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MANILA (2ND UPDATE) - A suspect in the killing of Subic auction firm leader Dominic Sytin has tagged the businessman's brother as the mastermind in the crime, authorities said Monday.

Law enforcers identified the suspect as a certain Edgardo Luib who was arrested in Batangas last March 5 for a different murder case. Three guns and a sachet of shabu were seized from the suspect.

Police said Luib's fingerprints matched those found on the motorcycle used as a getaway vehicle after the killing. Luib also allegedly confessed to the crime, DZMM reported.

FLASH REPORT: Suspek sa pagpaslang sa negosyanteng si Dominic Sytin sa Subic, Zambales, natimbog sa Batangas. Kapatid ng biktima, hinihinalang mastermind sa pagpatay dahil sa away sa negosyo @DZMMTeleRadyo pic.twitter.com/JFnj358iyX

— Zhander Cayabyab (@zhandercayabyab) March 11, 2019

Sytin, founder and chief executive officer of United Auctioneers Inc. (UAI), was shot and killed outside the Lighthouse Hotel last November 28, 2018.

Sytin's family later offered a P1 million reward for information on Sytin's assailant.

• P1 million reward offered for arrest of Subic businessman's killer

According to the suspect, the mastermind for the crime is Sytin's younger brother, Dennis Sytin, who allegedly planned revenge after being ousted from the company.

"Before the killing of Dominic Sytin, there was an apparent dispute or disagreement between brothers Dominic, the victim, and the principal suspect now Dennis. Apparently, they were quarreling over shares or control of shares in the operations of United Auctioneers," Central Luzon Police Director Joel Coronel said in a press briefing.

A disgruntled employee of Sytin's company and a middleman are also believed to be involved in the crime.

The younger Sytin in a statement Monday denied involvement in the killing of his brother.

"I am innocent. I did not nor did I have anything to do with the killing of my brother. Therefore, the charge against me that I masterminded his death is a great injustice to me, my wife and children and to my slain brother Dominic and our mother," Dennis said.

He added that he is being used as a "scapegoat" by the perpetrators of the crime.

"I now have to defend myself against those who have, without basis, maliciously pointed to me as responsible for my own brother’s death," he said.

UAI is one of the country's biggest auction firms. It has sold over 125,000 units of various industrial, transport, and construction machines to over 48,000 foreign and local buyers.

Sytin founded the auction company in 1998, according to an April 2017 feature in CEO Magazine.