KUALA LUMPUR: The Securities Commission Malaysia (SC) said today that it has conducted raids on the premises of 'certain listed firms'.

The SC in a statement said it takes any allegations of misconduct seriously and will take necessary actions to address any wrongdoing uncovered during the investigations.

"However, due to the ongoing nature of the investigations, the SC is unable to provide further details at this time," the regulator told the Business Times today. A local English daily today reported that SC has raided a number of companies listed on the local stock exchange following complaints and tip-offs from the public.

The complaints were on alleged fraud, as well as potential false or misleading disclosure by several public-listed companies in their fund-raising exercises, including private placements, employees share option schemes and rights issues.

Quoting sources it said raids were conducted around the Tropicana area in Petaling Jaya.

"A number of listed companies had taken advantage of relaxed fund-raising rules that were loosened during the Covid-19 crisis.

"The rules were changed to allow companies to sell up to 20 per cent of their issued share capital via private placements until Dec 31, 2021, compared with 10 per cent previously," it added. 

https://www.nst.com.my/business/corporate/2024/03/1025721/securities-commission-says-it-conducted-raids-premises-certain