KUALA LUMPUR (June 30): Southern Steel Bhd (SSB) said today it has resolved all issues relating to an industry-wide audit conducted by the Royal Malaysian Customs Department (RMCD) on its subsidiary Southern Steel Pipe Sdn Bhd (SSP).

In a filing with Bursa Malaysia today, SSB said the RMCD has returned all documents and financial records taken into custody. Consequently, SSB said the order to freeze its bank accounts has been lifted.

"We have resolved issues raised by RMCD," the filing read. "There is no material impact on the operations and financials of SSB group," it added.

SSB reported on March 2 that SSP was under investigation by the customs department, with customs officers making a "surprise" visit to SSP premises on Feb 24.

SSB had said the customs department had taken custody of certain documents and related financial records, and had frozen certain bank accounts.

The Edge Financial Daily had reported on Feb 29 that the Malaysian Iron and Steel Industry Federation had lodged a complaint with the finance ministry on concerns raised by its members regarding the industry-wide audit which was conducted in a "high-handed" manner.

Three other public-listed steel makers — Ann Joo Resources Bhd, Wah Seong Corp Bhd and Amalgamated Industrial Steel Bhd — also informed Bursa Malaysia yesterday that their subsidiaries were affected by the authorities' investigation.

Hiap Teck Venture Bhd was the first to announce last week that customs had taken custody of certain documents of two of its subsidiaries, and frozen the bank accounts of one of them.

SSB shares closed unchanged at 98 sen, with a market capitalisation of RM411.03 million.