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Raffles United assisting with CAD 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 on Friday 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.
The company 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.