KUALA LUMPUR: Lagenda Properties Bhd, which lost some 29 per cent of its value today, said a 'senior personality of the company' has been remanded by the Malaysian Anti-Corruption Commission (MACC) for investigations in land dealings.
Yesterday, New Straits Times reported that a managing director of a real estate company was arrested by the MACC on Monday to assist in the investigation of a case involving the fragmentation of about 650 hectares of Malay reserve land in Manjung, Sitiawan Perak, in 2012.
Lagenda Properties was responding to an unusual market activity query by Bursa Malaysia Securities Bhd following the sharp fall in its price.
"The board of Lagenda Properties wishes to notify that it has become aware of news reports that the MACC has granted a four-day remand order involving a senior personality of the company, to assist MACC in its investigation with regards to an ongoing investigation involving land dealings," it said.
Lagenda Properties said the company convened an emergency board meeting this afternoon to assess the implications of this event.
"This includes implication on the company'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 said in a filing with Bursa Malaysia today.
Lagenda Properties clarified that the MACC investigation is isolated from its business operations and that the company's remain unaffected by the event. "The company'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."The board is not aware of any other possible explanation for the trading activity," it added.
Lagenda shares hit limit down on Wednesday, after falling more than 29 per cent to RM1.17. It closed at the same price.
It was one of Bursa Malaysia's top losers by both value and percentage.