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.

“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.

-- BERNAMA