KUALA LUMPUR (May 4): Cropmate Bhd (KL:CRPMATE) said it was informed last Friday, May 1, that the Malaysian Anti-Corruption Commission (MACC) has partially released some of its and its subsidiaries’ frozen bank accounts.
In a filing with the bourse on Monday, the company said it has submitted further representation through its solicitor, requesting the full unfreezing of all affected accounts, and will issue updates if there are material developments.
The update comes after Cropmate’s external auditors issued an audit opinion with material uncertainty related to its ability to continue as a going concern for the financial year ended Dec 31, 2025, citing the freezing of bank accounts and uncertainty over the duration and impact of the restrictions.
Last Monday, the MACC had frozen several accounts under anti-money laundering laws as part of an investigation, involving about RM12.21 million in funds. The company has challenged the freeze and maintains it has access to alternative banking facilities to continue operations, while stating it is not aware of any wrongdoing.
The stock closed 2.63% higher to 19.5 sen after the partial release of frozen bank accounts, valuing the company at RM143.9 million. Year to date, the stock is up 11.43%.