PETALING JAYA: A RM24 million penalty imposed on a Bukit Mertajam-based property development company under the anti-money laundering law has been settled in full, its parent company told the stock exchange.
Mayu Global Group Bhd, which produces steel products and handles waste metal recycling, said the penalty was imposed via a compound notice on its 80%-owned property development subsidiary, Sunrise Manner Sdn Bhd, Bernama reported.
In a filing with Bursa Malaysia today, the company said the compound was issued relating to an investigation on one of Sunrise Manner’s directors in September last year concerning alleged money laundering offences under Amla (the anti-money laundering act).
“The compound was offered by the Attorney General Chambers through the police as a statutory mechanism to resolve the matter without proceeding to prosecution in court, Mayu Global said.
“The compound notice was served and received on Jan 21, and the sum was settled through the group’s internally generated funds,” the statement read.
It said the matter involves Sunrise Manner director Tang Thiam Hock, a 20% shareholder who was previously summoned by the Malaysian Anti-Corruption Commission in September to assist in an MACC investigation, the Edge reported.
It said the company understands that the compound relates to Tang in his personal capacity and does not constitute a criminal conviction against Mayu Global. No court proceedings were initiated and no finding of guilt or wrongdoing was made against the group or its directors, the statement read.
