Latest news with #RM170mil
The Star
03-07-2025
- Business
- The Star
MyKiosk probe: No criminal elements, MACC focusing on governance issues, says Azam Baki
MACC chief commissioner Tan Sri Azam Baki presenting a souvenir to outgoing Kelantan MACC director Rosli Husain, who is retiring. - Photo courtesy of Sinar Harian KOTA BARU: There are no criminal elements in the investigation into allegations of corruption and misappropriation related to the MyKiosk construction tender by the Housing and Local Government Ministry, says Tan Sri Azam Baki. the Malaysian Anti-Corruption Commission (MACC) chief commissioner said MACC's current investigation revolved around governance issues. "There has been a misunderstanding in the media suggesting we are investigating a criminal case. We have conducted a preliminary investigation and found no criminal elements, but we are now focusing on governance issues, if any, in order to provide recommendations to the ministry for improvement. However, the matter is not yet concluded," he said. Azam said this at a press conference after witnessing the handover of duties between the new Kelantan MACC director Azmin Yusoff and his predecessor Rosli Husain here Thursday (July 3). He added that the MACC took into account the report from MCA Youth as well as input received from ministry itself, and the ministry had cooperated well in the investigation. On Wednesday (July 2), the MACC began investigations into allegations of corruption and misappropriation involving the MyKiosk construction tender by the ministry. Meanwhile, commenting on the investigation involving former prime minister Datuk Seri Ismail Sabri Yaakob, Azam said the MACC would apply to the court to forfeit assets worth RM170mil that had been seized. "If he (Ismail Sabri) challenges this in court, then the trial will proceed, and if the forfeiture is successful, the money will become government revenue. That is the decision made by the Public Prosecutor at this time," he said. Previously, the former prime minister had been called in several times for statement recording sessions regarding the declaration of assets he made to the MACC under Section 36(1) of the MACC Act 2009. The Bera MP is also being investigated for corruption and money laundering involving the expenditure and procurement of funds for the promotion and publicity of the Keluarga Malaysia programme during his tenure as prime minister from August 2021 to November 2022. The case is being investigated under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. - Bernama
The Star
28-06-2025
- Business
- The Star
UK authorities join forfeiture bid on Daim's assets
PUTRAJAYA: Steps to forfeit assets belonging to the late finance minister Tun Daim Zainuddin, his family and proxies in the United Kingdom have begun, says the Malaysian Anti-Corruption Commission (MACC). Chief commissioner Tan Sri Azam Baki said the agency had also filed applications for the forfeiture of Ilham Tower yesterday. 'On June 5, we have filed for a restraining order on assets in UK worth RM700mil. We have informed the authorities in the UK and yesterday they informed us they have filed the same to their courts. 'This is a new development where the UK authorities agree with our request in Malaysia and the process will be continued at their courts,' he said this at a press conference here yesterday. 'On the defendant's side they have filed for an intervention and the courts have set July 9 for it. This is for case management and the restraining order application remains. Meanwhile on the forfeiture proceedings of Ilham Tower, he said, it would not be an easy process. 'There is a lot to be done and the documents involved are also quite thick,' he said. Media reports on June 3 stated that three luxury homes in London were among the seven properties and one bank account said to belong to Na'imah and her family, involving a total value of UK£132mil (RM758.2mil), which were frozen by the MACC. MACC investigations found that the movable and immovable assets were linked to alleged offences under Section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Ilham Tower, owned by Daim's family, was first seized by MACC in December 2023 in its anti-money laundering probe involving a corporate transaction of RM2.3bil (US$500mil) in November 1997 involving public-listed Renong Bhd and United Engineers Malaysia Bhd (UEM), both linked to Umno. In an unrelated matter, Azam said that there was no decision made yet on any criminal charges on former prime minister Datuk Seri Ismail Sabri Yaakob. 'All investigation papers have been forwarded to the DPP and we have been told that they have agreed to file for the asset forfeiture on the monies seized, worth around RM170mil, in the coming two weeks. It is up to him to challenge our application. 'Regarding criminal charges, we are awaiting the DPP's decision. I do not know when they will be but I believe a decision will be made within a month,' he said. He added that on their end investigations have been deemed completed. When asked on the role of Ismail Sabri's former son-in-law Datuk Jovian Mandagie in the investigation, he said that he is a witness. On March 3, Azam had disclosed that Ismail Sabri is a suspect in an ongoing corruption and money laundering investigation following the discovery of approximately RM170mil in cash at a safe house during a raid. The cash, held in numerous currencies such as baht, riyal, pound sterling, won, euro, Swiss franc and yuan, was seized alongside 16kg of pure gold bars valued at nearly RM7mil. Additionally, 13 bank accounts containing over RM2mil have been frozen as part of the probe. The investigation focuses on funding sources and expenditures related to promotional and publicity activities during Ismail Sabri's tenure.
The Star
25-06-2025
- Politics
- The Star
Decision on Ismail Sabri's case expected in a month, says MACC
PUTRAJAYA: Criminal charges against Datuk Seri Ismail Sabri Yaakob ( pic ) have yet to be decided, says the Malaysian Anti-Corruption Commission (MACC). Chief commissioner Tan Sri Azam Baki said that the investigation into the case involving the former prime minister has concluded. "The investigation papers have been submitted to the deputy public prosecutor (DPP). "We have been told that they have agreed to file for the asset forfeiture on the monies seized, amounting to about RM170mil in the coming two weeks. "It is up to him to challenge our application. "On criminal charges, we have not decided and are waiting for the DPP's instruction. I believe a decision will be made within a month," he told a press conference on Wednesday (June 25). When asked about the role of the former prime minister's former son-in-law Datuk Jovian Mandagie in the course of the investigation, Azam said that Jovian is a witness in the case. On March 3, Azam said Ismail Sabri is a suspect in an ongoing corruption and money laundering investigation, following the discovery of approximately RM170mil in cash at a safe house during a raid. The cash, held in numerous currencies such as Baht, Riyal, Pound sterling, Won, Euro, Swiss franc and Yuan, was seized alongside 16kg of pure gold bars valued at nearly RM7mil. Additionally, 13 bank accounts containing over RM2mil have been frozen as part of the probe. The investigation focuses on funding sources and expenditures related to promotional and publicity activities during Ismail Sabri's tenure.
The Star
28-05-2025
- Business
- The Star
Last-minute selling pushes FBM KLCI to intraday low
KUALA LUMPUR: Last-minute selling pushed the FBM KLCI lower on Wednesday, after spending the day vacillating between gains and losses. At 5pm, the benchmark index closed down 2.68 points, or 0.18% to 1,523.48, its intraday low. There were 435 gainers against 474 decliners while 499 counters unchanged. About 2.5 billion shares, valued at RM2.04bil, changed hands. Dealers said the spate of lacklustre corporate results has dampened market sentiment, causing more investors to stay on the sidelines. They added that this cautious mood is likely to persist, limiting market momentum. Among the decliners, Nestle fell 50 sen to RM81, Kuala Lumpur Kepong lost 46 sen to RM19.90, Dutch Lady eased 30 sen to RM29 and MBM Resources declined 20 sen to RM5.36. Sunway Construction rose 49 sen to RM5.95, PETRONAS Dagangan added 40 sen to RM20.20, Hong Leong Industries climbed 22 sen to RM14 and Carlsberg gained 20 sen to RM19.50. Among the banks, Maybank declined one sen to RM9.84, CIMB eased three sen to RM6.87, Public Bank fell five sen to RM4.33, RHB Bank lost 18 sen to RM6.67, while Hong Leong Bank rose two sen to RM19.90. According to Bursa Malaysia data, foreign investors continued to sell local equities, disposing of RM170mil on Tuesday, while local institutions and retailers bought equities worth RM120mil and RM50mil, respectively. Meanwhile, the local currency rose 0.17% against the US dollar to 4.2315, gained 0.23% versus the Singapore dollar at 3.2853, and strengthened 0.54% against the pound sterling to 5.7110. Asian bourses closed mixed today, with Japan's Nikkei 225 down 0.004%, South Korea's Kospi up 1.25%, Hong Kong's Hang Seng down 0.53%, and China's CSI 300 Index falling 0.08%.
The Star
27-05-2025
- Business
- The Star
Defensive earnings profile to support PetGas
Kenanga Research expects PetGas' 2Q25 numbers to be on the weak side. PETALING JAYA: Analysts generally have a constructive view of Petronas Gas Bhd (PetGas) despite it having to absorb at least a RM170mil charge to rehabilitate the Putra Heights area following the pipeline fire incident in April. CGS International (CGSI) Research stated PetGas' defensive earnings profile, underpinned by its ownership of gas infrastructure assets in Malaysia, remained a key strength that is backed by a healthy balance sheet. 'Visible free cash flow and dividend yields of over 4% support the sustainability of its payouts (dividends),' the research house stated in its latest report on PetGas. It added the RM170mil estimated charge represented 1.2% of PetGas' current book value and 9% of 2025 forecast net profit. CGSI Research has maintained a 'hold' call on PetGas with an unchanged discounted cash flow based target price (TP) of RM17.50 a share. Kenanga Research noted that while PetGas' first quarter (1Q25) financial results were slightly below expectations, the company's regulated asset base continues to provide resilient earnings visibility. The research house, however, expected PetGas' 2Q25 numbers to be on the weak side. This is due to the operational disruptions following the Putra Heights fire incident. 'We fine-tune our financial year 2025 (FY25) and FY26 earnings forecast lower by 5% and 3%, respectively, to reflect the guided RM60mil profit impact in FY25, to incorporate adjustments to gas transportation and regasification terminal tariffs and some housekeeping,' Kenanga Research added. It has a 'market perform' call on PetGas with a lower TP of RM16.80 a share. PetGas posted a 1Q25 core profit of RM466.2mil on the back of RM1.6bil in revenue. It announced a first interim dividend of 16 sen a share for the quarter. MIDF Research, however, downgraded the counter to 'neutral' with a TP of RM18.67 a share on the ground that all factors that could impact the company's share price had been priced in. It expected PetGas' FY25 performance to remain stable and resilient despite the operational setback caused by the pipeline incident. 'With higher demand for natural gas and liquefied natural gas, in tandem with the higher prices projected in 2025, all of PetGas' businesses will continue to perform on the positive. 'In line with the incident, we expect PetGas will strengthen its risk management, operational efficiency, and mitigation strategies,' MIDF Research said. Its TP on PetGas is pegged to a price earnings multiple of 19 times to the revised earnings per share for FY25 of 98 sen.
