Latest news with #RM950mil
The Star
17 hours ago
- Business
- The Star
FBM KLCI slips to intraday low; NationGate falls on MACC raid
KUALA LUMPUR: The FBM KLCI closed at its intraday low on Tuesday, underperforming regional peers as selling pressure and cautious sentiment weighed on the local market, despite broad gains across major Asian bourses. The FBM KLCI slipped 12.11 points, or 0.8%, to close at its intraday low of 1,525.40. It had earlier touched a high of 1,538.56. Today's decline marks the index's biggest drop since it fell 0.82% on July 7. Selling pressure persisted as 601 counters fell while 412 rose, bringing market breadth to 0.14. Decliners outpaced gainers, reflecting a cautious tone in the broader market. Traded volume stood at 3.1 billion shares valued at RM2.4bil. Among the decliners, Heineken slid 40 sen to RM24.50, Malaysian Pacific Industries fell 38 sen to RM20.40, F&N declined 28 sen t RM28.70 and Hong Leong Bank gave up 26 sen to RM19.30. Gainers included Riverview, which rose 15 sen to RM3.00, Master-Pack, which added 12 sen to RM3.15, United Plantations, which gained eight sen to RM21.70, and KPS Consortium , which climbed 7.5 sen to 56.5 sen. NationGate Holdings fell 12 sen, or 7.45%, to RM1.49 with 160.51 million shares traded, making it one of the most active counters on Bursa Malaysia. In a filing with Bursa Malaysia today, Nationgate announced that the Malaysian Anti-Corruption Commission (MACC) had raided the premises of one of its subsidiaries as part of an ongoing investigation into alleged scrap metal smuggling. Earlier in the day, it was reported that the MACC had launched a major operation targeting scrap metal smuggling syndicates across five states, with the illicit activities estimated to have caused over RM950mil in lost tax revenue. NationGate Holdings fell 12 sen, or 7.45%, to RM1.49 with 160.51 million shares traded, making it one of the most active counters on Bursa Malaysia. The Malaysian Anti-Corruption Commission (MACC) has conducted a raid at the premises of a subsidiary of Nationgate as part of an ongoing investigation into allegations of scrap metal smuggling, the company announced in a stock exchange filing today. It was reported earlier today that the MACC has launched a major crackdown on scrap metal smuggling syndicates in five states. These smuggling activities were reported to have resulted in an estimated tax revenue loss of over RM950mil. Meanwhile, the ringgit strengthened 0.29% against the US dollar to 4.2410, and rose 0.3% against the Singapore dollar to 3.3108. In contrast with the local bourse, regional markets ended higher. MSCI's Asia ex-Japan stock index was higher by 1.05%. Japan's Nikkei 225 rose 0.55%, South Korea's Kospi gained 0.41%, Hong Kong's Hang Seng climbed 1.6%, China's CSI 300 edged up 0.035%, and Singapore's Straits Times Index added 0.3%.
The Star
a day ago
- Business
- The Star
MACC raids NationGate subsidiary amid scrap metal smuggling allegations
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has conducted a raid at the premises of a subsidiary of Nationgate Holdings Bhd as part of an ongoing investigation into allegations of scrap metal smuggling, the company announced in a stock exchange filing today. It was reported earlier today that the MACC has launched a major crackdown on scrap metal smuggling syndicates in five states. These smuggling activities were reported to have resulted in an estimated tax revenue loss of over RM950mil. NationGate, a provider of electronics manufacturing services (EMS), said the MACC's raid was conducted at the premises of NationGate Solution (M) Sdn Bhd, which is a wholly-owned subsidiary of the group. "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. "Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability, and transparency," it said. It assured stakeholders that "reasonable endeavours" and appropriate interim measures were put in place to ensure business operations remained unaffected. Prior to the midday break, shares in NationGate were traded eight sen or 4.97% higher at RM1.69 each, after 27.12 million shares changed hands.
The Star
a day ago
- Business
- The Star
MACC seizes RM183mil in assets from scrap metal smuggling syndicate
BUTTERWORTH: The Malaysian Anti-Corruption Commission (MACC) has seized various assets estimated to be worth over RM183mil following raids on a scrap metal smuggling syndicate. The raids, carried out in five states—Penang, Selangor, Negri Sembilan, Johor, and Kedah—began on Monday (July 14) and progressed across various factories on Tuesday (July 15). According to the MACC, the raids were conducted by their Special Operations Division in collaboration with the Customs Department, the Inland Revenue Board, and Bank Negara through the Ops Metal Multi-Agency Task Force. "The raids saw 45 company accounts and 82 individual banking accounts being frozen, involving about RM51mil. "The seized assets included eight properties in Penang — three bungalow units in Batu Maung, one penthouse unit in Tanjung Tokong, one shoplot unit in Bayan Lepas, 12.54ha (31 acres) of land in Nibong Tebal, 2.8ha (7.1 acres) of land in Batu Uban, 2.26ha (5.6 acres) of land in Juru, as well as more than 793ha (1,960 acres) of oil palm plantation land in Kuala Krai, Kelantan. "MACC seized six luxury cars estimated to be worth more than RM1.9mil as well," the statement on Tuesday (July 15) read. It said during the raid, they seized five branded watches estimated to be worth more than RM740,000. MACC chief commissioner Tan Sri Azam Baki confirmed the freezing of bank accounts and the seizure of the properties, luxury vehicles, and watches. He said that following the operation on Monday (July 14), MACC conducted searches at 13 new locations in Penang, Kedah, Johor, and around the Klang Valley on Tuesday. "MACC is currently identifying parties who are in cahoots with this syndicate that smuggles out the metal and e-waste through the Klang and Penang ports, causing the government to lose an estimated RM950mil in tax revenue over the past six years. "The focus of the investigation is on offences under Sections 16 (offenses related to soliciting or accepting gratification) and 18 (offence of intending to deceive by providing false claims) of the MACC Act 2009. "In addition to the investigation, we are analysing and identifying elements of other criminal offences, including money laundering activities. "This includes investigations carried out by other agencies involved in this operation into offences under the Income Tax Act 1967 and the Customs Act 1967," he said.
The Star
a day ago
- The Star
Steely stand against smuggling
Swift and efficient: A MACC elite Anti-Corruption Tactical Squad member rounding up a worker during a raid at a scrap metal processing and storage facility on Jalan Bukit Minyak, Seberang Perai, Penang. – ZHAFARAN NASIB/The Star GEORGE TOWN: For over six years, a well-organised smuggling syndicate has exported scrap metal to several countries, evading nearly RM1bil in export duty. The group falsely declared the cargo as machinery and other non-taxable metal goods to bypass the government's 15% export duty, with destinations including China, India and others. To execute the scheme, the syndicate is alleged to have bribed Customs Department officers, establishing a corrupt network that operated undetected for years. This illicit collaboration is estimated to have caused RM160mil in direct tax losses annually, with total projected losses exceeding RM950mil over six years. Sources said the syndicate operated its own scrapyard with storage and processing facilities, enabling it to collect, sort and prepare large volumes of scrap metal for export in-house. This full operational control allowed the group to manipulate documentation, conceal the true nature of the cargo, and coordinate shipments with minimal external scrutiny. Luck ran out for the syndicate yesterday when the Malaysian Anti-Corruption Commission (MACC) launched a large-scale crackdown codenamed "Ops Metal", targeting 19 locations across Penang, Selangor, Negri Sembilan, Johor and Kedah. In Penang, media outlets, including The Star, were on the ground from as early as 5am to witness a high-profile raid at a luxury residence in Batu Maung. Clad in tactical gear, officers from the MACC's elite Anti-Corruption Tactical Squad (ACTS) searched the multi-storey property for evidence linked to the smuggling and corruption ring. The operation centred on a prominent scrap metal company owner with a "Datuk" title. However, the suspect – believed to be a foreign national – was not at home, having reportedly left the country two days earlier. Only several women, believed to be his wife, mother and domestic helper, were present. The team then moved to a scrap metal storage and processing facility on Jalan Bukit Minyak, Penang mainland, believed to belong to the suspect. Around 30 workers were detained for questioning and later released after a man, thought to be the facility's supervisor, assured full cooperation with the investigation. No arrests were made across all 19 locations, though investigations remain active and the total value of seized assets has yet to be disclosed. MACC chief commissioner Tan Sri Azam Baki confirmed the coordinated raids targeted manufacturers and companies suspected of large-scale tax evasion and bribery in scrap metal exports. The case is being investigated under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. Efforts are also ongoing to identify those involved, including public servants suspected of facilitating the illicit operations.
