PETALING JAYA: Several bank accounts belonging to fashion retailer Padini Holdings Bhd have been frozen by the Malaysian Anti-Corruption Commission in a money laundering investigation, the stock exchange was told.
In an announcement on Bursa Malaysia, Padini said the frozen bank accounts belonged to the company and its subsidiaries, but were not actively being used in daily operations.
“The group continues to have access to other banking facilities to support its ongoing business operations,” Padini said. The freezing of the accounts is not expected to have a material financial and operational impact on the group.
“The company is taking the necessary steps to engage with the relevant authorities and will extend its full cooperation to assist in the investigation,” it said in a statement.
Padini added that the investigation is being conducted under Amla, the law against money laundering, terrorism financing and proceeds of unlawful activities.