In a filing to Bursa Malaysia today, it said none of the three subsidiaries’ accounts were frozen and no financial impact was expected as a result of an industry audit by the department. The subsidiaries are Ann Joo Metal Sdn Bhd, Anshin Steel Service Centre Sdn Bhd and Anshin Steel Processor Sdn Bhd. Ann Joo Resources said the department had inspected and taken custody of shipping and accounting records relating to import of hot-rolled coil of the three subsidiaries on Feb 24.

“The purpose of the audit and investigation was not officially informed by the Customs Department. “The documents that have been taken do not affect the operations of the group and the company is of the opinion that there is no financial impact (arising from it),” it said. Ann Joo was responding to an article published in a business daily on a complaint lodged by the Malaysian Iron and Steel Industry Federation to the Finance Ministry over industry-wide audits conducted by the Customs Department. The group said it would continue to extend its cooperation to the department in the investigations. ― Bernama