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Message: Re: Concerning news out of Malaysia

Thanks Dave.  I can't believe there is no response here thus far to this story from Reuters: 

KUALA LUMPUR, Sept 9 (Reuters) - Several managers at semiconductor firm SilTerra Malaysia have been arrested by the country's anti-corruption agency, parent company Dagang NeXchange Bhd (DNeX) said in a stock exchange filing on Thursday.

SilTerra Malaysia was the subject of a takeover battle in February which saw DNeX and a Chinese partner outbid Taiwan's Foxconn.

SilTerra was notified that the arrests had been made on Wednesday by the Malaysian Anti-Corruption Commission (MACC) "to assist in their investigation of a potential offence".

"Based on the limited information available... the MACC investigation may potentially be related to a legacy issue," DNeX said.

MACC did not respond to a Reuters request for comment.

DNeX and Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center bid here 273 million ringgit ($65.98 million) to buy SilTerra from sovereign wealth fund Khazanah Nasional.

DNeX owns 60% of SilTerra while its Chinese partner holds the remainder.

In June, Hon Hai Precision Industry Co Ltd, as Foxconn is formally known, bought a 5% equity interest in DNeX via its Singapore unit.

The stake has shrunk to 3.88% following an additional listing of shares, Refinitiv data showed. (Reporting by Liz Lee, additional reporting by Rozanna Latiff; editing by Jason Neely)

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Sep 13, 2021 05:34PM
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