The Datuk, who holds many directorships in federal and state-linked companies, was arrested by the MACC last Wednesday and held on remand for five days.

It was learnt that the businessman was being investigated for allegedly obtaining gratification worth millions of ringgit through his position as a director of a foundation in Penang.

Sources said MACC’s investigations were related to land transactions conducted by the foundation.

The Datuk’s remand order ended today and MACC’s application to the Magistrate’s Court here to have his remand extended, was rejected.

According to the Datuk’s lawyer, Reza Rahim, the MACC allowed his client to leave, on the condition he paid a RM100,000 bond with two sureties.

“We have paid the amount and he has been released,” Reza told reporters outside the state MACC headquarters at Northam Road here.

Reza said his client would return to the MACC voluntarily to give statements whenever required.

Besides Reza, lawyers Ong Yu Shin, B Jeyasingam and N Rajivan also appeared for the Datuk.

The Datuk is being investigated under Section 23 of the MACC Act 2009, which carries a jail term of not more than 20 years and a fine of five times the value of gratification or RM10,000, whichever is higher.