Kuala lumpur: The Malaysian Anti-Corruption Commission (MACC) has raided the premises of NationGate Holdings Bhd’s wholly-owned subsidiary, NationGate Solution (M) Sdn Bhd, as part of an ongoing investigation into allegations of scrap metal smuggling.

According to BERNAMA News Agency, the board of NationGate has expressed that they view these allegations with utmost seriousness and have taken proactive steps to ensure full cooperation with the MACC. The company is committed to safeguarding the integrity of the investigation.

NationGate emphasized its steadfast commitment to the highest standards of corporate governance, accountability, and transparency in a filing with Bursa Malaysia today. The company disclosed that the raid took place on Monday.

The company assured stakeholders that they will use reasonable endeavours to ensure business operations remain unaffected by the investigation. Appropriate interim measures have been put in place to maintain operational stability.

Further announcements on material developments will be made by the board in compliance with Bursa Malaysia Securities Bhd’s Listing Requirements and as required by law.

At lunchtime, NationGate’s share prices had risen by eight sen to RM1.69, with 27.12 million shares traded.