KUALA LUMPUR — The Malaysian Anti-Corruption Commission (MACC) has carried out a raid on the headquarters of PeterLabs Holdings Bhd and its subsidiary, Thye On Tong Trading Sdn Bhd (TOT), as part of an investigation into alleged misconduct by executive director Datuk Loh Saw Foong.
In a stock exchange filing today, PeterLabs confirmed that MACC officers had confiscated documents and files believed to be linked to the probe. Loh, who is also the general manager of TOT, is the subject of a complaint lodged with the MACC on May 9 over alleged misconduct, conflict of interest, and breaches of fiduciary duty.
The company’s board assured it will continue to provide updates in accordance with Bursa Malaysia’s listing regulations and relevant legal obligations.
Loh was earlier suspended from his responsibilities on May 13 for a two-week period, pending an internal inquiry into the allegations.
“The suspension is a precautionary measure to facilitate an independent and thorough review into allegations of misconduct in breach of the company’s policies and/or the express and/or implied terms and conditions of Loh’s employment,” PeterLabs said in an earlier filing.
The animal health products maker and distributor stressed that the suspension is not expected to affect its financial standing or day-to-day operations.
During this period, group managing director Lim Tong Seng will assume Loh’s responsibilities, with both PeterLabs and TOT continuing to operate as usual. – May 19, 2025