Cropmate said it was notified on April 24 that the accounts were frozen under Section 44(1) of Amla, the law against money laundering, terrorism financing and proceeds of unlawful activities.

It said that, based on information currently available, there was no indication that the matter involved any misconduct by its management or employees.

“We are committed to working constructively with the authorities and to fully supporting the ongoing process,” its board said in a statement today.

“Our business remains stable, and our customers and partners are unaffected. Operations continue as usual, supported by our existing banking arrangements, and we remain focused on delivering value to our stakeholders as this matter runs its course.”

Cropmate also said it had taken steps to facilitate the release of the affected accounts.

“Cropmate has, at all material times, conducted its business in compliance with all applicable laws, rules, and regulations, and is not aware of any wrongdoing,” it said.

The company added that the account freeze was not expected to have any material financial or operational impact on the group.