Padini says MACC has unfrozen all bank accounts linked to probe
Malaysian retailer Padini Holdings has announced that the MACC has unfrozen its bank accounts following an anti-money laundering investigation. The company maintains that no wrongdoing occurred and that no employees have been charged.
Why it matters
The resolution of a high-profile corporate investigation is significant for market confidence and the company's operational status.
KUALA LUMPUR, July 16 — Padini Holdings Berhad said today that the Malaysian Anti-Corruption Commission (MACC) has unfrozen all of the company’s and its subsidiaries’ bank accounts that had been frozen as part of an anti-money laundering investigation, adding that no one from the group has been arrested or charged.
In a public statement, the retailer said all affected accounts had been released after being frozen since April.
“The Company is pleased to announce that all affected bank accounts of the Company and the Group have been unfrozen by the MACC,” it said.
Padini also said no director, officer, employee or representative of the group had been arrested or charged in connection with the investigation.
It added that neither the company nor any member of the group had been made the subject of forfeiture proceedings arising from the case.
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