KUALA LUMPUR (April 14): The Malaysian Anti-Corruption Commission (MACC) has concluded its investigation into Able Global Bhd (KL:ABLEGLOB) and its chief executive officer, Edward Goh Swee Wang, with a decision not to pursue prosecution against either party.

This was announced by Able Global on Monday after it received a letter from the MACC dated April 8 that confirmed the conclusion of the probe. The company said in a bourse filing that it received the letter on Sunday.

"The letter confirms that the investigation by the MACC involving Able Global and the CEO has concluded and the deputy public prosecutor has decided that there is no prosecution against both Able Global and the CEO under the MACC Act 2009.

“In connection therewith, the board concludes that the investigation against Able Global and the CEO is now closed.”

On February 13, Able Global announced that its executive chairman Ng Keng Hoe was remanded by the MACC in relation to an investigation into Ng's private business, which had nothing to do with the group. The investigation then snagged Swee Wang a day later.

Ng was subsequently charged on March 28 for abetment of dishonest misappropriation. He pleaded not guilty to the charge and claimed trial.

Ng and Swee Wang are the primary shareholders in Able Global. Swee Wang and his father, Goh Mia Kwong, collectively hold a 19.39% stake in the company, while Ng owns 12.46%.

So far this year, Able Global's shares have decreased by 27%. On Monday, the stock price increased by two sen or 1.46% to close at RM1.39, giving the company a market capitalisation of RM421.4 million.

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