Latest news with #RM1.5bil


The Star
23-06-2025
- Politics
- The Star
Burning of PM caricature 'desperate stunt' due to lacklustre turnout, says PKR division chief
KOTA KINABALU: The act of burning a caricature of Prime Minister Datuk Seri Anwar Ibrahim during the recent Suara Mahasiswa rally has been described as a desperate stunt to regain attention after a lacklustre turnout. Tuaran PKR division chief Razeef Rakimin condemned the act, calling it a misdirected and hazardous attempt to provoke. 'This was a desperate attempt to gain attention after the mobilisation failed. The demonstration on Saturday only drew about 50 to 80 people, and the burning of the caricature the next day was clearly a stunt aimed at the wrong target,' he said in a statement on Monday (June 23). The caricature, set alight during the second day of the 'Gempur Rasuah Sabah 2.0' protest organised by students from Universiti Malaysia Sabah (UMS), was supposedly intended as a symbolic jab at the Prime Minister, labelling him a protector of corruption in Sabah. Razeef said that although the group had a right to protest — something he and Sabah PKR have supported from the beginning — their methods have become increasingly problematic. 'Since their first protest on water issues, and then Gempur Rasuah 1.0 and now 2.0, we have been consistent in defending the right to demonstrate. The police have also allowed their rallies as long as they follow the law,' he said. 'But their approach is off. Instead of mobilising the rakyat, they resort to mockery and extreme ridicule, which turns people off. Their antics come across as distasteful and even childish.' He said one incident during the Saturday rally saw participants roughing up another protester who held a placard demanding an investigation into the alleged RM1.5bil leak — a contradiction to the rally's anti-corruption message. 'Police managed to keep the peace despite provocation. One officer was even shouted at simply for asking to see an ID. It's within a police officer's rights to request identification, yet the demonstrators treated him disrespectfully,' he added. Razeef also questioned why the Prime Minister became the target, pointing out that Anwar had approved a RM3mil allocation to help resolve UMS's water woes after hearing students' complaints. 'The PM didn't pocket a single sen from that project. So why burn his caricature instead of targeting the actual individuals accused of corruption?' he asked. He further highlighted that the burning itself was poorly executed and dangerous. 'After two failed attempts, the banner still wouldn't burn. One participant nearly caught fire when another foolishly lit the petrol while it was still being poured. This was not about cleaning up after - they endangered public safety at Gaya Street, which had tourists and weekend visitors.' 'The public backlash has been strong, not because of their anti-corruption message, but because of the sheer recklessness and disrespect shown. Corruption isn't part of our culture, but neither is extremism and vandalism.' Police have said investigations are ongoing into the banner burning, which may fall under sedition or other related laws.

The Star
23-06-2025
- Business
- The Star
CAAM to become statutory body, merge with Mavcom effective Aug 1, says Loke
PUTRAJAYA: The Cabinet has approved the proposal to turn the Civil Aviation Authority of Malaysia (CAAM) into a statutory body with separate remuneration and exemption effective Aug 1, says Anthony Loke. The Transport Minister said the merger between CAAM and the Malaysian Aviation Commission (Mavcom) – the country's two aviation regulatory agencies - is expected to help the government save between RM1.5bil and RM2bil over the next decade. 'This exercise will help save RM150mil to RM200mil from government coffers annually. 'Over the next 10 years, this amounts to at least RM1.5bil to RM2bil,' he told reporters on Monday (June 23). Loke explained that CAAM will take over Mavcom's economic regulatory functions and become a statutory body with its own terms and freedoms. He also reassured that the merger will not have any direct financial impact on passengers. Loke said that Aviation Services Charges have been revised and applied to airlines since January. 'The majority of the revenue comes from foreign airlines using our airspace. 'We hadn't reviewed these charges since the 1980s, and we finally did so in recent years,' he added. He said this would contribute significantly to CAAM's financial independence. Loke also stated that the merger aligns with international best practices, which favour a single regulatory body for the aviation sector. The consolidation follows the passing of the Mavcom Bill 2024, which led to Mavcom's dissolution, along with amendments to the CAAM Bill 2024. Loke assured that Mavcom staff will be offered positions within CAAM after the merger. 'The restructuring will be carried out in an orderly and transparent manner, guided by good governance. A business continuity plan will also be communicated to affected staff through internal engagement sessions,' he added. Loke said that currently there were 57 staff members under Mavcom, which would be offered positions at CAAM upon the merger.


New Straits Times
23-06-2025
- Business
- New Straits Times
Inaccurate to compare CAAM-Mavcom merger to SPAD's dissolution, says Loke
PUTRAJAYA: The merger involving the Civil Aviation Authority of Malaysia (CAAM), which will take over the economic regulatory functions of the Malaysian Aviation Commission (Mavcom), should not be compared to the dissolution of the Land Public Transport Commission (SPAD) in 2018. Transport Minister Anthony Loke said the consolidation of CAAM and Mavcom is intended to strengthen the regulator's role and establish a single authority to oversee the aviation industry. "CAAM has always been a technical regulator, while Mavcom functions as an economic regulator. "This merger does not replace CAAM's role; it enhances it. CAAM has long handled technical regulation, including aircraft, airlines and pilots. "With the merger, CAAM's responsibilities are now expanded. Our aim is to have a single, unified regulator for the aviation sector," he told reporters here today. Loke said comparing the CAAM-Mavcom merger with SPAD's dissolution and the formation of the Land Public Transport Agency (Apad) was inaccurate, as they occurred under entirely different circumstances. Earlier today, Loke announced that CAAM will take over the economic regulatory functions of the Mavcom starting Aug 1. This follows the merger of the two entities, under which CAAM will transition into a Statutory Body with Separated Terms and Freedoms (BBDSB), making it the sole aviation regulatory authority overseeing the technical, safety, and economic aspects of the industry. Loke had said that the merger would save the government about RM1.5bil to RM2bil over the next decade. In 2018, Loke had then announced the establishment of APAD following the decommissioning of SPAD. He had said that Apas would be a full-fledged department under the ministry, headed by a director-general and tasked with planning the development of the country's land public transport system, including mass rail transit (MRT), light rail transit (LRT), rail transportation and bus systems.


The Star
16-06-2025
- Business
- The Star
Batang Saribas bridge to be declared opened July 19
KUCHING: The RM375.5mil Batang Saribas 1 bridge will be officially declared open by Sarawak Premier Tan Sri Abang Johari Openg on July 19. Deputy Premier Datuk Amar Douglas Uggah said the 1.55km span brought an end to the people's 60-year wait for a bridge across the Batang Saribas. The newly completed bridge was opened for public use on May 25. It is the fifth to be completed out of 16 bridges being constructed along the Sarawak Coastal Road. Uggah said Abang Johari was scheduled to officiate the bridge's opening in Pusa, a small coastal town in central Sarawak. He said the Premier would also launch the Betong Division Development Agency (BDDA) at the same time. "We feel that it is most appropriate for him to launch both the bridge and BDDA. "The people of Betong wish to thank the Premier for the bridge and for allocating a budget of RM1.5bil to BDDA," he said after chairing a meeting on preparations for the opening ceremony in Betong on Monday (June 16). Uggah said BDDA was set up in 2022 as one of nine regional development agencies in Sarawak. "BDDA is a game changer on the path towards fulfilling the people's expectations for more development and a better life," he said, adding that the organisers were targeting a crowd of 5,000 for the launch events. Also present at the meeting were Betong and Batang Lupar MPs Datuk Dr Richard Rapu and Mohamad Shafizan Kepli, Krian and Kalaka assemblymen Friday Belik and Mohamad Duri and Betong Resident Richard Michael Abunawas.


The Star
05-06-2025
- Business
- The Star
Paramount still keen on foreign markets
Paramount Corp Bhd group chief executive officer Jeffrey Chew. SHAH ALAM: Property developer Paramount Corp Bhd remains committed to overseas property investment amid market uncertainty and Eco World International Bhd 's (EWI) plans to re-enter the Malaysian property scene. In May 2024, Paramount became a major shareholder of EWI after acquiring a 21.54% stake in the international property developer for a cash consideration of RM170.61mil. Loss-making EWI focuses on international property development, mainly in Britain and Australia, but had recently announced plans to venture into the local market. Group chief executive officer Jeffrey Chew said EWI's decision to tap into the local market does not divert Paramount's objective of diversifying its earnings base and expanding property development activity overseas. 'I think our objective has always been to keep some assets outside of Malaysia. The fact that EWI has actually decided to launch in Malaysia does not mean that they are going to get rid of all the overseas projects. 'In a way, it still does meet our objective and original intonation of having assets outside of Malaysia,' he told the media during a briefing after Paramount's 55th AGM, yesterday. Chew noted that if EWI were to launch projects locally, revenue recognition would likely be faster compared to markets such as Britain or Australia. He said Paramount sees long-term value in maintaining its investment in EWI, maintaining a positive outlook over the next few years. On Paramount's broader overseas investment strategy, Chew said that the group tries to 'not put all its eggs in one basket' and continues to explore new opportunities. He acknowledged that earlier projects, including a venture in Bangkok, had underperformed due to post-pandemic market conditions. As a result, Paramount is now focusing on lower-risk, structured international investments that offer fixed returns and defined exit mechanisms. To date, Paramount has invested in six international property projects across Australia, Britain and the United States. In line with its updated investment approach, the group also revised its international profit contribution target to 20%, down from the earlier goal of 30%. He said the company was also working to improve internal performance metrics. 'We've grown our return on equity (ROE) from just over 2% a few years ago to 7.2% today, one of the highest in the domestic property sector. Our aim is to reach double-digit ROE in the next few years by improving operational efficiency, shortening development cycles and managing land acquisition more strategically,' he added. Looking ahead, Paramount remains confident in its ability to achieve its sales target of RM1.5bil, supported by the robust demand in the property market, specifically for residential property. Paramount posted a net profit of RM14.43mil or a basic earnings per share of 2.32 sen for the first quarter of this year (1Q25). This was higher from the RM7.71mil or 1.24 sen in the same quarter of the preceding year. Revenue also increased from RM172.61mil to RM217.84mil.