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MJets Sersol clears the air that its premises has not been raided by MACC

Publish date: Fri, 24 Feb 2023, 09:18 AM

AVIATION service provider MJets Sersol Sdn Bhd has distanced itself from M Jets International Sdn Bhd, an 80%-owned air cargo logistics unit of ACE Market-listed MMAG Holdings Bhd which has come under investigation by the Malaysian Anti-Corruption Commission (MACC).

MJets Sersol said it is not the same entity as M Jets International which is involved in air cargo logistics.

“It has been brought to our attention that a company which bears similar name to MJets Sersol has been reported to be under investigation by the MACC,” clarified the company’s CEO Datuk Wira Justin Lim.

“MJets Sersol is a joint venture between Sersol Bhd and MJets Ltd (Thailand) to engage and operate a fixed based operator (FBO) terminal for aviation-related business in Malaysia.”

Added Lim: “Thus, we would like to emphasise that MJets Sersol is not in any way associated to the said company, its directors or its holding company, MMAG Holdings Bhd. It is also not under any investigations by the MACC or local authorities.”

For the record, MMAG had on Feb 21 suspended the executive functions of two directors of its 80%-owned air cargo logistics unit M Jets International Sdn Bhd (MJets), Gunasekar Mariappan and Philip Phang Kin Ming, pending outcome of the anti-graft agency’s investigation.

The transportation and logistics firm noted that it learnt of the MACC investigation after M Jets International informed the company that MACC raided the unit’s office on Feb 13 for information and documents pertaining to a report lodged with the agency.

“It was stated in the letter (received on Feb 19) that due to the MACC’s investigation, M Jets International’s bank accounts have been frozen,” MMAG added in its Bursa Malaysia filing. The remaining 20% of M Jets International is owned by JT Aerotech Solutions Sdn Bhd.

At the close of yesterday’s (Feb 23) trading, MMAG was unchanged at 2 sen with 7.72 million shares traded, thus valuing the company at RM48 mil. - Feb 24, 2023

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