Ex-bank president arrested over alleged bribes to approve RM400 million loan

A former bank president-cum-managing director with a “Datuk” title was among four people arrested by the Malaysian Anti-Corruption Commission (MACC) yesterday for allegedly receiving bribes to approve a financial loan of RM400 million.

The four, aged between 49 and 53, were arrested around Kuala Lumpur. They were remanded for three days from today until April 2 after appearing before the Magistrate’s Court in Putrajaya.

According to an MACC source, the four were alleged to have received bribes amounting to S$3,168,366 (about RM8 million) as a commission to approve a loan of RM400 million for what was believed to be a non-existent project.

The former bank president-cum-managing director had allegedly given special treatment by approving the loan without following procedure and without due diligence due to the bribe offered.

The source said after the loan was approved and the money received, the applying company was closed and the project was not implemented.

“This was a deceitful act committed with the cooperation of inside people by creating a dubious project for the purpose of applying for a financial loan,” the source added.

MACC chief commissioner Azam Baki, when contacted, confirmed the arrests and said the case was being investigated under Section 16 of the MACC Act 2009.