MACC Unfreezes Padini's Bank Accounts

KUALA LUMPUR, July 16 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) has unfrozen all affected bank accounts of Padini Holdings Bhd and its subsidiaries that were previously held as part of an investigation.

Padini said in a statement today that no director, officer, employee or representative of the group had been arrested or charged in connection with the matter.

The company also confirmed that neither it nor any member of the group has been made the subject of any forfeiture proceedings in connection with the investigation. 

The garment retailer said it had consistently maintained from the outset of the investigation that neither the company nor any member of the group was involved in any wrongdoing or improper conduct.

“The group remains firmly committed to the highest standards of integrity, transparency, and corporate governance, and maintains a strict zero-tolerance policy towards corruption, bribery, and all forms of unlawful or unethical conduct,” it said. 

Padini also expressed its appreciation to its shareholders, customers, business partners, employees and other stakeholders for their continued trust, patience and support throughout the period.

In April, the MACC froze certain bank accounts belonging to Padini as part of an investigation pursuant to Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Subsequently, the company said it had initiated an internal review, adding that the MACC investigation involved certain external counterparties to the group who were not its employees, officers or management.

-- BERNAMA