Its head of investments and investor relations Jasrinderjit Singh Dhillon told an analyst briefing today that it is “business as usual” for the property developer despite the remand order.
Though he did not identify the person remanded, he said executive director Andy Chua would be taking over the leadership role for now.
“I have to stress that we are not a part of this investigation, so I cannot answer any question with regards to anything pertaining to the investigation,” The Edge quoted Jasrinderjit as saying.
Shares of the Perak-based property developer plunged as much as 49 sen or 29.5% to RM1.17 today, valuing it at RM979.67 million. It was the third biggest loser on the local bourse with 29.4 million shares changing hands.
Bursa Malaysia suspended the intraday short-selling of Lagenda’s shares for the rest of the day after it hit limit down in early trading.
UMA query
At the same time, the exchange also slapped the group with an unusual market activity (UMA) query, asking it to explain the reasons for the sharp drop in its share price.
Lagenda responded to the UMA query after market close, stating it was aware of news reports that MACC has granted a four-day remand order involving a “senior personality” of the company.
“The board convened an emergency board meeting this afternoon to assess the implications of the above on the group’s operations, its shareholders and other stakeholders… and to determine the possible course of action to be taken,” the company said in its bourse filing.
The group also assured its shareholders and stakeholders that the investigation is “isolated from Lagenda’s business operations” and that its operations remain unaffected by the development.
It emphasised its operating units are under the care of the various unit heads with “proven track record”, and that the board will provide all assistance and cooperation to the appropriate authorities.
Lagenda’s board comprises non-executive directors except for group managing director Doh Jee Ming. The 44-year-old Doh controls a 57.33% stake in company, held mainly under his investment vehicle Lagenda Land Sdn Bhd.
Yesterday, media outlets reported the MACC had remanded a managing director of a real estate company for four days to assist in an investigation into the subdivision of Malay reserve land into non-Malay land in Manjung, Setiawan, Perak.
Bernama reported yesterday that a magistrates’ court in Perak issued a remand order against a male suspect in his 40s after allowing an MACC application.
MACC senior director (Investigations) Hishamuddin Hashim confirmed the suspect’s arrest and said the case is being investigated under the MACC Act 2009, pertaining to the offence of bribing a public officer.