MACC Freezes Certain Bank Accounts of Padini, Subsidiaries Over Ongoing Probe

KUALA LUMPUR, April 24 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) has frozen certain bank accounts of Padini Holdings Bhd and its subsidiaries in connection with an ongoing investigation.

The garment retailer stated in a Bursa Malaysia filing today that the accounts have been frozen under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

“The company is assisting in the ongoing investigation, and the affected accounts are not actively used for the group’s day-to-day operations,” said Padini. 

The group continues to have access to other banking facilities to support its ongoing business operations.

“Based on the information currently available, the board is of the view that the freezing of the aforesaid accounts is not expected to have a material financial and operational impact on the group,” it said.

Padini said the company is taking the necessary steps to engage with the relevant authorities and will extend its full cooperation to assist in the investigation.

-- BERNAMA