Raffles United assisting CAD with probe

Bearings and seals supplier Raffles United and its subsidiary, Kian Ho, are assisting the Commercial Affairs Department (CAD) with investigations into potential breaches of the Securities and Futures Act.

The company said in an exchange filing yesterday that it received a letter dated May 2 from the CAD about the investigation. The company has handed over requested documents, information and IT equipment dating back to Jan 1, 2015, to the CAD.

The CAD did not disclose further details on the investigations, the company said.

Raffles United added that it will cooperate fully with the CAD and will make announcements as and when there are further significant developments.

Business and operations are not affected by the investigations and will continue as normal.

Raffles United shares yesterday slumped 10.3 per cent to 13 cents.

  • 10.3%

    Fall in Raffles United shares yesterday to 13 cents.

A version of this article appeared in the print edition of The Straits Times on May 05, 2018, with the headline 'Raffles United assisting CAD with probe'. Print Edition | Subscribe