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Request for trading halt followed call by S'pore Customs over possible duties infringement by unit: Transcorp

TRANSCORP Holdings revealed on Monday that it requested for a trading halt last week following a call by the Singapore Customs on April 19 for its Regal Motors subsidiary to assist in investigations relating to a possible under-declaration of import duties in 2016 and 2017.

Transcorp said in a filing with the Singapore Exchange on Monday evening that it is of the opinion that "there is currently no indication that Regal Motors has under-declared the import prices of motor cars in 2016 and 2017".

It added that Ronnie Chua, Regal Motors' director and general manager, is currently assisting in the investigation.

Said Transcorp: "There are currently no restrictions imposed by the Singapore Customs on the importation of motor cars by Regal Motors nor are there charges being preferred against Regal Motors, its directors or staff."

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The company will update shareholders on the investigations.

Following the announcement, Transcorp - which has had trading in its shares halted since April 26 - requested for the lifting of the trading halt.