This article first appeared in The Edge Financial Daily on April 13, 2017 - April 19, 2017

KUALA LUMPUR: Corrugated box manufacturer Master-Pack Group Bhd’s independent non-executive director Datuk Seri Khor Teng Tong has been remanded by the Malaysian Anti-Corruption Commission (MACC) to assist in investigations.

“The board of directors has been made to understand that the matters being investigated relate to Yayasan Bumiputra Pulau Pinang Bhd and not the company,” Master-Pack said in a filing with the local exchange.

It added that Khor’s post meant that he is not involved in the group’s day-to-day business and operation. Thus, the remand would not have any impact on Master-Pack’s business and operation.

Earlier yesterday, news reports said the George Town Magistrate’s Court ordered Khor, 74, and his 47-year-old son to be remanded for six days to facilitate MACC’s investigation involving a land matter relating to Yayasan Bumiputra.

The two are also part of a delisted property group based in Penang, said MACC in a statement on Tuesday.

They were picked up when they arrived at the commission’s office in Penang to give their statements at 7pm on Tuesday. The case is being investigated under Section 23 of the MACC Act 2009.

Khor’s detention follows Master-Pack executive chairman Datuk Syed Mohamad Syed Murtaza’s five-day remand for graft allegations involving land belonging to Yayasan Bumiputra on March 31.

Syed Mohamad, 70, is an independent non-executive director in semiconductor manufacturer Globetronics Technology Bhd. He is also the chairman of Penang Port Sdn Bhd.

At closing, Master-Pack fell three sen or 4.11% to 70 sen for a market capitalisation of RM38.2 million.