Friday 29 Mar 2024
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KUALA LUMPUR (April 2): The Magistrate's Court in Putrajaya has extended the remand of three men including a former bank president cum managing director to facilitate investigations into the granting of a RM400 million loan for an alleged non-existent project.

The three were among four persons arrested on Tuesday by the Malaysian Anti-Corruption Commission (MACC) and remanded for three days on Wednesday.

The fourth individual, a woman who is a consultant, has been released, a source told theedgemarkets.com.

The remand extension from April 3 to April 7 for the three men, under Section 117 of the Criminal Procedure Code, was granted by magistrate Shah Wira Abdul Halim, the source added.

The parties were arrested for allegedly receiving S$3.17 million (about RM8 million) as commission for approving a RM400 million loan for a project that is said to be non-existent.

MACC chief commissioner Datuk Seri Azam Baki has said the individuals were being investigated under Section 16 of the MACC Act 2009 for allegedly receiving gratification.

Edited ByS Kanagaraju
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