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Ewein down 3.33% after MD nabbed by MACC in Penang undersea tunnel probe

KUALA LUMPUR (Jan 11): Shares in Penang-based Ewein Bhd fell 3.33% in early trade this morning after the company confirmed that its managing director, Datuk Ewe Swee Kheng, had been remanded by MACC in relation to an investigation into the RM6.3 billion Penang undersea tunnel project.

At 9.05am, Ewein fell 1.5 sen to 43.5 sen with 477,800 shares done.

The property developer maintained that neither Ewein nor its subsidiaries are involved in the undersea tunnel project.

Ewein’s board noted that it does not expect the investigation to have any operational, management or financial impact on the company, as its deputy managing director Chuah Poh Lim will continue to run the business. Ewe is the single largest shareholder with a 35.89% stake in Ewein as at Nov 27 last year. — theedgemarkets.com

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