SINGAPORE (May 4): Raffles United Holdings, formerly known as Kian Ho Bearings, announced Friday that the company and its subsidiary, Kian Ho, are under investigation by the Commercial Affairs Department (CAD).
According to Raffles United, the company on Wednesday received a letter from the authorities regarding the probe into an alleged offence under the Securities and Futures Act.
The company says it has handed over the documents, information and IT equipment from 2015 to date that were requested by CAD.
CAD has not disclosed any further details on the ongoing investigations.
Raffles United says it will cooperate fully with the CAD in its investigation.
Meanwhile, the business and operations of the group are not affected by the investigations and will continue as usual.
Shares of Raffles United last closed 6.5 cents lower, or down 31%, at 14.5 cents on Thursday.