Magma Group Berhad (“Magma” or the “Company”), a Malaysian conglomerate and investment holding entity rooted in hospitality, with a growing presence in property development and related sectors, today issued a statement to clarify an online article published in The Corporate Secret dated 16 August 2025 titled “Skandal MBI: Selepas Tan Sri Alex Oii, kini Dato’ Sri Lee Hock Seng Pengerusi Magma Group Dato’ Low Eng Hock CEO Ivory Properties ditahan”.
The Board of Directors confirms that Dato’ Sri Lee Hock Seng, the Group Executive Chairman of Magma, is currently assisting the authorities in relation to an investigation referenced in the article. The matter is not related to nor does it involve the business or operations of Magma Group Berhad or any of its subsidiaries.
The Board would like to emphasise that this development does not affect the financial standing, day-to-day operations, or strategic plans of the Group. Magma remains committed to maintaining operational continuity and delivering long-term value to its shareholders and stakeholders.
The Board of Magma Group Berhad reiterates, “We wish to reassure our shareholders, partners, and stakeholders that this matter has no bearing on Magma’s ongoing projects, financial position, or future prospects. Our focus remains on strengthening the Group’s fundamentals, executing our growth strategies, and driving sustainable value creation.”
Magma will continue to monitor the situation and will make the necessary announcements to Bursa Malaysia Securities Berhad in line with the Main Market Listing Requirements should there be any material developments.
This clarification serves to provide transparency and reaffirm Magma’s commitment to good corporate governance, timely disclosures, and stakeholder confidence.
