KUALA LUMPUR: Cropmate Bhd said the Malaysian Anti-Corruption Commission (MACC) has frozen certain bank accounts of the company and its subsidiaries in connection with an ongoing anti-money laundering investigation.
The fertiliser manufacturer said it is cooperating fully with the authorities in relation to the investigation and is taking the necessary steps to revoke the freezing order under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
In its announcement to the stock exchange, Cropmate said the board not have reason to believe the matter has arisen from any misconduct by the group's management or employees.
It highlighted that the group continues to have access to other banking facility to support its ongoing business operations.
"This matter is not expected to have any material financial and operational impact on the group and that the company's day-to-day operations remain fully functional and uninterrupted," it said.
Trading in Cropmate's shares was halted from 9am to 10am today. At the time of writing, the shares were down two sen to 19.5 sen after 14.81 million shares changing hands.
