The Independent Commission Against Corruption has arrested 10 people, including a public listed company chairman, three executive directors and a financial controller, for corruption related to company fraud and misappropriation of company funds.

Also arrested were a former director, a non-executive director and an employee, as well as two associates of the chairman.

Today's arrests involve allegations the chairman secured the help of a former accountant in falsifying accounts to assist the listing of the company with the Stock Exchange. The accountant was allegedly given advantages, in the form of executive appointment and share options, for this help.

It is also alleged the chairman and an executive director, with the suspected corrupt tacit consent of the company's financial controller, misappropriated a substantial amount of company funds in the disguise of consultant fees or service commissions.