Cropmate Bhd said certain bank accounts belonging to the company and its subsidiaries have been temporarily frozen under an order issued by the Malaysian Anti-Corruption Commission (MACC), but stressed that the move is not expected to have any material financial or operational impact on the group.
In a statement, the fertiliser manufacturer said it was notified on April 24 that the accounts were frozen pursuant to Section 44(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFA).
The company said the order was issued by the MACC in connection with an ongoing investigation, which it understands to be a standard procedure during such investigations.
Cropmate said, based on currently available information, the board has no indication that the matter is linked to any misconduct by the group’s management or employees.
The company added that it is cooperating fully with the relevant authorities and is taking the necessary steps to facilitate the release of the affected accounts under Section 44A of AMLATFA.
“Cropmate has, at all material times, conducted its business in compliance with all applicable laws, rules and regulations, and is not aware of any wrongdoing,” the company said.
The group also emphasised that it continues to have access to alternative banking facilities to support ongoing business activities, ensuring that day-to-day operations remain fully functional.
“The business remains stable, and our customers and partners are unaffected. Operations continue as usual, supported by our existing banking arrangements, and we remain focused on delivering value to our stakeholders as this matter runs its course,” the board said.
Cropmate, a key player in Malaysia’s conventional and specialty fertiliser manufacturing sector, said it will make further announcements should there be any material developments.
