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New Straits Times
7 days ago
- Business
- New Straits Times
Najib's bankruptcy case adjourned to Sept 8 over disorganised submissions
KUALA LUMPUR: Datuk Seri Najib Razak's bid to stay bankruptcy proceedings was postponed after the High Court raised concerns over disorganised and incomplete submissions by his legal team. Judicial commissioner Suhendran Sockanathan @ Saheran Abdullah also instructed Najib's lawyer Muhammad Farhan Shafee to refile a consolidated set of submissions after finding that key issues were either missing or scattered across documents. Farhan had earlier argued that the Inland Revenue Board's (IRB) RM1.69 billion tax claim against Najib was tied to funds allegedly received from 1Malaysia Development Bhd (1MDB), which were still the subject of ongoing criminal and civil proceedings. He submitted that there were unresolved legal issues surrounding whether the alleged proceeds of criminal activity could be taxed under Section 4 of the Income Tax Act 1967. "The IRB has treated the sums received through the appellant's personal accounts, alleged to have originated from 1MDB, as income. "These amounts do not fall within the scope of Section 4 of the Income Tax Act. Furthermore, provisions under the Anti-Money Laundering Act are also involved," he said during the proceeding today. Farhan also told the court that these matters were pending before the Special Commissioners of Income Tax, and a final ruling had yet to be made. He also raised the issue of potential double recovery by the government, saying there were attempts to penalise his client under both criminal and tax laws using the same facts. However, the court pressed Farhan repeatedly for clarity, pointing out that these central arguments were either not included in the written submissions or only briefly referenced in affidavits. "None of this is (arguments) in your submissions, you know? "At the moment, you are all over the place. "I do not want to have bits here and bits there... it is too cumbersome," Saheran said. Farhan then suggested that the court grant a short date to allow his team to update and streamline their submissions. He acknowledged that their arguments had not been presented in a structured manner and expressed his willingness to return to court with a more comprehensive and organised set of submissions. Saheran: I think yes... Farhan, I think you need to focus a bit more. Farhan: Sure. Saheran: Update the submissions and get it to us... I do not want this to be sitting on my docket. For a long period of time. How long will it take? Farhan: We can file it within the week. Saheran: Take two weeks... but do it properly. Senior federal counsel Norhisham Ahmad, who appeared for IRB, also supported the call for clearer submissions, adding that many of the appellant's arguments had not been raised in their original filings. The court then fixed Sept 8 to hear the case. Najib is appealing against two bankruptcy notices stemming from additional tax assessments amounting to RM1.46 billion, which have now ballooned with penalties and interest to RM1.69 billion. The former prime minister maintains that the tax assessments are flawed and should not proceed while related matters are being litigated in other courts. On June 25, 2019, the government, through IRB, filed the suit against Najib asking him to settle the unpaid tax with interest at five per cent, a year from the date of judgment, as well as costs and other relief deemed fit by the court. The government claimed that Najib had failed to pay his income tax from 2011 to 2017 within the stipulated 30-day period after assessment notices were issued by the IRB.
Barnama
18-07-2025
- Business
- Barnama
Malaysia's Trade Up 4.8 Pct Y-o-Y To RM1.46 Trillion In 1H 2025 -- MITI
BUSINESS KUALA LUMPUR, July 18 (Bernama) -- Malaysia's trade performance remained firm in the first half of 2025 (1H2025), rising by 4.8 per cent to RM1.46 trillion compared to the corresponding period in 2024, according to the Investment, Trade and Industry Ministry (MITI). In a statement today, MITI said exports were up by 3.8 per cent to RM760.2 billion and imports rose 5.9 per cent to RM704.67 billion, while the trade surplus stood at RM55.53 billion. 'Trade performance for June 2025, however, experienced a modest 1.2 per cent decline to RM234.85 billion compared to June 2024. 'Exports contracted by 3.5 per cent to RM121.72 billion, while imports rose 1.2 per cent to RM113.13 billion,' it said. MITI said trade surplus rebounded to RM8.59 billion in June from RM759.9 million in May, marking the 62nd consecutive month of surplus since May 2020, thus reflecting continued resilience in Malaysia's external trade position. The ministry primarily attributed the decline in exports in June to lower shipments of manufactured and mining goods, particularly petroleum products, liquified natural gas and crude petroleum. 'This contraction was partly cushioned by continued strength in exports of palm oil and palm oil-based agricultural products, which posted double-digit growth in June 2025, extending its growth streak to the 15th consecutive months. 'This was also supported by increased exports of machinery, equipment and parts as well as electrical and electronics (E&E) products,' it added. MITI said the growth in E&E exports is consistent with the World Semiconductor Trade Statistics projection of an 11.2 per cent rise in global semiconductor sales for 2025.
Malaysian Reserve
18-07-2025
- Business
- Malaysian Reserve
MITI: Malaysia's trade up 4.8% y-o-y to RM1.46t in 1H25
KUALA LUMPUR — Malaysia's trade performance remained firm in the first half of 2025 (1H25), rising by 4.8 per cent to RM1.46 trillion compared to the corresponding period in 2024, according to the Investment, Trade and Industry Ministry (MITI). In a statement today, MITI said exports were up by 3.8 per cent to RM760.2 billion and imports rose 5.9 per cent to RM704.67 billion, while the trade surplus stood at RM55.53 billion. 'Trade performance for June 2025, however, experienced a modest 1.2 per cent decline to RM234.85 billion compared to June 2024. 'Exports contracted by 3.5 per cent to RM121.72 billion, while imports rose 1.2 per cent to RM113.13 billion,' it said. MITI said trade surplus rebounded to RM8.59 billion in June from RM759.9 million in May, marking the 62nd consecutive month of surplus since May 2020, thus reflecting continued resilience in Malaysia's external trade position. The ministry primarily attributed the decline in exports in June to lower shipments of manufactured and mining goods, particularly petroleum products, liquified natural gas and crude petroleum. 'This contraction was partly cushioned by continued strength in exports of palm oil and palm oil-based agricultural products, which posted double-digit growth in June 2025, extending its growth streak to the 15th consecutive months. 'This was also supported by increased exports of machinery, equipment and parts as well as electrical and electronics (E&E) products,' it added. MITI said the growth in E&E exports is consistent with the World Semiconductor Trade Statistics projection of an 11.2 per cent rise in global semiconductor sales for 2025. In terms of destinations, exports to major trading partners, namely the United States (US), the European Union and Taiwan, registered growth in June 2025. It said Malaysia's trade with the United States (US), which accounted for 11.6 per cent of Malaysia's total trade, grew by 10.8 per cent year-on-year (y-o-y) to RM27.32 billion, with exports expanding by 4.7 per cent to RM16.28 billion and imports increasing by 21.1 per cent to RM11.05 billion. 'Exports to Mexico also increased, primarily driven by higher shipments of E&E products. 'As for the US' tariff measures, Malaysia remains committed to continuing engagement to achieve a balanced and mutually beneficial bilateral trade arrangement,' it said. Meanwhile, ASEAN accounted for 24.8 per cent of Malaysia's total trade in June 2025, but trade with the region dropped 10.5 per cent y-o-y to RM58.21 billion. The ministry said MITI and the Malaysia External Trade Development Corporation are also intensifying efforts to build a more resilient trade ecosystem, including diversifying export markets and strengthening trade ties through Free Trade Agreements. — BERNAMA
