Friday 29 Mar 2024
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KUALA LUMPUR (Feb 25): Hiap Teck Venture Bhd is among four listed companies that have been raided by the Royal Malaysian Customs Department.

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Hiap Teck Venture announced in a bourse filing today that the Customs has taken custody of certain documents of two of its subsidiaries and frozen a bank account of one of the two subsidiaries above, "for purposes of audit and investigation".

“The company is currently seeking legal advice on the steps to be taken to deal with the abovementioned matter, and is of the opinion that the operations of the group will not be materially affected by the matter,” it said.

It was reported in The Edge Financial Daily today that more than 10 steel companies, including four public-listed companies, were raided by Customs officers from Tuesday to Wednesday.

It is learnt that the companies that were raided were mainly those involved in the importation of steel pipes or hot-rolled coils (HRC).

Hiap Teck, which imports, exports and deals in steel products, metal hardware and building materials through its subsidiaries, fell 2 sen or 8.51% to close at 22 sen today, valuing it at RM153.3 million.

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