Prolintas senior management suspected of taking bribes, but the stock price stabilized the decline?

Prolintas Infrastructure Trust $PLINTAS(5320.MY)$Senior officials are suspected of bribery scandals. The stock price fluctuated abnormally this morning and once plummeted to a record low of 81 cents.

This road franchise company suspended trading for an hour at 9 o'clock this morning and issued a statement confirming that several of its board members were detained by the Malaysian Anti-Corruption Commission to cooperate with the investigation.

As soon as the news came out, after the stock resumed trading at 10 a.m., the stock price directly dropped by a sharp drop of 11%, or 10 cents, to 81 cents.

However, the stock soon narrowed its decline. As of 11.30, the stock had fallen 1.1% to 90 cents.

This is also a record low recorded by Prolintas Infrastructure Trustee since its listing on March 35. The initial public offering (IPO) price of the stock was 95 cents.

The statement said that the suspected personnel have officially been on leave since Wednesday (26th).

Meanwhile, Dato' Imasiyah, the non-independent non-executive chairman of Prolintas Managers, will lead the temporary executive management team and continue to maintain commercial trust operations.

Imasija has rich experience in the field of roads. The comprehensive expertise of this management team will ensure the smooth operation of commercial trust management.

The merchant trust owns 4 expressways, namely Kajang Outer Ring Road (SILK), Gachili Corridor (GCE), Coveningsha Alam Boulevard (LKSA), and Ampang-Kuala Lumpur Elevated Boulevard (AKLEH).

The company's board of directors believes that the incident will not have an impact on its finances and operations, and stated that further announcements will be made if there are any relevant developments.

Looking back at previous reports, the Anti-Corruption Commission arrested the company's Datohol-level CEO and two executives, and obtained an extended detention order from the court until the 28th of this month.

In addition, the Anti-Corruption Association also arrested 5 people from other companies and held them until the 27th of this month.

The detainees are suspected of soliciting and taking bribes of more than RM1.6 billion in two RM11 billion road projects in Klang Valley. The case was investigated under section 16 (a) (A) of the 2009 Anti-Corruption Association Act.

Coincidentally, Lagenda Industries at the end of May $LAGENDA(7179.MY)$Senior officials were also detained by the Anti-Corruption Bureau (MACC), and the stock price fell to a standstill.