KUALA LUMPUR (March 17): Integrated supply chain management company MMAG Holdings Bhd (KL:MMAG) said it delayed announcing the freeze on several of its bank accounts since October last year, because it did not have any material impact on its operations.
In a filing with Bursa Malaysia, it said the group’s operations continue smoothly, using unaffected bank accounts to meet its needs.
The company added that when it became aware of the freeze, it sought clarification from authorities but received no information.
“As no information was forthcoming, and based on the information available at the material time, the company assessed that the matter did not have a material impact on the group’s operations, and therefore did not make an immediate announcement,” it said.
It noted it made its first public disclosure on the freeze on March 10 after news reports cited a statement from then-suspended NexG Bhd (KL:NEXG) executive chairman and chief executive officer Datuk Abu Hanifah Noordin, who stated that bank accounts of MMAG and NexG Bina Bhd (KL:NEXGBINA) were frozen. NexG is a substantial shareholder of the two companies. It holds a 9.525% stake in MMAG and a 32.61% stake in NexG Bina.
"In view of this article, the company considered it necessary to make the announcement to provide clarity to the investing public," it said.
“While there has been no material impact to date, the company acknowledges that a prolonged continuation of the restrictions may have an adverse effect on stakeholders’ confidence and the group’s business environment,” MMAG said in the bourse filing on Tuesday.
The company said it is currently unable to ascertain the full financial impact of the affected frozen bank accounts as the accounts remain under restrictions and no further updates have been provided by the relevant authorities.
“The group is actively addressing the matter and remains committed to safeguarding its operational stability,” it added.
Both MMAG and NexG Bina announced last week that a number of their bank accounts were frozen from November 2025 last year in relation to investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
NexG Bina, formerly Classita Holdings Bhd, said 16 of its bank accounts with RHB Bank have been frozen since mid-November 2025. The board learned of this in February, but operations were initially unaffected.
The company warned the freeze could delay projects and lead to lawsuits if it cannot meet payments. NexG Bina is seeking legal advice and clarification from authorities, stressing that the board is unaware of any wrongdoing.
On Monday, Victor Chin Boon Long, a market player linked to NexG, NexG Bina, MMAG and Revenue Group Bhd (KL:REVENUE), said that over 500 stockbroking and bank accounts have reportedly been frozen linked to investigations into the allegations of a corporate mafia, colluding to take over public listed companies.
NexG acquired its 9.53% stake in MMAG from Chin’s wife, Chan Swee Ying, in March last year.
The company also acquired its 32.61% stake plus warrants in NexG Bina, then known as Classita Holdings, from Hong Seng Consolidated Bhd (KL:HONGSENG). Hong Seng had acquired part of Classita from Chan.
Shares in MMAG ended half a sen or 16.67% higher at 3.5 sen on Tuesday, valuing the company at RM81.24 million.
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