Local council finance director nabbed for alleged RM50mil share investment misuse
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has detained a director of a municipal council's finance department in Melaka on suspicion of abusing his power to invest around RM50 million in shares.
According to a source, the male suspect, in his 50s, was arrested at around 1pm today at the MACC office in Melaka when he came to give a statement.
"The suspect is believed to have committed the offence between 2020 and 2023 by appointing his wife, who works at a bank, as the investment agent for share investments amounting to approximately RM50 million.
"Initial investigations also found that the suspect is believed to have used public funds and trust funds without the approval of the authorised financial officer," the source said.
When contacted, Melaka MACC director Adi Supian Shafie confirmed the arrest and said the case is being investigated under Section 23 of the MACC Act 2009.
He said the suspect will be brought to the Ayer Keroh magistrate's court in Melaka tomorrow for a remand application.
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KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has detained a director of a municipal council's finance department in Melaka on suspicion of abusing his power to invest around RM50 million in shares. According to a source, the male suspect, in his 50s, was arrested at around 1pm today at the MACC office in Melaka when he came to give a statement. "The suspect is believed to have committed the offence between 2020 and 2023 by appointing his wife, who works at a bank, as the investment agent for share investments amounting to approximately RM50 million. "Initial investigations also found that the suspect is believed to have used public funds and trust funds without the approval of the authorised financial officer," the source said. When contacted, Melaka MACC director Adi Supian Shafie confirmed the arrest and said the case is being investigated under Section 23 of the MACC Act 2009. He said the suspect will be brought to the Ayer Keroh magistrate's court in Melaka tomorrow for a remand application.
