In a filing with Bursa Malaysia today, NationGate said the raid took place on Monday and that its business operations remained unaffected.

“The board views these allegations with the utmost seriousness and has taken proactive steps to ensure full cooperation with MACC and 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, adding that “appropriate interim measures” had been put in place.

The company also said that it would issue further announcements in accordance with Bursa’s listing requirements and the relevant laws.

According to a Bernama report, MACC has launched a large-scale operation against scrap metal smuggling syndicates which allegedly paid bribes to enforcement officers. The illegal activities are believed to have cost the government over RM950 million in lost tax revenue.

MACC chief commissioner Azam Baki confirmed that the raids targeted factories and exporters across five states suspected of sending scrap metal overseas illegally, the report said.