Latest news with #NationGateHoldingsBhd
Barnama
3 days ago
- Business
- Barnama
NationGate Clarifies MACC Probe Limited To Non-major Subsidiary
KUALA LUMPUR, July 17 (Bernama) -- NationGate Holdings Bhd clarified that the investigation by the Malaysian Anti-Corruption Commission (MACC) is limited to its subsidiary NationGate Solution (M) Sdn Bhd. In a Bursa Malaysia filing today, the electronics manufacturing services company said that an order to inspect, search and seize under Section 31(1) of the Malaysian Anti-Corruption Commission Act 2009 from MACC was issued to NationGate Solution. 'To our best knowledge, the raid does not involve any specific board members or senior management.
New Straits Times
3 days ago
- Business
- New Straits Times
NationGate saya MACC probe limited to non-major subsidiary
KUALA LUMPUR: NationGate Holdings Bhd clarified that the investigation by the Malaysian Anti-Corruption Commission (MACC) is limited to its subsidiary NationGate Solution (M) Sdn Bhd. In a Bursa Malaysia filing today, the electronics manufacturing services company said that an order to inspect, search and seize under Section 31(1) of the Malaysian Anti-Corruption Commission Act 2009 from MACC was issued to NationGate Solution. "To our best knowledge, the raid does not involve any specific board members or senior management. "NationGate Solution is not a major subsidiary pursuant to the definition given in the Main Market Listing Requirements of Bursa Securities," it said. It added that for the time being, the MACC raid is not expected to have significant financial and operational impact on the group. Previously, it is reported that MACC has raided the premises of NationGate Holdings' wholly owned subsidiary NationGate Solution as part of an ongoing investigation into allegations of scrap metal smuggling. MACC had launched a major crackdown on scrap metal smuggling syndicates across five states, targeting groups suspected of bribing enforcement officers and causing over RM950 million in tax losses.
Malaysian Reserve
3 days ago
- Business
- Malaysian Reserve
NationGate says MACC raid not expected to impact financials or operations
NationGate Holdings Bhd said the recent raid by the Malaysian Anti-Corruption Commission (MACC) on its wholly owned subsidiary is not expected to significantly affect its financial or operational performance. 'For the time being, the MACC raid is not expected to have significant impact on the financial and operational of the group,' NationGate said in a filing with Bursa Malaysia today, in response to a query from the regulator. The electronics manufacturing services provider clarified that the MACC's search and seizure was confined to NationGate Solution (M) Sdn Bhd, which is not a major subsidiary under Bursa's Main Market Listing Requirements. The investigation is not believed to extend to other entities within the group. On July 15 MACC had raided the premises of NationGate Solution in connection with an ongoing investigation into alleged scrap metal smuggling. The market reacted swiftly to the news. NationGate's shares plunged as much as 16% or 26 sen shortly after trading resumed from the midday break. The stock closed the day down 7.5% at RM1.49, marking its lowest finish since June 23. The raid is believed to be part of a broader nationwide operation known as 'Op Metal,' which targets scrap metal smuggling syndicates operating across five states. Bernama reported that the syndicates are suspected of bribing enforcement officers and may have caused the government tax losses exceeding RM950 million. — TMR
New Straits Times
5 days ago
- Business
- New Straits Times
NationGate short selling halted after 15pct price slide
KUALA LUMPUR: Bursa Malaysia has suspended intraday short selling of NationGate Holdings Bhd for the rest of the day after its share price tumbled over 15 per cent. The share price plunged as much as 16 per cent to hit an intraday low of RM1.35, valuing the company at RM3.3 billion. At midday, NationGate's stock closed 14 sen or 8.7 per cent lower at RM1.46 with a total of 69.36 million shares changing hands. The stock fell after the group's unit NationGate Solution (M) Sdn Bhd was raided by the Malaysian Anti-Corruption Commission (MACC) as part of an ongoing investigation into alleged scrap metal smuggling. Under MACC's "Op Metal", the raids were led by its special operations division with support from a multi-agency task force comprising the Customs Department, Inland Revenue Board and Bank Negara Malaysia.
New Straits Times
5 days ago
- Business
- New Straits Times
NationGate unit raided by MACC over alleged scrap metal smuggling
KUALA LUMPUR: NationGate Holdings Bhd said its wholly-owned subsidiary was raided by the Malaysian Anti-Corruption Commission (MACC) as part of an ongoing investigation into alleged scrap metal smuggling. The raid took place on Monday at the premises of NationGate Solution (M) Sdn Bhd, the company said in a filing with Bursa Malaysia today. "The board views these allegations with utmost seriousness and has taken proactive steps to ensure full cooperation with the MACC and to safeguard the integrity of the investigation," it said. NationGate said it remained committed to upholding the highest standards of corporate governance, accountability and transparency. The company added that interim measures have been implemented to ensure business operations remain unaffected, and that it will continue to update stakeholders on any material developments. Earlier, it was reported that MACC had launched a major crackdown on scrap metal smuggling syndicates across five states, targeting groups suspected of bribing enforcement officers and causing over RM950 million in tax losses. The raids, under MACC's "Op Metal", were led by its special operations division with support from a multi-agency task force comprising the Customs Department, Inland Revenue Board and Bank Negara Malaysia. A total of 19 sites across Penang, Selangor, Negeri Sembilan, Johor and Kedah were raided. In Penang alone, MACC's anti-corruption tactical unit stormed six locations, including residences, offices and scrap metal facilities allegedly linked to the smuggling ring.
