MACC Probe Targets Mayu Global Subsidiary, Bank Accounts Frozen

KUALA LUMPUR, Sept 29 (VoM): Mayu Global Bhd revealed that its 80%-owned subsidiary, Sunrise Manner Sdn Bhd (SMSB), has come under scrutiny from the Malaysian Anti-Corruption Commission (MACC), with a director summoned and company bank accounts frozen.

In a filing to Bursa Malaysia, the steel products manufacturer said SMSB director Tang Tiam Hok was called in by the MACC on Sept 19 and again on Sept 23 to assist with an investigation under the MACC Act 2009.

“At this stage, the board has been informed that no charges have been filed against Tang,” the company clarified, adding that it will continue to monitor the situation closely and provide updates when necessary.

Mayu also confirmed that the MACC has issued freezing orders on SMSB’s accounts with Maybank Islamic Bhd and CIMB Bank Bhd under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. The freeze, served on Sept 23, is effective for 90 days.

Despite the restrictions, the group downplayed concerns about its financial stability. “Following a comprehensive review of our financial standing, cash flow projections for the next 12 months, and access to hire purchase facilities, the freezing of these accounts is not expected to have a material financial or operational impact on the Mayu Group,” it said.