KUALA LUMPUR – Four individuals, including a local bank’s former president, have been detained over allegations they received kickbacks of up to RM8 million, for a RM400 million loan approved for a non-existent project.
The Malaysian Anti-Corruption Commission arrested the four – aged between 49 and 53 – here, reported The Malaysian Insight.
MACC sources told the portal that the suspects allegedly received bribes in Singaporean dollars.
“This was a well-planned sting with the help of insiders. They ‘created’ a non-existent project with the intention of applying for the loan.
“Once the loan was approved and the money was disbursed, the company that made the loan application suddenly closed down. As such, no project was implemented.”
The arrests were confirmed by MACC chief Datuk Seri Azam Baki.
However, he did not comment further. – The Vibes, March 31, 2021
