SIBUR to expand cooperation with clients in Bangladesh
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Malay Mail
an hour ago
- Malay Mail
Singapore fines Citibank, UBS and others in RM10b money laundering crackdown involving Chinese nationals
SINGAPORE, July 4 — Singapore's central bank said today it has penalised several top global financial institutions, including Citibank and Swiss lender UBS, for breaches linked to the island-state's biggest money laundering case. Ten people hailing from China's Fujian province but bearing different non-Chinese passports had been convicted and jailed in Singapore in the SG$3.0 billion (RM$9.94 billion) case, which is also reportedly among the biggest money-laundering cases in the world. They used Singapore's financial system to launder illicit proceeds from multi-country gambling, according to the police. Following their arrests in 2023, the Monetary Authority of Singapore (MAS) launched extensive 'supervisory examinations' into financial institutions 'with nexus to persons of interest' in the case. Today the MAS said it had completed its probe and imposed penalties totalling SG$27.45 million on nine financial institutions for breaches in anti-money laundering safeguards. Among those penalised were Credit Suisse Singapore Branch for SG$5.8 million, local lender United Overseas Bank (UOB) for SG$5.6 million, the Singapore branch of UBS AG for SG$3.0 million and Citibank N.A. Singapore and Citibank Singapore Ltd for SG$2.6 million. The Singapore branch of Switzerland's Bank Julius Baer was also penalised SG$2.4 million, while three more financial institutions rounded up the rest of the penalties. Credit Suisse collapsed in March 2023, prompting its acquisition by rival UBS. 'The breaches arose out of poor or inconsistent implementation of these (anti-money laundering) policies and controls,' the MAS said in a statement. The shortcomings included inadequate customer risk assessment and failure to detect or follow up on certain 'red flags' detected in documents that should have cast doubt on some of their clients' sources of wealth, according to the MAS. Eight of the institutions 'failed to adequately review relevant transactions flagged as suspicious by their own systems', the regulator added. 'The relevant transactions were unusually large, inconsistent with the customers' profiles or showed unusual patterns.' The MAS also banned four people from doing any business in the industry for between three and six years, and issued reprimands to five more people as part of the actions it had taken. Local bank UOB said in a statement 'we acknowledge and accept MAS' findings with regard to the identified areas for improvement', adding that over the past two years, it had implemented measures to address deficiencies. — AFP
The Star
2 hours ago
- The Star
French multinational Imerys to invest RM1.68bil, expected to create up to 120 jobs, says PM
PARIS: French multinational company Imerys has pledged to invest approximately RM1.68bil to establish a carbon black production facility for use in lithium-ion batteries for electric vehicles in Malaysia, says Datuk Seri Anwar Ibrahim. According to the Prime Minister, this will be Imerys' second such plant globally after Belgium and it is expected to create 100 to 120 skilled jobs. 'It is under site consideration at the Pengerang Integrated Petroleum Complex (PPIC) Johor or the Gebeng Industrial Park in Pahang. 'It targets the Asia-Pacific Market, contributing to regional EV battery manufacturing and conductive polymer applications,' said Anwar in his speaking notes during a one-on-one meeting with Imerys in Paris, France on July 4 (Friday). Anwar said Imerys' carbon black project aligns with Malaysia's goals under the National Energy Transition Roadmap (NETR) and the New Industrial Master Plan 2030 (NIMP 2030). 'It will boost Malaysia's positioning in the battery materials supply chain and support downstream localisation and innovation. 'This project also complements the broadened EV and renewable energy agenda, with strong potential for industrial linkage and technology transfer,' said Anwar. Anwar said Malaysia welcomes Imerys confidence in Malaysia as a strategic destination in Asia, and the proposed carbon black project will significantly contribute to the development of Malaysia's battery and EV ecosystem. 'We are committed to supporting this investment through streamlined facilitation and industrial development enablers, aligned with our NIMP 2030 and NETR. 'The partnership with PETRONAS for feedstock, and consideration for strategic locations such as PIPC Johor and Gebeng, Pahang, reinforces our push towards value-added industrialisation,' said Anwar. Imerys has operations in 33 countries and it supplies functional additives, mineral components and process enablers for industries including plastic, energy, construction and electronics. In Malaysia, Imerys Minerals Malaysia Sdn Bhd operates a calcium carbonate mine in Ipoh, which is its largest Southeast Asian site.
Malay Mail
2 hours ago
- Malay Mail
Bursa Malaysia ends slightly higher as foreign funds lift banks, utilities and consumer counters
KUALA LUMPUR, July 4 — Bursa Malaysia turned slightly higher at the close yesterday, supported by continued buying in selected heavyweights led by financial services, industrial products and services counters amid a mixed regional markets' performance, an analyst said. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.20 points, or 0.08 per cent, to 1,550.19 from yesterday's close of 1,548.99. The index opened 1.75 points higher at 1,550.74 and hovered between 1,547.70 and 1,551.78 throughout the day. The broader market was positive with 489 gainers compared to 466 decliners, while 509 counters were unchanged, 923 untraded and 21 suspended. Turnover fell to 3.43 billion units worth RM2.47 billion against 5.09 billion units worth RM2.9 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed marginally higher with buying mainly on consumer, utilities and banks, with profit-taking on Petronas-linked stocks. 'Regional market tone remained cautious following President Donald Trump's plan to issue official communications today on revised US tariff rates to key global economies. 'To date, the US has signed trade deals only with the UK and Vietnam, and a limited framework with China. As for the local bourse, sentiment remains positive thanks to the return of foreign funds,' he told Bernama. Among heavyweights, Maybank lost 6.0 sen to RM9.74, Public Bank added 8.0 sen to RM4.38, Tenaga Nasional ticked up 4.0 sen to RM14.06, CIMB dropped 2.0 sen to RM6.77, and IHH Healthcare went down 10 sen to RM6.75. As for the most active stocks, Borneo Oil was flat at half-a-sen, Zetrix AI improved 2.0 sen to 99.5 sen, Nationgate went up 11 sen to RM1.78, NexG was 1.0 sen higher at 40 sen and Tanco dropped 1.0 sen to 89 sen. — Bernama
