A former chief executive officer of a funding entity for entrepreneurs was remanded seven days from today to assist in investigations into alleged bribery involving debt collecting companies.

The 60-year-old suspect who carries the ‘Datuk’ title was brought to the Magistrate’s Court in Putrajaya at 9.30am for the remand order.

Magistrate Lukman Hakim Abu Sedik granted the remand order which will expire on Jan 22 to enable the Malaysian Anti-Corruption Commission (MACC) facilitate investigations.

It is understood the man was arrested at Kelab Shah Alam, Selangor at 9.20pm yesterday.

The funding entity comes under a certain ministry.

The suspect is alleged to have taken bribes from the companies for the last three years on a percentage basis, and in return their contracts with the entity were extended.

Initial investigations found the suspect had profited between RM20,000 and RM70,000 from bribes in the three years.

- Bernama