Former bank MD, president detained for RM8m graft

by AZREEN HANI / pic source: MACC

A FORMER president and MD of a development bank with Datuk title are among four individuals who were detained by the Malaysian Anti-Corruption Commission (MACC).

According to sources, the four were arrested for allegedly receiving bribes estimated at S$3.17 million or about RM8 million, as commission to approve a financial loan application of RM400 million for a purportedly non-existent project. It is also learned that the project was approved some 10 years ago.

All the detainees are between 49 and 53 years old. They were arrested around Kuala Lumpur late Tuesday afternoon.

Sources added that the approval of the project was done with the cooperation of insiders by deliberately creating an illegal project with the intention of applying for a financial loan.

“Once the financial loan was approved and the money was obtained, the applying company was closed, but the project was not implemented,” sources said.

It is learned that the bank’s former president and MD were given the privilege of approving the loan without following the procedures and due diligence after getting the kickback.

MACC chief commissioner Datuk Seri Azam Baki confirmed the arrests, saying that the case is being investigated under Section 16 of the MACC Act.

The four were arraigned in the Putrajaya Magistrate’s Court and remanded for three days from March 31, to April 2, 2021, under Section 117 of the Criminal Procedure Code.

Read our previous report here

Arrested: Ex-bank president who allegedly received bribe to approve RM400m loan