KUALA LUMPUR: Graft busters are in the midst of recovering overseas assets allegedly purchased using RM8mil in bribes received by a former president and group managing director of a bank.
Sources said the assets were acquired in Britain, Singapore and Australia after the bank’s former top executive allegedly received the bribe in return for approving a RM400mil loan in 2012.
A Datuk, who was then a director of a telecommunications company, had applied for the loan.
According to sources, the bank later suffered losses when the company failed to repay the loan.
“The assets abroad were purchased after the RM8mil gratification was received as an inducement to approve the RM400mil loan.
“Following the approval, the bank incurred losses as the company defaulted on the repayment,” a source said.
It is understood that the MACC is working with foreign enforcement agencies to facilitate the asset recovery process.
Investigations have revealed that the alleged fraudulent scheme to secure the loan involved the former telco company director and another director, who is believed to be in Australia.
"The former bank president and group managing director linked to the case have since passed away in Britain," a source said.
Investigators believe that part of the RM400mil loan, approved in 2012, was channelled into offshore accounts in several countries before being reinvested to set up companies purportedly involved in fraudulent investment activities.
The loan was said to have been obtained for a fibre optic network development project allegedly worth over RM23bil.
However, sources claimed that the project did not materialise as planned and that the funds were allegedly misappropriated instead of being fully utilised for the intended development.
The matter came to light after the bank filed a civil suit against 27 individuals, including a suspect who was later detained by the MACC for alleged money laundering offences related to the case.
When contacted, MACC senior director of the Special Operations division Datuk Mohamad Zamri Zainul Abidin confirmed that the commission was undertaking asset recovery efforts involving the RM8mil bribe but declined to comment further.
Previously, it was reported that businessman Datuk Ranjeet Singh Sidhu, 56, a former managing director of V Telecoms Bhd, had claimed trial at the Sessions Court to a charge of offering RM8mil in bribes to a former bank president 14 years ago.
He was accused of giving the bribe through an intermediary as an inducement to secure approval for the RM400mil loan application by V Telecoms Bhd.
