A FORMER president of a local bank and three others are being investigated by the Malaysian Anti-Corruption Commission (MACC) over allegations they received kickbacks amounting to RM8 million for approving a RM400 million loan for a non-existent project.

MACC sources told The Malaysian Insight the four suspects, between the ages of 49 and 53, were arrested in Kuala Lumpur and have been remanded to assist in the investigations.

Sources said all four were alleged to have accepted bribes of about RM8 million in Singapore currency as a commission to approve the loan application for a non-existent project.

“This is a well-planned sting with the help of insiders. They had created a non-existent project with the intention of applying for the loan,” sources said.

“Once the loan was approved and the money obtained, the company that made the loan application closed down. No project was implemented.”

According to other sources, the former president was said to have approved the loan without following bank procedure and feasibility studies.

MACC Chief Commissioner Azam Baki confirmed the arrests but declined to elaborate. – March 31, 2021.