In a statement issued yesterday it said: "As previously communicated by the group, the operations within AHAG's financial arm have been significantly scaled back pending a more in-depth review and assessment of each division by AHAG's management and external financial and legal advisers.
"While AHAG cannot at this time provide further specific comment on this ongoing investigation, so as not to jeopardise it, the group continues to provide its full co-operation to the relevant government and regulatory authorities in this regard, and to act in the best interest of all group stakeholders, including creditors." it added.
In a statement yesterday, AHAG said the purpose of the standstill period at its subsidiary is to enable TIBC's external advisers, AHAG and its external advisers to continue gathering, reviewing and assessing information regarding TIBC's financial commitments and future outlook.
AHAG said its related entities have mobilised all of their collective resources to address the situation expeditiously.