Friday 29 Mar 2024
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KUALA LUMPUR (June 28): After four months, the audit and investigations led by the Royal Malaysian Customs Department into Wah Seong Corp Bhd's indirect wholly-owned unit, PPI Industries Sdn Bhd (PPI), has been concluded with no penalties imposed.

In a filing with Bursa Malaysia today, Wah Seong said PPI's bank accounts and assets that were temporarily frozen to facilitate investigation have been "unconditionally released" pursuant to a revocation order dated June 10 and a June 13 letter from Customs.

Wah Seong said the documents were received yesterday and that PPI's business operation has resumed to normal and is now ongoing as usual.

"The audit and investigation by RMCD (the Customs Department) do not have any implication on the financial and operation of PPI or on the Wah Seong Group," it added.

Recall that Wah Seong had, on Feb 29, announced that PPI's business premises in Penang had been subjected to what it termed "steel related industry-wide audit visits" by Customs, the police, the Ministry of Finance, and the Attorney General's Chambers on Feb 23.

It had also said then that Customs had taken custody of certain records and documents of PPI, while some of PPI's bank accounts had been temporarily frozen to facilitate Customs' audit and investigation.

 

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