A FORMER bank chief executive officer (CEO) was remanded for three days from today for investigation into allegations he received more than RM24 million in kick-backs for approving a company loan of more than RM294 million 10 years ago.

The remand order against the 50-year-old man was issued by Magistrate R. Prabakaran following an application by the Malaysian Anti-Corruption Commission (MACC).

According to sources, the man was arrested at his home in Ipoh, Perak at about 4pm yesterday.

He is the fourth person arrested by MACC for investigation of the case.

The other three included a female CEO, who was arrested a few days ago and whose remand was extended for three days from today.

Also arrested were two men, aged 53 and 58, who had been released on bail of RM15,000 each.

Meanwhile, according to the source, the investigation team had managed to recover almost all the RM24 million through seizures of money and assets.

The MACC also froze RM6.3 million in 22 bank accounts, understood to be related to the case.

“The investigation team is also said to have succeeded in locating RM16.3 million belonging to the main suspect in this case, which was kept in a neighbouring country.

Meanwhile, MACC director (anti-money laundering and asset forfeiture) Mohamad Zamri Zainul Abidin confirmed the arrest and the case was investigated under section 16(a)(A) of the MACC Act 2009. – Bernama, July 23, 2022.