KUALA LUMPUR (July 30): Steel products maker Mayu Global Group Bhd (KL:MAYU) on Wednesday said that the Royal Malaysian Police (PDRM) has lifted the freeze on several of its banking accounts, worth RM4.3 million.
The company said that its 80%-owned subsidiary Sunrise Manner Sdn Bhd has received letters from Bukit Aman (PDRM headquarters) confirming the cancellation of the freezing orders.
However, it said that PDRM still freezes some of the company’s bank accounts. “The remaining amount still frozen by PDRM in the group’s bank accounts stands at RM6.4 million,” it said in a filing to Bursa Malaysia.
The release involves four banking facilities including RHB Bank Bhd (KL:RHBBANK), Hong Leong Bank Bhd (KL:HLBANK), Malayan Banking Bhd (KL:MAYBANK) and Maybank Islamic Bhd, and CIMB Bank Bhd.
The freeze was conducted under Section 44(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
“The board of directors will continue to monitor the situation closely, and will make further announcements as and when there are material developments,” it added.
Mayu Global, whose share price has fallen over 57% year-to-date, previously said that it does not expect any material financial or operational disruption to the frozen funds. The group manufactures metal-related products, and is involved in property development.
Bank accounts belonging to Mayu Global and seven of its subsidiaries, totalling RM10.67 million, have been frozen since April 10, as part of an ongoing investigation by PDRM into the long-running MBI pyramid scheme.
PDRM also detained Mayu Global executive director Tan Kim Hee on April 2, to assist with the case, but he was released without charge on April 7.
Tan is reported to be the brother-in-law of MBI Group founder Tedy Teow Wooi Huat and the father of Mayu Global’s executive director Tan Qian Hui. He is also a substantial shareholder of the company, holding an 11.095% stake.
Shares in Mayu Global finished half a sen or 4.55% higher at 11.5 sen on Wednesday, valuing the group at RM55.49 million.