PETALING JAYA: Several Padini Holdings Bhd
's bank accounts, along with those of certain subsidiaries, have been frozen as part of an ongoing investigation by the Malaysian Anti-Corruption Agency (MACC).
In a Bursa Malaysia filing on Friday, the retailer said the freezing order was issued under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
The action is linked to an ongoing probe, although no further details on the nature of the investigation were disclosed.
“The company is assisting in the ongoing investigation and will extend its full cooperation,” it said.
Padini highlighted that the affected accounts are not critical to its daily operations.
These accounts are not actively used, and it continues to have access to other banking facilities to support its business activities, it said.
“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 added.
The apparel retailer said it is taking the necessary steps to engage with the relevant authorities as part of the process and also indicated that its operational continuity remains intact for now.
Padini said it will provide further updates as and when there are material developments in relation to the matter.
