KUALA LUMPUR (April 27): The Malaysian Anti-Corruption Commission (MACC) has frozen several bank accounts belonging to specialty fertiliser manufacturer Cropmate Bhd (KL:CRPMATE) and its subsidiaries.
The company was notified of the freeze on April 24, ordered under Section 44(1) of the Anti‑Money Laundering, Anti‑Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), in connection with an ongoing investigation.
Cropmate understands that the issuance of such an order represents a standard procedure during the course of such probes.
"Based on the information currently available, the board has no indication that the matter is attributable to any misconduct on the part of the group’s management or employees," Cropmate said in a statement on Monday.
The company is engaging constructively with the relevant authorities and will extend its full cooperation to assist with the investigation.
"In addition, the company has taken the necessary steps in the ordinary course of engagement to facilitate the release of the affected bank accounts under section 44A of AMLA," it added.
Cropmate has, at all material times, conducted its business in compliance with all applicable laws, rules and regulations, and is not aware of any wrongdoing.
Cropmate continues to have access to alternative banking facilities to support its ongoing business activities.
The board does not expect this matter to have any material financial or operational impact, and the company’s day‑to‑day operations remain fully functional, with business continuing as usual.
"We are committed to working constructively with the authorities and to fully supporting the ongoing process.
"Our business remains stable, and our customers and partners are unaffected. Operations continue as usual, supported by our existing banking arrangements, and we remain focused on delivering value to our stakeholders as this matter runs its course," said Cropmate's board.
The board will make further announcements in a timely manner should there be any material developments.