Latest news with #RM182mil
The Star
20-06-2025
- The Star
RM500mil worth of illegal e-waste seized
Major bust: Comm Azmi speaking at a press conference on Ops Hazard 2.0 in Bukit Aman. — RAJA FAISAL HISHAN/The Star KUALA LUMPUR: A staggering half a billion ringgit worth of illegal e-waste, including components and products, was seized in a nationwide operation involving 57 premises. Codenamed Ops Hazard 2.0, the multi-agency raid was spearheaded by the police's General Operations Force and uncovered a web of crimes, possible tax evasion and exploitation of foreign labour. Bukit Aman Internal Security and Public Order Department director Comm Datuk Seri Azmi Abu Kassim said 453 people, aged between 16 and 70, were arrested, with 41 of them Malaysians, while the rest were foreigners from countries including Myanmar, Bangladesh, Cambodia and the Philippines. The Inland Revenue Board also estimated potential tax evasion losses of up to RM500mil linked to the illegal operations, he said. 'Among the offences detected were conducting illegal e-waste processing business, employing undocumented migrants and operating without valid business licences,' Comm Azmi said during a press conference at Bukit Aman yesterday. Seized items included RM240mil worth of e-waste products, RM182mil in components and RM82mil in various other assets. He said the latest operation brings the total value of seized e-waste materials since January to RM13.2bil, with 1,060 individuals detained. 'Ops Hazard 2.0 has increased the pressure on the illegal e-waste industry,' Comm Azmi said, adding that syndicates are adapting by using proxies, exploiting loopholes and possibly even receiving tip-offs ahead of raids. In some cases, targeted premises were found already closed when enforcement teams arrived, raising suspicions of information leaks. 'We will work with the Malaysian Anti-Corruption Commission to curb this problem. We also believe the syndicates have become more cautious since Ops Hazard 1.0,' he said. A total of 1,582 officers and personnel were involved in Ops Hazard 2.0. Meanwhile, Environment Department enforcement division director Rosli Zul revealed a worrying twist: seven of the raided premises were licensed e-waste processors, now under investigation for allegedly importing waste illegally. 'These facilities had valid licences, but we found some e-waste materials believed to have been smuggled in from overseas,' he said. 'We have to investigate further. If confirmed, it would represent a very serious violation of the law.' Malaysia, Rosli added, continues to be targeted by international e-waste syndicates. 'Over 600 containers have already been detected at Port Klang. Many were falsely declared as recyclable items but actually contained e-waste. 'Most of these illegal factories lack proper environmental control mechanisms. The pollution resulting from their operations is highly dangerous,' he warned.
The Star
19-06-2025
- The Star
RM500mil in e-waste seized in Ops Hazard 2.0
KUALA LUMPUR: About half a billion ringgit worth of e-waste was seized following raids on 57 premises in nine states during Ops Hazard 2.0. The special operation was conducted on Monday (Jan 16) and involved multiple agencies, led by the police's General Operations Force. Bukit Aman Internal Security and Public Order director Comm Datuk Seri Azmi Abu Kassim said the Inland Revenue Board also estimated possible tax evasion involvement amounting to RM500mil. "We detained 453 individuals aged between 16 and 70 during the operation. "41 locals were detained while the rest were foreigners from various countries, including Myanmar, Bangladesh, Cambodia and the Philippines," he told a press conference in Bukit Aman on Thursday (June 19). He said the items seized were RM240mil worth of e-waste byproducts, RM182mil of e-waste components and others worth RM82mil. "Among the offences detected were conducting an illegal e-waste processing business, employing undocumented migrants, and not having valid business licenses," he added. Comm Azmi said the latest operation brings the total value of e-waste materials seized since January to RM13.2bil while 1,061 individuals have been detained," he said. Comm Azmi said Ops Hazard 2.0 was able to increase the pressure on the illegal e-waste industry. "It consists of total action in detecting offences committed and busting syndicated crimes. "We detected that the syndicates used proxies to conduct the illegal activities and exploited loopholes in the laws," he said. A total of 1,582 officers and personnel were involved in Ops Hazard 2.0.
The Star
10-06-2025
- Business
- The Star
KNM to convene creditors' meeting to finalise RM1.19bil debt settlement plan
KUALA LUMPUR: KNM Group Bhd is calling for a court-convened creditors' meeting to present its RM1.19bil proposed Scheme of Arrangement (SoA). In a statement, KNM said the SoA marks a key step in the group's financial recovery efforts, aiming to provide a fair and sustainable debt settlement solution for all stakeholders. 'The SoA, developed in close consultation with the company's major creditors, proposes full recovery of the compromised debt amounting to RM1.19bil for the combined group, with creditors agreeing to waive accumulated interest and penalties totaling RM182mil as of the cut-off date, June 30, 2023,' KNM said. Under the terms of the proposal, creditors will receive 100% recovery of principal, reflecting a strong and responsible financial restructuring effort, as well as settlement through the issuance of a five-year zero-coupon redeemable unsecured loan stock (RULS) totalling RM204mil. Additionally, KNM said repayment of the RULS will be made via a combination of proceeds from any funds released from the escrow account tied to the recent Borsig sale to NGK Insulators Ltd, as well as proceeds from the sale of three assets - Thailand, the United Kingdom, and the FBM Hudson facility. 'To strengthen KNM's ability to resume and grow its core operations, creditors have also agreed to allow the company to retain RM100mil in upfront cash proceeds from the Borsig sale. These funds will be utilised as working capital to revitalise and invest in KNM's fabrication operations in Malaysia,' it said. To accelerate the repayment, KNM will use any excess funds—beyond the RM100mil initial cash injection and six months' working capital—to redeem outstanding RULS on a rolling basis.
