by NUR HAZIQAH A MALEK / pic by TMR GRAPHIC
ATTA Global Group Bhd and Heng Huat Resources Group Bhd chairman Ooi Chieng Sim has been remanded by the Royal Malaysia Police (PDRM) to assist its investigations on ATTA.
In a filing to Bursa Malaysia yesterday, Heng Huat noted the incident, which happened in ATTA, is currently undergoing investigations under the Dangerous Drugs Act 1952.
“As per the same announcement, it was noted that the chairman’s personal banking accounts and central depository system (CDS) accounts were frozen.
“Save for our director Ng Chin Nam’s personal banking accounts and trading account and the bankers’ acceptance facility accounts totalling RM3.7 million of the two non-major wholly-owned subsidiaries — namely HK Gua Musang Sdn Bhd and HK Kitaran Sdn Bhd, none of the Heng Huat group and directors’ banking accounts, CDS accounts and assets were frozen,” Heng Huat stated in its filing.
It added that the remand is expected to not have any material financial, operational or management impact on the company.
ATTA, in its own exchange filing, detailed that in regard to the ongoing investigations, a total of nine banking accounts in the name of the company and its subsidiaries have been frozen, namely Duro Metal Industrial (M) Sdn Bhd, SMPC Industries Sdn Bhd, Syarikat Perkilangan Besi Gaya Sdn Bhd and Progerex Sdn Bhd.
“The securities maintained in the CDS accounts belonging to the company’s subsidiaries have been suspended, namely Progerex and Park Avenue Construction Sdn Bhd and some of the group’s motor vehicles had been seized,” it noted.
The group stated that the financial and operations of the group will be substantially affected by the investigations, and some proactive actions have been taken to address the matters, such as terminating a tenancy agreement dated April 1, 2016, as of Jan 20, 2020.
The board has appointed Chiok Kian Chau as acting chairman and an adhoc committee comprising Chiok, board members Datuk Dennis Chuah, Sudesh A/L K V Sankaran, Chow Choon Hoong and Tan Kim Hee, has been formed to oversee operation and address issues arising from the investigation, the company stated.
The announcements come as the Securities Commission Malaysia (SC) had recently issued its directive to Bursa Malaysia to suspend both group’s securities trade after the seize by the police.
“The directive to Bursa was issued pursuant to Sections 26 and 28 of the Capital Markets and Services Act 2007, following the seizure of the trading accounts of several key individuals involved in these companies by PDRM,” an SC spokesperson said in an emailed statement to a local business news outlet.
Prior to the securities suspension, ATTA’s shares traded up 2.3% at 44.5 sen, while Heng Huat’s share price remained unchanged at 3.5 sen.