The investigation is in connection with Siew’s tenure as the chairman of Tourism Malaysia before the May 9 general election.

Ancom said it convened an emergency board meeting this afternoon to assess the implications of the development on the group’s activities, its shareholders and other stakeholders and to determine its next course of action.

“The board wishes to inform the shareholders and other stakeholders that the operations of the group remain unaffected by the event.

“The group’s various operating units have been and are under the care of the various unit heads with a proven track record,” it added in an announcement.

Siew is also the executive vice-chairman of Ancom Logistics Berhad and group managing director of Nylex Berhad.

The chief executive officer of a private company was remanded together with Siew.

The remand order was issued against the two individuals by magistrate Irza Zulaika Rohanuddin in Putrajaya this morning.

The MACC investigation is understood to be connected with alleged power abuse over a contract worth more than RM99 million.