KUALA LUMPUR (Feb 29): Ann Joo Resources Bhd announced today that the Royal Malaysian Customs Department had, on Feb 24, inspected and taken custody of certain shipping and accounting records relating to the importation of hot-rolled coil (HRC) from its subsidiaries.
The subsidiaries are Ann Joo Metal Sdn Bhd (AJM), Anshin Steel Service Centre Sdn Bhd (ASSC), and Anshin Steel Processor Sdn Bhd (ASP), according to Ann Joo's bourse filing today.
"The purpose of audit and investigation was not officially informed by the Customs. None of the accounts of AJM, ASSC and ASP have been frozen by the Customs," it said.
"The documents that have been taken do not affect the operations of the group and the company is of the opinion that there is no financial impact. The company will continue to extend its cooperation to the Customs on the investigations," Ann Joo said.
The disclosure to the exchange came after The Edge Financial Daily reported today that the Malaysian Iron and Steel Industry Federation (Misif) has lodged a complaint with the Ministry of Finance (MoF) on concerns raised by its members regarding the industry-wide audit of the steel industry last week that was conducted in a high-handed manner.
In a letter addressed to Deputy Finance Minister Datuk Chua Tee Yong, Misif noted that the industry-wide audit, which had so far raided 12 of its members including six listed companies, had resulted in the freezing of bank accounts and confiscation of mobile phones.
Apart from Ann Joo, Wah Seong Corp Bhd and the Amalgamated Industrial Steel Bhd (AISB) also made similar disclosures to the bourse today.
Wah Seong said its indirect wholly-owned subsidiary PPI Industries Sdn Bhd was subjected to the steel related industry-wide audit visits conducted by Customs, the Royal Malaysia Police, the MoF and the Attorney General's Chambers of Malaysia on Feb 23.
The audit was conducted at PPI's business premises in Penang, which saw Customs taking custody of certain records and documents of PPI; some of PPI's bank accounts had also been temporarily frozen to facilitate Custom's audit and investigation.
"PPI had extended and will continue to extend its fullest cooperation to the Customs to resolve the matter as expeditiously as possible. The group is committed [to] ensuring compliance with all relevant laws and regulations," Wah Seong said.
However, Wah Seong assured that PPI's business operation is ongoing as usual and that the audit and investigation by Customs do not have any material implication on the financial and operation of PPI, or on the group, as a whole.
AISB, on the other hand, also said Customs had visited its premises to conduct the audit for about two hours on Feb 24.
"The Customs has taken custody of certain documents pertaining to two importations of HRC for further verification. There were no further actions taken by the Customs, pending their feedback at a later stage.
"Since the company's bank account is not frozen and its business operates as usual, the business operations of the company will not be materially affected," AISB added.
Hiap Teck Venture Sdn Bhd, in a bourse filing last week, had also shared that Customs had taken custody of certain documents of two of its subsidiaries and frozen the bank account of one of the two subsidiaries "for purposes of audit and investigation".
Hiap Teck had said it was seeking legal advice on the matter.
KUALA LUMPUR 28 Feb. – Tindakan sesetengah syarikat pengimport besi yang memanipulasi syarat dan sistem pengimportan dengan tujuan mengelak membayar duti antilambakan komoditi berkenaan mampu melumpuhkan industri besi tempatan.
Sehubungan itu kerajaan tidak harus memandang ringan kegiatan haram tersebut kerana ia bukan sahaja mendatangkan kerugian kepada hasil pendapatan negara tetapi juga menjejaskan industri besi sehingga memungkinkan ada syarikat tempatan gulung tikar.
Justeru beberapa pihak yang terlibat dalam industri besi berpendapat, ketegasan yang ditunjukkan oleh Pasukan Penguatkuasa Pemulihan Hasil Negara (NRRET) Jabatan Peguam Negara dengan melakukan serbuan ke atas syarikat terlibat adalah tepat dan kena pada masanya.
“Operasi seumpama itu yang turut disertai oleh beberapa agensi lain perlu dipertingkat dari semasa ke semasa bagi memastikan tidak ada mana-mana syarikat cuba mengaut keuntungan yang boleh ‘melumpuhkan’ industri besi tempatan,” kata satu sumber yang terlibat dalam industri pengimportan.
Menurut sumber itu, adalah sesuatu yang malang jika kerajaan terpaksa mengalami kerugian berbilion-bilion ringgit akibat sikap tamak dan tidak bertanggungjawab sesetengah syarikat pengimport besi. “Kalau melihat kepada modus operandi syarikat tersebut adalah jelas, selama ini kerajaan sudah mengalami kerugian berbilion-bilion ringgit perbuatan manipulasi yang mereka lakukan,” katanya.
Menjawab satu soalan, sumber itu berkata, mana-mana pihak tidak boleh menuding jari menyalahkan Jabatan Kastam Diraja Malaysia (JKDM) terhadap apa yang berlaku, sebaliknya perlu mencari jalan bagi menghalang sikap tidak bertanggungjawab syarikat terlibat.
“Bukan sahaja dalam industri besi, malah perbuatan memanipulasi pengisytiharan barangan yang diimport juga didakwa berlaku dalam industri lain. Tetapi takkanlah segala-galanya mahu dipersalahkan kepada JKDM. “Jabatan itu bukan bertanggungjawab mengawasi industri besi sahaja sebaliknya semua barangan. Dengan jumlah anggota yang terhad sudah pastilah ada keterbatasan bagi JKDM membanteras perbuatan manipulasi tersebut,” kata sumber itu.
Atas sebab itulah, sumber tersebut menyokong penuh tindakan NRRET yang melakukan koordinasi dengan JKDM bagi membanteras kegiatan berkenaan kerana apa yang dilakukan oleh sesetengah syarikat besi itu juga boleh disifatkan sebagai perbuatan mensabotaj ekonomi negara.
“NRRET perlu terus diberi ruang untuk bertindak bagi memastikan hasil negara tidak tiris atau sengaja ditiriskan oleh sesetengah syarikat pengimport yang tidak bertanggungjawab di negara ini,” kata sumber itu lagi.
Kerugian berbilion ringgit yang ditanggung oleh kerajaan akibat memanipulasi sistem oleh sesetengah syarikat pengimport besi mampu dielakkan jika pintu masuk atau pelabuhan utama di negara ini mempunyai kawalan yang ketat. Persoalannya apa sebenarnya yang berlaku sehingga ia memungkinkan sesetengah syarikat pengimport begitu mudah melakukan penipuan tersebut sehingga ia menyebabkan negara hilang hasil pendapatan melalui industri pengimportan besi. Dalam BAHAGIAN AKHIR laporan khas ini, wartawan Utusan Malaysia, ZULKIFLEE BAKAR dan MOHAMMAD YASIR JAAFAR mendedahkan punca penipuan itu boleh berlaku.
KUALA LUMPUR 28 Feb. - Ketiadaan dan kekurangan kemudahan mesin pengimbas terutamanya di pelabuhan utama di negara ini menjadi punca kegiatan mengelak pembayaran duti termasuk aktiviti penyeludupan sukar dibendung.
Menurut sumber, mesin pengimbas sedia ada di pelabuhan terbabit kebanyakannya tidak berfungsi, rosak dan terlalu usang.
“Malah ada juga pelabuhan utama di negara ini didapati tidak dilengkapi dengan mesin berkenaan sekali gus menyukarkan proses pemeriksaan terutamanya kepada anggota penguat kuasa.
“Ketiadaan kemudahan mesin tersebut memaksa anggota penguat kuasa terpaksa menjalankan pemeriksaan secara manual yang akan memakan masa lama untuk sesebuah kontena,” katanya kepada Utusan Malaysia baru-baru ini.
Katanya, pemeriksaan tidak dapat dijalankan secara efisien tanpa kemudahan mesin pengimbas berkenaan apatah lagi dengan jumlah anggota penguat kuasa yang terhad.
“Bayangkan untuk satu syif sahaja, lebih kurang 1,000 kontena masuk ke pelabuhan dan satu hari mereka mempunyai tiga syif bermakna 3,000 kontena masuk sehari.
“Secara kasar, sekiranya 3,000 kontena sehari dihitung dengan 25 hari bekerja, ini bermakna 60,000 kontena sebulan masuk ke pelabuhan,” katanya.
Jelas sumber, adalah agak sukar bagi sekumpulan anggota untuk memeriksa kesemua kontena terbabit secara manual yang sekurang-kurangnya memakan masa berjam-jam untuk memeriksa satu kontena.
“Maka inilah senario yang berlaku di pelabuhan dan tidak mustahil aktiviti penyeludupan termasuk kegiatan mengelak pembayaran duti kerajaan berlaku dalam industri mengimport ini.
“Apa yang kita bimbangkan adalah tanpa kemudahan ini, barangan haram seperti dadah serta senjata turut boleh diseludup masuk dengan mudah melalui pelabuhan,” katanya.
Tambah sumber itu, sekiranya pelabuhan utama di negara ini dilengkapi dengan kemudahan sistem berkenaan ia sekurang-kurangnya dapat membendung kegiatan yang menyalahi undang-undang tersebut.
“Jika ada mesin pengimbas ini, anggota penguat kuasa sudah boleh mengenal pasti kontena yang meragukan sebelum diarahkan untuk menjalani pemeriksaan secara lebih teliti (manual),” jelasnya.
PETALING JAYA: The current task force investigating money-related offenses is not new and is merely a rebranding of an existing one which has been around since 2011, says the Attorney-General's Chambers (AGC).
"The National Revenue Recovery Enforcement Team (NRRET), is not a new task force but is a rebranding of the previous Special Task Force that has been in existence since 2011," the AGC said in a statement Tuesday.
"The aims of NRRET remain the same, which is to assist the Government in dealing with ... evasion of customs duties and tax by individuals and corporate bodies; smuggling activities; misuse of subsidised goods; illegal outflow of funds and acts of corruption which result in the abovementioned activities," the AGC said.
It also clarified that the NRRET would not in any way be involved in investigating 1Malaysia Development Berhad or its related companies.
The NRRET is made up of the AGC; Royal Malaysian Police Force; Malaysian Anti-Corruption Commission; Bank Negara Malaysia; Inland Revenue Department; Customs Department; Domestic Trade, Cooperatives and Consumerism Ministry; and the Companies Commission of Malaysia.
"NRRET primarily streamlines and coordinates the integrated multi-agency enforcement actions with regards to the aforementioned issues," added the AGC.
The rebranding exercise was taken after new Attorney-General Tan Sri Apandi Ali assumed office late last month.
KUALA LUMPUR: Malaysia Steel Association (MSA) has criticised the way the authorities had carried out the recent industry-wide raid on steel product importers.
The association said in a statement that the authorities, checking on import irregularity, employed “heavy-handed tactic which have received wide national press coverage” that would tarnish the reputation of the raided companies before the due process of the law could be accorded to them.
“Such a high profile operation will unjustly exacerbate the negative sentiments towards the industry,” MSA said in a statement issued on its behalf by the Lion group.
The association, whose president is Tan Sri William Cheng, said it viewed with concern that the steel companies were raided by the authorities which were “heavily armed.”
“Some of these companies have had their bank accounts frozen and their staff had their mobile phones confiscated. MSA believes that as bona fide manufacturers, the steel companies have been abiding by the import rules and regulations, and will continue to cooperate with the authorities,” the association said.
It noted that the steel industry had contributed greatly towards nationbuilding in the last 60 years, and to date the steel industry had saved the country billions of ringgit in foreign exchange by substituting imports with locally produced steel products.
A business daily had reported that the Malaysian Iron and Steel Industry Federation (Misif) lodged a complaint with the Finance Ministry over the industry-wide audit. Since the report’s publication, a few of the listed steel companies had informed Bursa Malaysia that they were among the raided firms.
investor99, hopefully lioncor also up. Steel stocks around the world all rebound follow the positive news from China (steel policy). lioncor just need catalyst (investor and spv may be) to up. Just need to be patient.
investor99, agree with u. lioncor is pending good news. If it can exit PN17 finally and if long term steel industry is recover. i think lioncor will eventually rebound. 1st thing is to exit PN17 status.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sharkeatapple
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Posted by sharkeatapple > 2016-02-29 15:47 | Report Abuse
I think lioncor will only have motion IF ONLY good news announced (such as new investor confirmed join in, SPV, ...).