KUALA LUMPUR: Mayu Global Group Bhd announced that it is currently seeking legal advice regarding the freeze order issued by the Malaysian Anti-Corruption Commission (MACC) concerning the bank accounts of its subsidiary, Sunrise Manner Sdn Bhd (SMSB).
The bank account of SMSB was frozen under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613). Under this legislation, authorities have the power to freeze assets as part of an investigation into suspected offences.
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The steel products maker said in a Bursa Malaysia filing that it will undertake all necessary actions to safeguard the interests of the company and its shareholders.
"Management is committed to implementing the recommended improvements, which include refining internal policies, enhancing monitoring mechanisms, and ensuring stronger alignment with good corporate governance practices," said Mayu Global.
On Monday, it was reported that SMSB's director Tang Tiam Hok was called in by the MACC on Sept 19 and Sept 23 to assist in an ongoing investigation. - Bernama
