Latest news with #RM195
Barnama
07-07-2025
- Business
- Barnama
Sabah Assembly Passes RM1.18 Billion Supplementary Supply Bill
REGION - SABAH > NEWS KOTA KINABALU, July 7 (Bernama) -- The Sabah State Legislative Assembly today passed the Supplementary Supply Bill 2025 involving an allocation of RM1.18 billion. The bill, tabled by State Finance Minister Datuk Seri Masidi Manjun, was passed with a majority voice vote after being debated by 26 assemblymen. It is aimed at facilitating the state government's administrative operations until the end of the year, before the automatic dissolution of the 16th Sabah State Legislative Assembly on Nov 11. bootstrap slideshow Masidi, when tabling the bill, said the additional allocation was divided into six spending categories, including RM600 million for contributions to the Statutory Fund, RM204 million for administrative expenses, and RM195 million for operational expenses. 'In addition, RM84 million is allocated for domestic grants, RM54.4 million for investment purposes, and RM50.7 million for special allocations,' he said. Masidi said the Finance Ministry received an additional allocation of RM789.1 million, which included RM600 million for contributions to the Statutory Fund, with RM250 million of that amount channelled to the Development Fund to reduce the Development Account deficit without involving cash flow. In addition, he said RM185.5 million was allocated for general treasury services, RM3.6 million for the Finance Ministry's operating expenses and RM150 million for the Statutory Trust Fund to carry out road and bridge maintenance projects statewide. RM200 million has been allocated for the Special State Trust Fund to support initiatives such as Sumbangan Mahasiswa Pengajian Tinggi Dalam Sabah (SENTOSA), subsidies for Sabah student airfare (SUBFLY), contributions for Sabah school activities (SUKSES), as well as the construction and repair of infrastructure, he added. According to Masidi, of the RM185.5 million set aside for general treasury services, RM54.4 million was allocated for equity investments, RM89.1 million for infrastructure projects and RM30 million in domestic grants for Kota Kinabalu City Hall (DBKK).
New Straits Times
06-06-2025
- Business
- New Straits Times
Bersatu's RM195 million bank account freeze stays, court rules
KUALA LUMPUR: Parti Pribumi Bersatu Malaysia's (Bersatu) bank account containing RM195 million will continue to be frozen pending the outcome of two judicial review applications and related criminal proceedings, the High Court ruled recently. Judicial Commissioner Gan Techiong made the ruling in CIMB Bank's application seeking a court declaration on whether it should maintain the freeze on the account or release the funds following conflicting instructions from the Malaysian Anti-Corruption Commission (MACC) and Bersatu's executive secretary, Datuk Muhammad Suhaimi Yahya. The bank filed the interpleader application after receiving a letter of demand from Suhaimi seeking the release of the funds, which were deposited into the party's account by Bukhary Equity Sdn Bhd. CIMB, as the sole plaintiff, named the MACC, the public prosecutor and Suhaimi as defendants. Gan said the dispute could not be resolved summarily, as the issues raised were already the subject of pending judicial review proceedings and a criminal trial involving former prime minister and Bersatu president Tan Sri Muhyiddin Yassin. "The disputes between the defendants are not suitable to be determined summarily by this court in hearing the bank's interpleader. "They are questions of law and disputed facts forming the subject matters of the judicial review applications at the Special Powers Division of this court and the aforesaid criminal prosecution at the Sessions Court – all of which are still pending hearing and trial, respectively. "If this court is to delve deeper, the effect would be to usurp the domain of other courts that ought to be making the final determination on a wider range of issues," he said in his ground of judgment dated April 9 this year. He said Muhyiddin had been charged in March 2023 in his capacity as Bersatu's president over funds allegedly received by the party, which fulfilled the requirement under Section 52A of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) to sustain the seizure order on the account. Gan said a society like Bersatu does not have a separate legal personality, as the law allows charges to be brought against its office bearers. The court said in this case, the president (Muhyiddin) was charged in relation to the very funds in question. The court also rejected a late 376-page affidavit filed by Suhaimi's lawyers, saying it was inadmissible as it was filed without leave of court and at a very late stage of proceedings. "The fact that such a lengthy affidavit was filed at the eleventh hour reinforces my view that the matter is not suitable to be summarily determined in this interpleader." Gan then ordered CIMB to continue holding the funds until the High Court's Special Powers Division disposes of the judicial review applications filed by Muhyiddin and Suhaimi, which are still pending. The first judicial review challenges the legality of the freezing order issued by MACC in January 2023, while the second seeks to quash the seizure order issued by the public prosecutor in April of the same year. Leave to proceed with both reviews was granted last year, but the substantive hearings have yet to take place. Muhyiddin is facing four charges under the MACC Act and two under AMLA involving a total of RM200 million, including RM195 million allegedly transferred into the Bersatu account held with CIMB Islamic Bank. Lawyers Sathya Kumardas and Daud Sulaiman appeared for the bank while senior federal counsel Nurhafizza Azizan and federal counsel Mohammad Salehuddin Md Ali represented the MACC and the public prosecutor. Bersatu was represented by lawyers Chethan Jethwani and Tang Jia Yearn.
Malaysian Reserve
29-05-2025
- Business
- Malaysian Reserve
AmanahRaya REIT buys Selangor industrial property for RM39m
AmanahRaya Real Estate Investment Trust (AmanahRaya REIT) is acquiring a 132,700 sq ft industrial building in Telok Panglima Garang, Selangor, for RM39 million from Alpha Express Sdn Bhd. The property will be leased back to the seller under a 10-year triple net lease at RM195,000 per month, with rental revision clauses for renewal terms. The acquisition is expected to enhance the REIT's distributable income and strengthen its long-term property portfolio. AmanahRaya REIT, 45.6%-owned by the Minister of Finance Inc via Amanah Raya Bhd, will fund the deal via bank borrowings. The deal is expected to be completed by the fourth quarter of 2025. Shares in AmanahRaya REIT closed up 1 sen or 2.67% at 38.5 sen today, giving it a market capitalisation of RM220.7 million. –TMR
New Straits Times
23-05-2025
- Business
- New Straits Times
Barakah Offshore shares crash over 80pct after delisting notice
KUALA LUMPUR: Shares of Barakah Offshore Petroleum Bhd plunged more than 80 per cent to rock bottom, following news that the financially troubled oil and gas services firm faces a trading suspension and potential delisting from Bursa Malaysia. The counter opened at two sen before collapsing 83.33 per cent to half a sen by 9.20am, with 13.4 million shares traded, its highest volume in at least six months. The sell-off came after Barakah announced yesterday that Bursa Malaysia had rejected its application for more time to submit a regularisation plan under the Practice Note 17 (PN17) classification. Barakah has been classified as a PN17 company since 2019, after defaulting on payments to EXIM Bank related to a pipelay vessel. The company has now been given until May 30 for the trading suspension to take effect, with its securities set to be delisted on June 4 unless an appeal is submitted and approved by Bursa. In October 2024, Barakah had proposed a regularisation plan involving a RM195 million capital reduction, a three-into-one share consolidation and a private placement of 62.5 million new shares to its executive chairman to raise RM7.5 million. However, the plan was later withdrawn following a RM78.8 million adjudication award in Barakah's favour, prompting a reassessment of its restructuring strategy. Despite the award, the group remains in a precarious financial position. For the financial year ended June 30, 2024, Barakah reported accumulated losses of RM133.76 million, short-term borrowings of RM52.05 million, and a negative operating cash flow of RM13.36 million.
New Straits Times
13-05-2025
- New Straits Times
Fake plates, duty-free booze: Man held in JB raid
JOHOR BARU: A man allegedly running a solo operation to store and distribute untaxed alcoholic beverages was arrested during a police raid at a house in Taman Mount Austin last Wednesday. Johor Baru (South) police chief Assistant Commissioner Raub Selamat said the 10.30am raid was conducted with the Bukit Aman Federal Reserve Unit intelligence division, resulting in the seizure of over 185 cartons of canned beers worth RM316,595.87. Police also confiscated two luxury multipurpose vehicles (MPV) valued at RM195,000. Both vehicles were fitted with fake registration plates, believed to be used to evade detection. "Initial investigations revealed the suspect had been operating for six months, sourcing duty-free alcohol from Forest City in Iskandar Puteri and reselling it to retail outlets and customers around the state capital," he said at a press conference today. Raub said the rented RM3,000-per-month property was used as a storage facility, while the MPVs served as transport and cover for deliveries. The suspect tested negative for drugs and has no prior criminal record. He said the suspect sold the beers at market prices, despite sourcing it from tax-free outlets in Forest City. The duty-free outlets there sold untaxed beer cans at RM6, however the suspect resold them at RM12. He was remanded for 14 days until May 21. Samples of the seized alcohol were sent to the Chemistry Department and Customs for analysis. The case is investigated under Section 135(1)(d) of the Customs Act 1967 for possessing prohibited goods without approval and Section 108(3)(f) of the Road Transport Act 1987 for using false number plates.
