Scrap metal rings: MACC freezes accounts worth RM150m
According to sources, those who had their statements recorded included the male suspect said to hold a 'Datuk' title, who is also a businessperson, and believed to be involved in the activities.
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New Straits Times
an hour ago
- New Straits Times
Analysts warn of contract risks for Sunway Construction amid MACC Probe
KUALA LUMPUR: Sunway Construction Group Bhd (SunCon), the 65 per cent-owned construction subsidiary of Sunway Bhd, may face near-term headwinds in securing new projects following confirmation that one of its employees is under investigation by the Malaysian Anti-Corruption Commission (MACC) for dealings with certain subcontractors. This development may raise concerns over SunCon's job prospects, pending greater clarity on the outcome of the investigation, CIMB Securities noted. In the first quarter of 2025 (1Q25), SunCon's construction pre-tax profit dipped 2 per cent quarter-on-quarter to RM115 million, accounting for 38 per cent of Sunway Group's overall earnings. CIMB values the segment at RM3.6 billion (or RM0.55 per share), equivalent to 9 per cent of its sum-of-the-parts (SOTP) valuation. Notably, foreign shareholding in SunCon rose significantly, from 7.2 per cent in April to 13 per cent by June 2025. SunCon clarified that the MACC probe is an isolated case and unrelated to the group's contract procurement processes. The company is cooperating fully with authorities and has engaged legal counsel to assess its next course of action. On a more upbeat note, Sunway's property development arm continues to deliver, particularly in Singapore. Jointly developed with long-time partner Hoi Hup Realty, Otto Place is located in the eco-centric, car-lite Tengah Plantation District. During its July 19, 2025 launch, 351 out of 600 units were sold – achieving a 59 per cent take-up rate. Units were priced at an indicative S$1,700 psf under the Normal Payment Scheme, while 72 per cent of buyers opted for the Deferred Payment Scheme with a 3 per cent pricing premium. The car-lite development offers 872–1,195 sq ft units with three- to four-bedroom layouts, eight landscaped zones, and sports facilities. Larger units were especially popular, with over 70 per cent sold at launch – mostly to HDB upgraders. Building on this momentum, Sunway also secured a 3.9-acre parcel at Chuan Grove through a JV with Sing Holdings Residential (35:65 share). The land, acquired for S$704 million (RM2.3 billion) or S$4,131 per sq ft, is slated for private condominium development. While the gross development value is yet to be finalised, CIMB expects these ventures to support Sunway's property earnings, which contribute around 20 per cent to FY25 profit. CIMB maintains a "Hold" call on Sunway, with a SOTP-based target price of RM4.90. Meanwhile, RHB Research is also monitoring the MACC investigation but has not revised its earnings forecasts for SunCon. However, it has downgraded the group's ESG score slightly – from 3.3 to 3.1 – after revising its governance (G) component downward. "We flag risks in terms of securing jobs moving forward," RHB Research said in a note. SunCon will likely enhance its internal governance policies moving forward, RHB said, adjusting its target price to RM6.55 (from RM6.80) to reflect a 2 per cent ESG premium based on the new rating. The valuation is based on fiscal year 2026 (FY26) earnings per share and an unchanged per earnings ratio (P/E) target of 23.5x. Currently, SunCon shares are trading at a forward P/E of 20x for FY26 – a level RHB sees as offering further upside, especially if the company secures upcoming data centre contracts. During the 2017 construction upcycle, when data centres were not a key driver, SunCon traded in a lower P/E range of 15–17x. A potential rerating catalyst, RHB added, would be SunCon winning packages under the Penang Light Rail Transit (LRT) project. The group's last major infrastructure contract was awarded in March 2023 for the Rapid Transit System Link (Package 1B and Package 5). Still, a key downside risk remains: lower-than-expected job wins, it said.
The Star
2 hours ago
- The Star
MACC to call up 20 more witnesses in data centre graft case
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is expected to record statements from 20 witnesses to assist in the corruption case involving the procurement of a data centre construction project tender in Johor worth approximately RM180mil. MACC Investigation Division senior director Datuk Zainul Darus said that, so far, they have recorded statements from 12 individuals in connection with the case. He said the three suspects – the project manager of a construction company and two company directors – arrested by MACC are still under remand, while a female suspect was released on Sunday after her remand order ended. 'So far, there have been no new arrests in this case,' he said yesterday, Bernama reported. The media previously reported that a project manager detained for the corruption case was willing to burn almost RM1mil in cash to destroy evidence during an MACC raid on July 17. According to sources, during the raid conducted at his home in Petaling Jaya, a team of officers found RM100 banknotes totalling almost RM1mil in flames. Following a thorough inspection of the home, the MACC also found cash totalling approximately RM7.5mil stored in several boxes, three Rolex, Omega and Cartier watches, as well as jewellery such as rings and gold coins.
Daily Express
3 hours ago
- Daily Express
‘Datuk' held over Pahang award
Published on: Tuesday, July 22, 2025 Published on: Tue, Jul 22, 2025 Text Size: Karunanithy confirmed the arrest and said the suspect was released on bail. Kota Kinabalu: A businessman with the title 'Datuk' has been arrested by the Malaysian Anti-Corruption Commission (MACC) for allegedly soliciting RM6,000 from an individual to obtain a Pahang state award. The suspect, in his 40s, was arrested at noon Monday when he appeared at the Sabah MACC Office here to give a statement. According to a source, the suspect is believed to have offered to help the complainant obtain the title of Datuk from Pahang in 2023, even though he did not have the authority to do so. 'The suspect is believed to have dishonestly induced the complainant to transfer RM6,000 purportedly for the purchase of ceremonial clothing accessories needed to obtain the award,' he said. Sabah MACC Director Datuk S Karunanithy confirmed the arrest and said the suspect was released on bail. He said the suspect is scheduled to be charged at the Kota Kinabalu Sessions Court this Thursday (July 24) under Section 16(a)(A) of the MACC Act 2009. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
