Padini Holdings Bhd begins an internal review after MACC freezes certain bank accounts linked to an investigation involving external counterparties, not employees or management.
KUALA LUMPUR: Garment retailer Padini Holdings Bhd has commenced an internal review to assess the circumstances surrounding the freezing of certain identified bank accounts belonging to the company and its subsidiaries by the Malaysian Anti-Corruption Commission (MACC).
Based on information presently available to the company, the order was issued by the MACC in connection with an ongoing investigation involving certain external counterparties to the group who are not employees, officers, or part of the group’s management.
“The company wishes to emphasise that, based on information currently available, we are not aware of any allegation or wrongdoing on our part and understand that the freezing order is a procedure taken in the course of the investigation,” it said in a statement today.
“The company has engaged external legal counsel to advise on this matter and is taking such steps as may be necessary, including seeking appropriate relief in respect of the unfreezing of the affected accounts,” it added.
Padini also said that the group’s day-to-day operations remain fully functional and uninterrupted, with business continuing as usual.
It will provide further updates as and when there are any material developments.
The company said it will continue to be fully cooperative with the relevant authorities and remains committed to ensuring transparency throughout this process.
Yesterday, via its filing with Bursa Malaysia, Padini said that MACC has frozen certain identified bank accounts of the company and its subsidiaries pursuant to an order issued under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
