KUALA LUMPUR: A probe by the Malaysian Anti-Corruption Commission (MACC) on one of Lagenda Properties Bhd ’s senior personnel has sent it shares hitting limit-down in yesterday’s trade.
Lagenda’s shares fell 49 sen or 29.52% to RM1.17 as Bursa Malaysia had suspended its intraday short-selling and issued an unusual market activity query on the company.
According to media reports, the MACC had launched an investigation into a matter pertaining to the subdivision of Malay reserve land in Manjung, Perak.
In a filing with Bursa Malaysia following the UMA, Lagenda’s board confirmed the matter and noted it was aware of the reports.
“The MACC has granted a four-day remand order involving a senior personality of the company to assist it in its investigation with regard to an ongoing investigation involving land dealings,” it said.
“The company’s board has convened an emergency board meeting on Wednesday (yesterday) afternoon to assess the implications of the above on the group’s operations, its shareholders and other stakeholders who may be affected directly and indirectly and to determine the possible course of action to be taken,” it added.
The company also noted that the investigations are isolated from Lagenda’s business operations.
Thus, it also said that its operations remained unaffected by the events.
“The group’s various operating units have been and are under the care of the various unit heads with proven track record. The board shall provide all assistance and cooperation to the appropriate authorities, if required,” it said.