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CEO among three arrested for allegedly siphoning company funds

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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.

 

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