KUALA LUMPUR (May 19): PeterLabs Holdings Bhd (KL:PLABS) said the Malaysian Anti-Corruption Commission (MACC) conducted a raid at its principal offices and its subsidiary Thye On Tong Trading Sdn Bhd (TOT) on Monday.
This follows a formal report lodged by the company over alleged misconduct involving its executive director Datuk Loh Saw Foong, it said in a filing.
PeterLabs said the report was submitted to MACC on May 9, pertaining to “serious allegations of misconduct, conflict of interest and breach of fiduciary duties” by Loh, who also serves as general manager at TOT.
The allegations are under internal investigation as well as the ones related to potential violations of anti-corruption laws, the company added.
During the raid, MACC officers seized certain documents and files from both the principal and registered offices of PeterLabs and TOT that are believed to be relevant to the ongoing probe, PeterLabs said.
“The board views these allegations with utmost seriousness and has taken proactive steps to ensure full cooperation with the MACC and to safeguard the integrity of the investigation,” PeterLabs said.
The company assured stakeholders that its business operations remain unaffected, with appropriate interim measures in place.
PeterLabs is involved in the manufacturing, distribution, export and trading of animal health and nutrition products. These include feed supplements, nutritional premixes, disinfectants, pharmaceuticals, and water-soluble additives.
Its subsidiary TOT is a fast-moving consumer goods distributor operating in Malaysia.
Last week, PeterLabs announced that Loh had been suspended for two weeks from May 13 to facilitate an independent review into the alleged misconduct.
The suspension, the company said, was a precautionary measure to allow for a comprehensive internal investigation into potential breaches of company policy and the terms of Loh’s employment.
Loh was appointed executive director of PeterLabs on Jan 5, 2021.
In the interim, group managing director Lim Tong Seng has temporarily taken over Loh’s duties and responsibilities.
PeterLabs’ shares closed up two sen, or 6.15%, at 34.5 sen on Monday, valuing the company at RM94.9 million.