KUALA LUMPUR: Bukit Aman has rubbished claims that it raided an oil and gas engineering company’s office.
Federal Commercial Crime Investigation Department director Comm Datuk Seri Ramli Mohamed Yoosuf explained that investigators merely went to the company premises to collect documents.
"It wasn’t a raid. We went to the premises and collected some documents from the company
"Documents were also collected from the company secretary for investigation.
"That much I can confirm as reported by my officers," he said when contacted on Friday.
It was circulated on WhatsApp that the offices of KNM Group Berhad were raided on Wednesday.
The message claimed that police had seized many documents connected to the company.
Once touted as the darling of investors, KNM Group Bhd finds itself in the league of distressed companies after it slipped into the Practice Note 17 (PN17) category.
StarBizWeek in November last year reported that the company shares plunged to five sen each, current liabilities have exceeded current assets and the group foresees itself returning to profitability only in the next “two to three years.
It was also reported that cash crunch issues were also limiting KNM from taking on more new projects.
The root cause of the quagmire plaguing KNM could be traced back to the series of acquisitions the group made many years ago.
Executive chairman Tan Sri Zulhasnan Rafique was quoted saying that KNM would not have slipped into PN17 had the proposed disposal of its entire stake in Borsig GmbH, a German‐based process equipment manufacturer, was completed before the deadline of KNM’s financial audit.
In September this year, a group of shareholders sought to remove KNM's existing directors.
