summarised and the original full article can be found at thestar.com.my

(Photo: File photo from Bernama)

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