News Formal

CEO among three arrested for allegedly siphoning company funds

  • 📰 staronline
  • ⏱ Reading Time:
  • 13 sec. here
  • 4 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 75%

Corruption News

MACC,CEO

(Reuters) - Cisco will cut thousands of jobs in a second round of layoffs this year as the U.S. networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said.

KUALA LUMPUR: The Malaysian Anti-Corruption Commission has arrested three individuals, including a group chief executive officer, for suspected misappropriation of RM1.5mil in funds belonging to a publicly listed company.

"Preliminary investigations found that all the suspects were also believed to be involved in establishing a company that was not approved by the board of directors for the purpose of carrying out a collaborative project worth about RM258mil.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines