SINGAPORE (April 1): Singapore-listed Capital World Ltd has asked the Malaysian Anti-Corruption Commission (MACC) to release the bank accounts of its subsidiary Capital City Property Sdn Bhd (CCP) that had been frozen to facilitate ongoing investigations, just over a week after it said three employees had been asked to assist investigations.

“CCP has engaged its solicitor and submitted an application to the MACC, requesting the unfreezing of CCP’s bank accounts, so that CCP can resume to operate as usual,” Capital World managing director Datuk Wira Eric Tan Eng Huat said in a statement to the Singapore Exchange dated Monday (March 31).

Citing cash balances in unaffected bank accounts, the company said its board “is satisfied that the working capital of the group will remain sufficient until the end of August 2025, and operations will continue as usual”.

The company said it is “actively cooperating with authorities”.

In an earlier statement on March 20, Capital World’s Tan said CCP’s executive director Jensen Siow Zhi Yin was interviewed by the MACC “to assist in an ongoing investigation being conducted by the MACC”, alongside CCP’s human resource manager and the accounts manager.

The MACC had on March 19 obtained an order to remand Siow Chien Fu, a former executive director of Capital World, for four days in connection with the same investigation.

The MACC is investigating certain transactions between January 2018 and December 2018, in connection with the company’s former subsidiary, MCM Studio Entertainment Group Sdn Bhd (MCM). Capital World had sold its 80% stake in MCM in 2020. 

“Based on information available to the board at the date of this announcement, the board is of the view that Jensen’s performance of his duties as the executive director of CCP will not be compromised by the aforesaid investigation. The company will continue to monitor the progress of the investigation, and will cooperate fully with all regulatory authorities on the said investigation, and will update its shareholders as and when there are any material updates on the above. The group's operations will also continue to operate as usual,” the statement dated March 20 read.