MELAKA: A former director of the finance department of a local authority in the state has been remanded for seven days in connection with allegations involving the misuse of departmental funds amounting to RM50mil.
The remand order for the 57-year-old suspect was issued by Magistrate N. Sivashangari at a Magistrate's Court in Ayer Keroh here on Tuesday (June 17) to allow the Malaysian Anti-Corruption Commission (MACC) to carry out further investigations.
Earlier, the suspect, dressed in MACC lock-up attire, was brought to the Ayer Keroh Court Complex in a vehicle.
On Monday (June 16), the media reported that the suspect, who is a former finance director of the PBT, was arrested for allegedly abusing his power by using RM50mil of the funds for stock market investments.
According to sources, the suspect was detained at around 1pm on Monday (June 16) while giving a statement at the MACC office in Alai, here.
It's understood that the suspect was believed to have committed the offence between 2020 and 2023 by appointing his wife, who works at a bank, as an investment agent for stock investments amounting to approximately RM50mil.
Preliminary investigations revealed that the suspect had allegedly used public and trust funds without the approval of his superiors.
The investigation is being conducted under Section 23 of the MACC Act 2009.
