KUALA LUMPUR, April 27 — Bank accounts belonging to fertiliser manufacturer Cropmate Bhd and its subsidiaries have been frozen as part of an ongoing money laundering investigation by the Malaysian Anti-Corruption Commission (MACC).
According to a report by The Edge, the company confirmed it was notified on April 24 that several of its accounts had been frozen under Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
The order was issued in relation to an ongoing probe, which Cropmate said is understood to be a standard procedure during such investigations.
In a statement, the company said its board had no indication at this stage that the matter stemmed from any misconduct involving its management or employees.
Cropmate added that it is engaging with the relevant authorities and will fully cooperate with the investigation.
It said steps have also been taken to facilitate the release of the affected accounts under Section 44A of AMLA, while maintaining that it has complied with all applicable laws and regulations in its operations.
The company stressed that it continues to have access to alternative banking facilities, ensuring that business operations remain unaffected.
“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,” it said.
Cropmate added that it remains focused on delivering value to stakeholders while the matter is being addressed, and will make further announcements should there be any material developments.
