It is believed that the man, the chairman of a real estate company's board of directors, was arrested for accepting bribes and valuables estimated to be worth more than RM16mil.
According to sources, he allegedly accepted bribes from a director of a developer in return for appointing the developer's company for a joint venture project carried out on cooperative-owned land for development purposes. He is expected to face more than 160 charges under the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 in Penang and Kuala Lumpur.
It is understood that the Datuk's arrest was based on investigations and operations carried out by the MACC in August last year.