KUALA LUMPUR (Feb 13): Mayu Global Group Bhd (KL:MAYU) said a RM24 million compound imposed on its 80%-owned unit Sunrise Manner Sdn Bhd (SMSB) was linked to a money laundering investigation involving a director of the subsidiary.
The steel and metal products manufacturer said the compound was issued by Bukit Aman under Section 92(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613).
The notice was served on Jan 21 and relates to investigations into alleged offences under Section 4(1) of the same Act, Mayu Global said in a bourse filing on Friday.
It added that the matter involves Tang Thiam Hock, a director and 20% shareholder of SMSB, who was previously summoned by the Malaysian Anti-Corruption Commission (MACC) in September 2025 to assist in a probe under the MACC Act 2009.
The company said the compound was offered by the Attorney General’s Chambers through the police as a statutory mechanism to resolve the matter without prosecution in court.
"The company understands that the compound relates to Tang in his personal capacity and does not constitute a criminal conviction against Mayu Global," it stressed.
The RM24 million settlement will be paid in two tranches, with RM10 million already settled on Jan 26 and the remaining RM14 million due by March 31. Upon full payment, properties owned by SMSB that were previously seized will be released, the company said.
Mayu Global said the payment would be funded internally and recognised in financial statements for the relevant financial period, but it does not expect a material adverse impact on operations or on its financial year ending June 30, 2026.
It added that no court proceedings were initiated and no finding of guilt or wrongdoing was made against the group or its directors. It said it has taken steps to strengthen internal controls and compliance procedures.
Shares of Mayu Global closed two sen or 16.7% higher at 14 sen on Friday, valuing the company at about RM67.6 million. The stock is up 16.7% so far this year.