PRESTAR RESOURCES BHD STEEL ROLLS READY TO BE SHEARED AT ITS RAWANG PLANT.
KUALA LUMPUR: Malaysia Steel Association (MSA) has criticised the way the authorities had carried out the recent industry-wide raid on steel product importers.
The association said in a statement that the authorities, checking on import irregularity, employed “heavy-handed tactic which have received wide national press coverage” that would tarnish the reputation of the raided companies before the due process of the law could be accorded to them.
“Such a high profile operation will unjustly exacerbate the negative sentiments towards the industry,” MSA said in a statement issued on its behalf by the Lion group.
The association, whose president is Tan Sri William Cheng, said it viewed with concern that the steel companies were raided by the authorities which were “heavily armed.”
“Some of these companies have had their bank accounts frozen and their staff had their mobile phones confiscated. MSA believes that as bona fide manufacturers, the steel companies have been abiding by the import rules and regulations, and will continue to cooperate with the authorities,” the association said.
It noted that the steel industry had contributed greatly towards nationbuilding in the last 60 years, and to date the steel industry had saved the country billions of ringgit in foreign exchange by substituting imports with locally produced steel products.
A business daily had reported that the Malaysian Iron and Steel Industry Federation (Misif) lodged a complaint with the Finance Ministry over the industry-wide audit. Since the report’s publication, a few of the listed steel companies had informed Bursa Malaysia that they were among the raided firms.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
