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Hype Malaysia
4 days ago
- Entertainment
- Hype Malaysia
MGM China Clarifies Reports Of Actor Jacky Heung Getting Sued For Failing To Repay RM700k Debt
Despite the glitz and the glamour, some stars have fallen into debt due to poor spending habits and addiction. Recently, rumours circulated that MGM China sued Hong Kong actor Jacky Heung (向佐) for failing to repay a massive debt. Reports of the issue emerged earlier this week, alleging that the actor was facing legal action from MGM China Holdings after failing to repay a loan taken from a Macau casino in December 2024. According to reports, Jacky borrowed HK$2 million (approximately RM1.08 million) from the casino in the form of gaming chips, with the stipulation to repay the full amount on the same day. However, months have passed since the day, and Jacky now allegedly owes the company HK$1.4 million (approximately RM759,000). As there has not been any repayment, MGM filed a claim in the Hong Kong District Court for the outstanding amount plus interest. The loan agreement states that the company is entitled to collect interest at an annual rate of 18%, calculated from the date of borrowing until the debt is repaid in full. The lawsuit garnered media attention because of Jacky's status as an actor and his family background. The 41-year-old is the son of renowned HK actor and director Charles Heung (向華強) and film producer Tiffany Chen (陳嵐). Thankfully, it appears that the case has been settled, as MGM China revealed yesterday (Tuesday, 15th July 2025) that the debt has been fully repaid. The lawsuit against Jacky has also been dismissed. The statement clarified that Jacky acted as a guarantor for a third party in the loan and that the legal action was standard procedure to resolve the issue. Unfortunately, this particular case attracted too much attention, which caused inconvenience to the actor and his image. As such, MGM China has urged all parties to refrain from spreading inaccurate information. Additionally, the company wouldn't issue any further comments on the matter. Jacky has yet to address the matter, but we're glad the issue was resolved quickly and didn't escalate into something bigger. What are your thoughts on this? Sources: Dimsum Daily (1)(2)
The Sun
09-07-2025
- Business
- The Sun
Bursa Malaysia stays mixed at midafternoon
KUALA LUMPUR: Bursa Malaysia remained mixed at mid-afternoon, as persistent selling in selected heavyweights, led by the financial and industrial products and services counters, limited gains amid mixed regional market performance. At 3 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 4.92 points to 1,525.22 from Tuesday's close of 1,530.14. The benchmark index had started the day 1.14 points lower at 1,529.0. However, the broader market was positive with 449 gainers surpassing 411 decliners, while 468 counters remained unchanged, 1,079 were untraded, and nine were suspended. Turnover stood at 2.20 billion units worth RM1.08 billion. Among the heavyweights, Tenaga Nasional remained unchanged at RM13.86, while Maybank was one sen lower at RM9.69, Public Bank fell six sen to RM4.28, CIMB dropped five sen to RM6.56, and IHH Healthcare went down three sen to RM6.67. As for the most active stocks, ACE Market debutant PMCK and Tanco were flat at 22 sen and 89 sen, respectively, NexG added half-a-sen to 44 sen, Malaysian Resources grew 5.5 sen to 56 sen, while Zetrix AI slipped half-a-sen to 96.5 sen. On the index board, the FBM Emas Index slid 12.09 points to 11,456.05, the FBMT 100 Index fell 16.63 points to 11,221.28, and the FBM ACE Index narrowed 1.63 points to 4,470.71, while the FBM Emas Shariah Index went up 19.12 points to 11,451.56 and the FBM 70 Index strengthened 60.81 points to 16,598.71. Sector-wise, the Financial Services Index declined 106.28 points to 17,503.64, the Industrial Products and Services Index eased 0.40 of-a-point to 153.35, the Plantation Index edged down 1.49 points to 7,427.43, and the Energy Index ticked down 0.25 of a point to 733.29. - Bernama
New Straits Times
07-07-2025
- Business
- New Straits Times
Digital Kitchen initiative expands to 10 more PPRs in KL
KUALA LUMPUR: The Dapur Digital initiative is entering its second year by expanding to 10 more People's Housing Projects (PPRs) in the city, following strong sales and growing community engagement. Minister in the Prime Minister's Department (Federal Territories) Datuk Seri Dr Zaliha Mustafa highlighted the government's support for community-based social enterprises as Dapur Digital received a RM5 million boost from the Finance Ministry in the 2025 Budget to establish 25 additional locations nationwide. Spearheaded by Pepper Labs, the initiative has surpassed RM1.08 million in total sales since its 2024 launch, with five pilot kitchens empowering B40 communities in KL to generate income through cooking and e-commerce. "So far, the entrepreneurs involved come from five People Housing Projects (PPRs), with around 10 people per PPR. There may be more once their local communities become more engaged," Zaliha told a press conference after the KL Dapur Digital 2025 Keys Handover today. "Ultimately, what we want is for this social entrepreneurship model to be extended to more communities so that in the Federal Territory, particularly in Kuala Lumpur, we are not only talking about physical development but also about human and community development." She said the participants of the programme, which is based on a public-private partnership model, are not only trained in food preparation but also in digital marketing and financial management. The training is also conducted near participants' homes, Zaliha added, enabling convenient access and allowing the kitchens to evolve into community hubs. Dapur Digital is part of the Federal Territories Department's broader strategy to eradicate hardcore poverty under Program Usaha Jaya Insan (PUJI) action plan. In addition to support from government agencies, the initiative sees cooperation from private partners such as Media Prima, Maxis, Brahim's, PPB Group, Shopee, TikTok and Grab Malaysia.
The Star
25-06-2025
- The Star
Father and son caught processing ecstacy worth over RM1mil in Muar
MUAR: Police arrested a father-son duo and seized 6.38kg of ecstasy powder worth over RM1mil during a raid at a house in Bukit Treh last week. Muar OCPD Asst Comm Raiz Mukhliz Azman Aziz said the 49-year-old man and his 23-year-old son were caught in the act of allegedly processing the ecstasy powder by grinding it before packaging it into drink sachets. "The 4pm to 10pm raid led to the discovery of approximately 6,389g of ecstasy powder worth RM1.06mil, along with various tools used for processing and repackaging the drugs. "We also seized a car worth RM13,000 and a motorcycle valued at RM7,000, both believed to have been used in the drug distribution activities. "The total value of the drugs and seized vehicles amounts to RM1.08 million. Investigations revealed the suspects began engaging in these illegal activities in February this year," he said during a press conference at the Muar district police headquarters Wednesday (June 26). Raiz added that both suspects have prior drug-related criminal records, with the father having previously served a prison sentence. The case is being investigated under Sections 15(1)(a) and 39B of the Dangerous Drugs Act 1952. - Bernama
Business Times
19-06-2025
- Business
- Business Times
South Korea's Cuckoo set for Malaysia debut after scaling down IPO
[SEOUL] A subsidiary of South Korean home-appliance maker Cuckoo Holdings is set to go public in Malaysia after a scaled-down offering that is expected to raise RM395 million (S$119.4 million). Cuckoo International (Mal) will begin trading on June 24, two months after postponing its initial public offering (IPO) due to market volatility. The final amount raised may vary as the company is waiting for approval from the bourse to reduce its public shareholding spread to 20 per cent from the current 25 per cent. Its revised offer price of RM1.08 per share, from RM1.29 previously, will value the company at RM1.55 billion. The company's debut will be closely watched for clues on demand for consumption stocks given the tepid retail subscription rate for Cuckoo. Chief executive officer Hoe Kian Choon is confident that its prospects and sizeable market share in the local home-appliance rental segment will draw investors. 'A lot of our investors were happy' that the offering was put off to ride out the volatility sparked by the US tariff announcement in April, Hoe said. 'None of our cornerstone investors left.' While market uncertainty remains high, the situation is 'more stable now,' allowing the company to revive its listing plans, he added. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Hoe, who founded the local company in 2014 as a distributor of Cuckoo products, has grown the business on the strength of its water purifier rental segment. Cuckoo Malaysia also co-creates some new products with other brands for the domestic market. The company's promising outlook prompted its Korean supplier to take up a majority stake in the Malaysian firm. Hoe said that Cuckoo Malaysia has secured nearly a fifth of the local appliance rental market and opportunities to cross-sell products among its one million active-subscriber base would help the company achieve double-digit revenue growth over the next few years. Cuckoo Malaysia's profit after tax for the first nine months of 2024 jumped 75 per cent from the previous corresponding period to RM104 million. Revenue rose 13 per cent. 'Malaysia's market is growing not only in number of households but also in household debt,' Hoe noted. 'Malaysians are looking for the best way to actually maximise their value for money. Rental will be one of the ways for them to enjoy a standard of living.' Korean rival Coway's wholly-owned local unit currently has market leadership in the rental space. Hoe, a former Coway executive, aims to catch up with other Cuckoo offerings including mattresses, massage chairs and air purifiers. Consumer brands that are centred on mass-market affordability have done well in Malaysia. Two of the country's biggest IPOs in the past year were retail chains that catered to customers looking to stretch the dollar – mini-mart operator 99 Speed Mart Retail Holdings and dollar-store chain Eco-Shop Marketing. Hoe said that Cuckoo's business fundamentals remain sound given little exposure to external shocks. While it is vulnerable to a stronger US currency – the company buys stock from its Korean parent in dollars – strong recurring income from its rental segment helps ease the pressure. Cuckoo will use proceeds from the IPO to open new concept stores that will allow cash-and-carry purchases and expand its business in Singapore. BLOOMBERG
