MMAG Holdings Bhd has suspended M Jets International Sdn Bhd (MJets) directors, M. Gunasekar and Philip Phang Kin Ming from their executive functions with immediate effect, pending the outcome of investigations by the Malaysian Anti-Corruption Commission (MACC).
The company said the action was taken to protect MMAG and MJets’ business, as well as to ensure business continuity.
“MMAG is in the midst of seeking further clarification from both directors as they are the persons in charge of MJets’ executive functions and day-to-day running without MMAG’s involvement.
“Further announcements shall be made in the event of material developments on this matter,” it said in a filing with Bursa Malaysia today.
According to the MMAG, on Feb 19, 2023, its board of directors received a letter from MJets stating that the MACC had raided MJets’ office on Feb 13 for information and documents pertaining to a report made to the MACC, and due to the MACC’s investigation, MJets’ bank accounts have been frozen.
MJets is an 80 per cent-owned subsidiary of MMAG, while 20 per cent is owned by JT Aerotech Solutions Sdn Bhd (JTAS).
