Lagenda Properties Bhd (KL:LAGENDA) is facing a storm as one of its senior personnel has been remanded by the Malaysian Anti-Corruption Commission (MACC) in connection with an investigation into the subdivision of Malay reserve land in Manjung, Perak. Despite this setback, the property developer assured investors that it is business as usual.
At an analyst briefing, Jasrinderjit Singh Dhillon, head of investments and investor relations, stated that the Board of Directors and executive director Andy Chua Seng Hooi would be taking over the leadership temporarily. Lagenda’s six-member board consists mainly of non-executive directors, with managing director Datuk Doh Jee Ming holding a majority stake in the company.
The investigation does not involve Lagenda or any of its units, according to Jasrinderjit. The company reiterated in a stock exchange filing that the MACC investigation is isolated from its business operations and that the group’s operations remain unaffected.
The MACC’s initial findings suggest that the suspect under investigation allegedly paid a bribe to a civil servant to change the status of Malay reserve land, resulting in illegal transfers to non-Malay entities. Lagenda’s shares plummeted following the news, hitting limit down on Wednesday.
Despite the turmoil, Lagenda remains committed to providing assistance and cooperation to the authorities as required. The company’s various operating units are being managed by experienced heads, ensuring continuity in its business operations.