00:00A former director of the finance department of a local authority in Malacca has been remanded
00:07for seven days in connection with allegations involving the misuse of departmental funds
00:13amounting to 50 million ringgit. The remand order for the 57-year-old suspect was issued
00:20by Magistrate N. Siva Shangari at the Ayekero Magistrate's Court on Tuesday.
00:26It was reported earlier that the suspect, who is a former finance director of the local authority,
00:33was arrested for allegedly abusing his power by using 50 million ringgit of the funds
00:39for stock market investments. The suspect was detained on Monday while giving a statement
00:44at the MACC office in Alai, Malacca. It is said the suspect was believed to have allegedly committed
00:51the offence between 2020 and 2023 by appointing his wife, who works at a bank, as an investment
00:58agent for stock investments amounting to approximately 50 million ringgit.
01:04Preliminary investigations revealed that the suspect had allegedly used public and trust funds
01:09without the approval of his superiors. The investigation is being conducted under Section 23
01:15of the MACC Act 2009.
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