The group said the Malaysian Anti-Corruption Commission issued the freeze order as part of an investigation involving “certain external counterparties to the group who are not employees, officers or part of the group’s management”.

“The company wishes to emphasise that, based on currently available information, we are not aware of any allegation or wrongdoing on our part and understand that the freezing order is a procedure taken in the course of the investigation.

“Padini has been, and will continue to be, fully cooperative with the relevant authorities and remains committed to ensuring transparency throughout this process,” it said in a statement today.

The company said that out of caution, it has begun an internal review to assess the circumstances surrounding the matter, including its internal controls and compliance procedures.

It said it has engaged external legal counsel and may seek appropriate relief, including efforts to unfreeze the affected accounts.

“Padini wishes to clarify that the group’s day-to-day operations remain fully functional and uninterrupted, with business continuing as usual,” it said.

“Padini will provide further updates as and when there are any material developments.”