M & A Equity (KLSE:M&A) clarified its position on Sean Yap Shon Leong, chief executive officer of its unit M&A Asset Management Malaysia and a shareholder and director of Next Lion, according to a Monday Bursa Malaysia filing.

The financial services company was responding to The Edge Malaysia articles on Next Lion's role in Zetrix AI's Philippines acquisition and proposed Nasdaq listing.

M&A Equity stressed that it has no link with Next Lion, but to facilitate an independent review, Sean Yap was placed on administrative leave, effective Sept. 8.

The company added that the move should not be construed as a determination or admission of wrongdoing.