Latest news with #OpMetal
New Straits Times
5 days ago
- Business
- New Straits Times
Op Metal: MACC freezes RM332.5mil in assets, bank accounts tied to syndicate
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized and frozen assets and bank accounts amounting to RM332.5 million in connection with a scrap metal smuggling syndicate operating in five states. The seizures were made following raids conducted on Monday as part of investigations into the export of scrap metal using false declarations to avoid tax, Utusan Malaysia reported, citing sources. The amount includes assets and accounts belonging to individuals and companies linked to the syndicate, which is believed to have defrauded the government of over RM950 million in export duties over the past six years. A prominent businessman with a "Datuk Seri" title is among those under investigation and is expected to return to the MACC headquarters this Monday for further questioning. "The individual's statement was recorded yesterday after returning from overseas, but he was not arrested," a source was quoted as saying. The businessman is suspected of declaring scrap metal exports as other metal-based machinery and items, which are not subject to the 15 per cent export duty imposed by the government. The syndicate's operations came to light after the MACC's Special Operations Division launched Op Metal, a coordinated raid involving the Customs Department, Inland Revenue Board, and Bank Negara Malaysia. Assets seized include three bungalows, a penthouse, shop lots, plots of land, an oil palm plantation, luxury vehicles, and high-end watches, all estimated to be worth over RM183 million. In addition, authorities froze 45 corporate accounts and 82 individual bank accounts valued at approximately RM51 million. MACC chief commissioner Tan Sri Azam Baki previously confirmed the seizures, which included real estate, luxury cars, and watches. The ongoing investigation is focused on offences under Sections 16 (bribery) and 18 (false claims) of the MACC Act 2009. Authorities are also looking into potential money laundering activities, supported by investigations under the Income Tax Act 1967 and the Customs Act 1967.
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
NationGate says MACC raid not expected to impact financials or operations
NationGate Holdings Bhd said the recent raid by the Malaysian Anti-Corruption Commission (MACC) on its wholly owned subsidiary is not expected to significantly affect its financial or operational performance. 'For the time being, the MACC raid is not expected to have significant impact on the financial and operational of the group,' NationGate said in a filing with Bursa Malaysia today, in response to a query from the regulator. The electronics manufacturing services provider clarified that the MACC's search and seizure was confined to NationGate Solution (M) Sdn Bhd, which is not a major subsidiary under Bursa's Main Market Listing Requirements. The investigation is not believed to extend to other entities within the group. On July 15 MACC had raided the premises of NationGate Solution in connection with an ongoing investigation into alleged scrap metal smuggling. The market reacted swiftly to the news. NationGate's shares plunged as much as 16% or 26 sen shortly after trading resumed from the midday break. The stock closed the day down 7.5% at RM1.49, marking its lowest finish since June 23. The raid is believed to be part of a broader nationwide operation known as 'Op Metal,' which targets scrap metal smuggling syndicates operating across five states. Bernama reported that the syndicates are suspected of bribing enforcement officers and may have caused the government tax losses exceeding RM950 million. — TMR
Barnama
15-07-2025
- Barnama
'Op Metal': MACC Raids Two E-waste Recycling Plants In Penang
BUTTERWORTH, July 15 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) today raided two electronic waste (e-waste) recycling factories suspected of bribing enforcement officers, leading to significant tax revenue losses. The coordinated raids, conducted at 9 am under Op Metal, targeted one factory on Jalan Perusahaan Perai 3 in the Perai Industrial Area and another in Bukit Minyak, Bukit Mertajam. The action follows the recent exposure of a scrap metal smuggling syndicate, in which scrap metal was falsely declared as machinery and other items not subject to the government's 15 percent export tax. Now in its second day, Op Metal is being led by MACC's Special Operations Division in collaboration with the Royal Malaysian Customs Department, Inland Revenue Board (IRB) and Bank Negara Malaysia under a multi-agency task force. MACC's Anti-Corruption Tactical Squad secured both premises, documented 25 local and foreign workers, and detained a man in his 50s, believed to be the chief operating officer, for further questioning and document retrieval. Meanwhile, MACC chief commissioner Tan Sri Azam Baki confirmed that 13 additional locations across Penang, Kedah, Johor and the Klang Valley were raided today. 'MACC is now identifying those colluding with the syndicate that smuggled scrap metal and e-waste through Port Klang and Penang Port, causing an estimated tax loss of over RM950 million over the past six years,' he said. Earlier, Bernama reported that the MACC had launched a major crackdown on scrap metal smuggling syndicates operating across five states, believed to have bribed enforcement officers to evade taxes, resulting in over RM950 million in revenue losses for the government. -- BERNAMA
The Sun
15-07-2025
- Business
- The Sun
MACC seizes RM183m in assets, freezes RM51m accounts in Op Metal
GEORGE TOWN: The Malaysian Anti-Corruption Commission (MACC) has seized assets worth over RM183 million and frozen bank accounts totaling RM51 million in a crackdown on scrap metal smuggling syndicates. The operation, codenamed Op Metal, targeted networks across five states, uncovering illicit activities linked to tax evasion and corruption. Authorities confiscated eight high-value properties in Penang, including bungalows in Batu Maung, a penthouse in Tanjung Tokong, and commercial land in Bayan Lepas. Over 1,960 acres of oil palm plantation land in Kuala Krai, Kelantan, were also seized. Among the luxury items recovered were six high-end vehicles—a Porsche Cayenne, Range Rover, BMW, Volvo, Toyota Land Cruiser, and Toyota Alphard—valued at RM1.9 million. Five luxury watches, including a Patek Philippe, Rolex, and Omega models, worth RM740,000 were also confiscated. A source revealed that most assets belonged to a foreign businessman with a 'Datuk' title, who operates a scrap metal firm and resides in Batu Maung. The suspect was abroad during the raids but is expected to return soon. MACC Chief Commissioner Tan Sri Azam Baki confirmed the seizures and stated that 45 company and 82 personal bank accounts were frozen. Further raids were conducted at 13 locations in Penang, Kedah, Johor, and the Klang Valley. Investigations focus on violations under the MACC Act 2009, money laundering, and tax offences. The syndicates allegedly smuggled scrap metal and e-waste through Port Klang and Penang Port, costing Malaysia RM950 million in lost tax revenue over six years. The operation involved collaboration with the Royal Malaysian Customs Department, Inland Revenue Board, and Bank Negara Malaysia. – Bernama
Barnama
15-07-2025
- Business
- Barnama
Op Metal: MACC Seizes Over RM183 Million In Assets, Freezes Bank Accounts Worth Over RM51 Million
CRIME & COURTS GEORGE TOWN, July 15 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) has seized various assets estimated to be worth over RM183 million following raids on scrap metal smuggling syndicates in five states since yesterday. According to sources, the operation, carried out by the MACC's Special Operations Division in collaboration with the Royal Malaysian Customs Department (JKDM), Inland Revenue Board (LHDN), and Bank Negara Malaysia (BNM) under the Multi-Agency Task Force (MATF) via Op Metal, also froze 45 company accounts and 82 personal bank accounts involving a total value of about RM51 million. The seized assets include eight properties in Penang, namely three bungalows in Batu Maung, a penthouse in Tanjung Tokong, a shop lot in Bayan Lepas, 31 acres of land in Nibong Tebal, 7.1 acres in Batu Uban, and 5.6 acres in Juru, as well as more than 1,960 acres of oil palm plantation land in Kuala Krai, Kelantan. 'MACC also seized six luxury vehicles comprising a Porsche Cayenne, Range Rover, BMW, Volvo, Toyota Land Cruiser, and Toyota Alphard—altogether valued at over RM1.9 million. 'During the raid, MACC also confiscated five branded watches, namely a Patek Philippe, Tag Heuer, Rolex, Omega Speedmaster, and Omega Seamaster, valued at more than RM740,000,' the source said in a statement today. It is understood that most of the seized assets, luxury vehicles, and branded watches belonged to a foreign man who owns a scrap metal company and resides in an upscale neighbourhood in Batu Maung, which was raided during Op Metal yesterday. During the raid, the individual, who holds a 'Datuk' title, was not at home and is believed to be abroad on business. He is expected to return tomorrow. Meanwhile, MACC Chief Commissioner Tan Sri Azam Baki, when contacted, confirmed the freezing of the bank accounts as well as the seizure of the properties, luxury vehicles, and branded watches. Following Monday's operation, he said the MACC also conducted further raids today at 13 new locations in Penang, Kedah, Johor, and the Klang Valley.
