KUALA LUMPUR (Aug 17): Alam Maritim Resources Bhd (KL:ALAM) fell to its lowest in more than five months after authorities detained the offshore oil-and-gas services firm’s chief executive.
Datuk Azmi Ahmad, who is also the managing director, is presently under remand to facilitate an ongoing investigation by the Malaysian Anti-Corruption Commission (MACC), the company said in an exchange filing on Monday.
“The remand is for the purpose of facilitating the ongoing investigation and does not constitute any finding of wrongdoing,” Alam Maritim said.
A person can be remanded in Malaysia without being charged in court first to give more time to the police to complete the investigation and to decide whether there is enough evidence to charge the suspect.
The police can only initially hold a person for 24 hours and further remand will require a court order. At the remand stage, a suspect is still considered innocent.
The news sent its shares down as much as 3.5 sen or nearly 13% to 22.5 sen, a level last seen on February 25. Alam Maritim closed at 23 sen, valuing the company ar RM102 million, after more than three million shares exchanged hands.
“The board has taken the necessary measures to ensure continuity of the group's operations and will make further announcements should there be any material development,” Alam Maritim said.