SYDNEY (BLOOMBERG) – Australian police have charged a property developer for allegedly paying A$4.75 million (S$4.76 million) in bribes to Malaysian government officials.

The 68-year-old man is accused of selling a student hostel he developed in Melbourne to a Malaysian government-owned entity at an inflated price of A$22.6 million, with the bribes paid to arrange the sale.

The Australian Federal Police said in a statement Friday it began investigating the man in 2015 and charged him with foreign bribery and false accounting offences in July this year. Police have seized A$1.6 million of the man’s assets in connection with the case.

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