A former deputy branch manager of the Nanyang Commercial Bank (Nanyang), who had allegedly accepted $1 million in bribes for granting over $80 million credit facilities to a trading firm, was arrested by the ICAC last week.

A couple, who are the proprietors of the trading firm, were also arrested during the ICAC operation last Thursday (August 3, 2000).

The ICAC's investigations arose from a corruption complaint. The Nanyang Commercial Bank had rendered full assistance to the Commission during its inquiries.

ICAC investigations revealed that between 1994 and 1996, the couple had allegedly, on a number of occasions, deposited $1 million in total into the bank account of the arrested former executive of Nanyang.

Upon the recommendation of the former deputy manager, Nanyang granted $80 million of credit facilities in total to the trading firm and two of its associate companies during the period.

Investigations also revealed that the arrested couple had allegedly conspired with proprietors of two other trading companies to defraud 50 Letters of Credit worth over $100 million from various banks with bogus transactions.

The three arrestees have been released on ICAC bail on Saturday. Inquiries are continuing.