[SINGAPORE] Property company Capital World said the Malaysian Anti-Corruption Commission (MACC) is investigating certain transactions made in 2018 linked to its former subsidiary MCM Studio Entertainment Group.
The transactions were made between January and December of 2018. Capital World disposed of its 80 per cent stake in MCM in 2020, it said on Thursday.
Jensen Siow, executive director of its subsidiary Capital City Property, along with two of its employees – the human resource manager and accounts manager – were interviewed by MACC on Wednesday and Thursday to assist with the ongoing investigation.
The company said it learnt from Siow that MACC on Wednesday obtained an order for remand of former Capital World executive director Siow Chien Fu for four days, in connection with the same investigation.
“The board is of the view that Jensen’s performance of his duties as the executive director of Capital City Property will not be compromised by the aforesaid investigation,” Capital World said.
The group added that its operations will continue as usual and that it would continue to monitor the progress of the investigation, cooperate fully with all regulatory authorities, and update shareholders “as and when there are any material updates on the above”.
It urged shareholders to refrain from taking action with respect to its shares “which may be prejudicial to their interests”.
“Shareholders should consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take,” it said.
Shares of Capital World ended Thursday flat at S$0.002 before the announcement.
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