Fashion retailer Padini Holdings Berhad has confirmed that several of its bank accounts have been frozen by the Malaysian Anti-Corruption Commission as part of an ongoing money laundering investigation.
The group stated that the freeze order was issued in relation to a probe involving certain external counterparties. It clarified that these individuals are not employees, officers, or members of the group’s management.
Commitment to transparency
In a statement issued today, Padini emphasised that based on currently available information, it is unaware of any allegations or wrongdoing on the part of the company.
The group understands that the freezing order is a standard procedure taken during the course of an investigation.
The company noted that it has been, and will continue to be, fully cooperative with the relevant authorities. It remains committed to ensuring transparency throughout the entire legal process.
Internal review and legal action
As a precautionary measure, Padini has initiated an internal review to assess the circumstances surrounding the matter.
This assessment includes a thorough check of its internal controls and compliance procedures.
The group has also engaged external legal counsel to manage the situation. It indicated that it may seek appropriate legal relief, which includes efforts to unfreeze the affected accounts to restore full financial access.
Business operations continue as usual
Despite the administrative restrictions on the affected accounts, Padini clarified that the group’s day-to-day operations remain fully functional and uninterrupted.
The retailer assured stakeholders that business is continuing as usual across its outlets.
The company added that it will provide further updates to the public should there be any material developments in the case.
