In reply to Bursa Securities’ query on the operational effects of the Malaysian Anti-Corruption Commission’s raid on MJets International Sdn Bhd and the suspension of its directors Mr. Gunasekar Mariappan and Mr. Philip Phang Kin Ming, MMAG’s board have replied that they have taken immediate action in ensuring the business is uninterrupted.
The board has confirmed on the appointment of Woo Kam Weng as interim Executive Officer on 21 February 2023 and together with the Executive Directors of MMAG to oversee the financial and operational matters of MJETS in the absence of
the two directors.
As for the planes, it said all flights are operating as scheduled with no disruption anticipated in light of the matter above. It said despite MJETS’s bank accounts having been frozen, MJETS is still able to accept proceeds or collections from customers. MMAG as the holding company of MJETS, will undertake to assist MJETS in ensuring that all necessary payments for
staff salaries and vendors are made in accordance with the applicable statutory and legal requirements and more pertinently to ensure business continuity and protect the reputation and goodwill of the business.
With the above in place, the Board said it believes that the financial and operational impact on MJETS would be manageable.
