Mysterious Bank Account Closure Leaves Businessman Baffled
The Closure of the Account
PETALING JAYA: A businessman has been left perplexed by the sudden closure of his company’s bank account three years ago, shortly after it received a substantial investment of millions of Euros.
The Background
The company, which received the substantial funds, intended to use them to finance the construction of oil and gas storage tanks at the Sipitang Oil & Gas Industrial Park. However, the closure of the account in 2021 resulted in significant losses to the company due to the delay in the execution of the project.
The Bank’s Refusal to Explain
The bank’s branch in Sabah has refused to provide a reason for the closure, leaving the businessman with no option but to seek legal action. The company’s managing director stated that the bank’s refusal to comply with their demand for the reactivation of the account has further complicated the situation, as the company is not in a position to file a civil suit against the bank due to financial difficulties.
The Police’s Involvement
The police, on the other hand, claimed that they were unaware of the reason behind the account closure. They stated that neither the company nor its managing director was under investigation, and there was no police order to freeze or close the account. The Bukit Aman’s anti-money laundering unit also confirmed that the company and its directors have not been under investigation.
Bank Negara’s Statement
Bank Negara Malaysia, which regulates banking activities, stated that the decision to close the account lies with the financial institution involved, which is also subject to their internal risk management appetite.
The Company’s Demands
The company’s managing director has demanded that the bank provide a reason for the closure, citing that the closure of the account without valid justification has given a negative perception of Malaysia in terms of foreign investment. However, the bank has refused to comply, citing its right to close any account by giving 14 days’ notice and its discretion to decide whether to provide account holders with notice of account closure.
Conclusion
The mysterious closure of the account has left the businessman and his company in a precarious situation, with significant losses incurred due to the delay in the project. The lack of transparency from the bank and the police has only added to the frustration and uncertainty surrounding the matter.
FAQs
- What was the purpose of the substantial investment?
- The investment was intended to finance the construction of oil and gas storage tanks at the Sipitang Oil & Gas Industrial Park.
- Why was the account closed?
- The bank has refused to provide a reason for the closure.
- Is the company under investigation?
- No, the company and its directors are not under investigation, according to the police and Bank Negara Malaysia.
- Can the account be reactivated?
- The bank has refused to comply with the company’s demands for the reactivation of the account, citing its right to close any account by giving 14 days’ notice.