KUALA LUMPUR: Padini Holdings Bhd said 21 bank accounts belonging to the company and several subsidiaries have been frozen under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
In a filing with Bursa Malaysia, the company said the accounts comprise three accounts under Padini Holdings, four under Yee Fong Hung (Malaysia) Sdn Bhd and seven under Padini Corporation Sdn Bhd.
A further four accounts were under Padini Dot Com Sdn Bhd, while one was under Seed Corporation Sdn Bhd and two were under Vincci Ladies’ Specialties Centre Sdn Bhd.
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Padini said none of the affected subsidiaries is a major subsidiary under Bursa Malaysia Securities’ Main Market Listing Requirements.
The latest announcement follows Padini’s earlier statement that certain bank accounts of the group had been frozen on April 24 pursuant to an order issued by the Malaysian Anti-Corruption Commission (MACC) in connection with an ongoing investigation involving external counterparties to the group.
The fashion retailer said the external counterparties 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,” Padini said in a statement dated April 25.
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It said, based on information currently available, it is not aware of any allegation or wrongdoing on its part and understands that the freezing order is part of the investigation process.
It added that day-to-day operations remain fully functional and uninterrupted, with business continuing as usual.
Padini said it has engaged external legal counsel and is taking necessary steps, including seeking appropriate relief to unfreeze the affected accounts.
The counter fell 11 sen to RM1.44 with 31.8 million shares traded.
