Latest news with #RM2.7
The Sun
20 hours ago
- Business
- The Sun
Oil and gas consultant loses RM2.7m in investment scam
IPOH: An oil and gas consultant lost over RM2.7 million after falling victim to a non-existent investment scheme advertised on a website. Perak police chief Datuk Noor Hisam Nordin said the 37-year-old man lodged a police report on June 29 at the Ipoh district police headquarters, claiming he had been scammed through an online investment platform known as 'Nova 88.' Preliminary investigations revealed that the victim registered an account on the website in April 2023 through a contact, now the main suspect, whom he had met via WhatsApp. Convinced by the suspect, the victim made an initial deposit of RM30,000 into a provided account number and was then given a user ID and password to monitor the supposed investment. 'Between Jan 5, 2024, and May 20, 2025, the victim made 136 fund transfers to seven different accounts, totalling RM2,701,687. The funds came from his savings and contributions from family members,' Noor Hisam said in a statement on Tuesday (July 1). He said the victim realised he had been duped when each attempt to withdraw his purported profits required additional payments. To date, he has been unable to access any returns, with the suspect offering numerous excuses before eventually becoming unreachable. The case is being investigated under Section 420 of the Penal Code for cheating. Noor Hisam advised the public to avoid any form of investment offered through unlicensed, unregistered, or unregulated websites. 'Such investments carry high risks and can lead to significant financial losses. Always verify the background of any investment company with recognised authorities such as Bank Negara Malaysia or the Securities Commission,' he said.
New Straits Times
a day ago
- Business
- New Straits Times
Oil and gas consultant scammed of RM2.7 million in fake investment scheme
IPOH: An oil and gas consultant lost over RM2.7 million to a fraudulent online investment scheme through a website to which he was introduced. Perak police chief Datuk Noor Hisam Nordin said the 37-year-old victim lodged a report on June 29 after realising he had been deceived over a period spanning more than a year. He said that in April 2023, the victim was introduced to the investment platform via a contact he met on WhatsApp. "Trusting the individual, he registered an account on the website and began depositing funds with the expectation of high returns. "The victim initially deposited RM30,000 and was given login credentials to monitor his investments. "Between Jan 5, 2024, and May 20, 2025, he proceeded to make 136 transactions to seven different bank accounts, totalling RM2,701,687," he said in a statement. Noor Hisam added that the funds were sourced from both the victim's personal savings and family contributions. "However, red flags began to emerge when the victim was repeatedly asked to make additional payments each time he attempted to withdraw his so-called profits. "To date, he has been unable to retrieve any of the promised returns, and the suspect (who introduced the victim to the scheme) has become unreachable," he said. The case is being investigated under Section 420 of the Penal Code for cheating. Noor Hisam warned the public to remain cautious of unregulated online investment platforms, especially those promoted through social media or messaging apps. "These schemes are often not regulated by recognised authorities and pose a high risk of financial loss," he said. He said potential investors should verify the legitimacy of any investment company with relevant bodies, such as Bank Negara Malaysia or the Securities Commission Malaysia, before parting with their money.
New Straits Times
3 days ago
- Business
- New Straits Times
Malaysia gains from supply chain shifts; Sunway to benefit: HLIB
KUALA LUMPUR: Malaysia continues to benefit from global supply chain diversification, which is driving sustained demand for industrial space amid rising geopolitical tensions, according to HLIB Research. In line with this, HLIB said Sunway Bhd's enlarged land bank in Rawang, Selangor, is well positioned to strengthen the group's economies of scale and deliver stronger returns. The research house noted that Sunway's recent acquisition of a 40.3-hectare parcel has increased its total land holding in Rawang to 139.6 hectares, with a combined gross development value (GDV) of RM2.7 billion. According to HLIB, the larger land bank will allow Sunway to spread common infrastructure and marketing costs across a bigger GDV, driving greater operational efficiency and improving overall return on investment. "While Sunway has prior experience with smaller-scale industrial projects in Subang and Dengkil, this represents its first full-fledged large-scale industrial park. HLIB Research added that the move allows Sunway to diversify its portfolio, reducing reliance on the residential segment and providing a more balanced, resilient revenue stream. Sunway purchased the freehold land in Kuang for RM65.1 million, with an indicative GDV of RM700 million. It will be acquired through Sunway Rawang City Bhd, a joint venture between Sunway (70 per cent) and Amal Resources (30 per cent). The transaction is expected to be completed by the fourth quarter of 2025. The land will be developed into an industrial tech park, with the first launch targeted in the first quarter of 2028, following the construction of a LATAR Expressway interchange. HLIB Research said the acquisition price implies a land cost-to-GDV ratio of 9.3 per cent. It noted that the land comprises about 26.8 hectares zoned for industrial use, 9.7 hectares zoned for agricultural use and 3.8 hectares designated for electrical pylons. "The group is expected to incur additional costs to convert the agricultural portion for industrial use, which is projected to raise the adjusted land cost-to-GDV ratio to slightly above 10 per cent, which is still within the typical 10–20 per cent range for industrial land in the Klang Valley," HLIB Research added. The firm kept its "Buy" call with an unchanged target price of RM5.90 a share. "With the group's widening exposure in the Malaysian economy, the stock provides a good proxy to the domestic economy, which is currently entering a new phase of growth," it added.
New Straits Times
25-06-2025
- Business
- New Straits Times
Govt forms advisory board to tackle overdependence on imported seeds
KUALA LUMPUR: The establishment of the National Seed Council (MBN) Advisory Board, comprising various experts, was among the key decisions made at the MBN meeting chaired by Agriculture and Food Security Minister Datuk Seri Mohamad Sabu today. In a Facebook post, Mohamad said other important decisions included appointing the Malaysian Agricultural Research and Development Institute (Mardi) as the lead agency for the National Seed Hub; developing pure lines of local broiler and layer chickens; and commercialising the 'Ayam Saga' breed. The meeting also discussed the Mafriwal 2.0 dairy cattle breed recovery programme, as well as freshwater prawn seed production under the Nucleus Breeding Centre (NBC) and the Shrimp Broodstock Multiplication Centre (BMC). "Malaysia still depends heavily on imported seeds, including 90 per cent of vegetable seeds and RM2.7 million worth of watermelon seeds. This is a major challenge we must address together for the future of national food security. "This seed security agenda is not only crucial for the agri-food industry, but also forms the backbone of national sovereignty and security. We need to produce high-quality, resilient local seeds that can meet the needs of our people," he said. He added that the implementation of the National Seed Security Agenda could help Malaysia achieve self-sufficiency in the local seed sector. "This isn't just about agriculture; it's about sovereignty and the future of the nation," he said.
The Sun
25-06-2025
- Business
- The Sun
National Seed Council forms advisory board for seed self-sufficiency
KUALA LUMPUR: The National Seed Council (MBN) has formed an advisory board to strengthen Malaysia's seed self-sufficiency, addressing the country's heavy reliance on imported seeds. Agriculture and Food Security Minister Datuk Seri Mohamad Sabu announced the decision following a council meeting today. The advisory board will include experts to guide seed development initiatives. Key resolutions from the meeting include appointing the Malaysian Agricultural Research and Development Institute (MARDI) as the lead agency for the National Seed Hub. Efforts will focus on developing pure-line local poultry breeds, commercialising the Ayam Saga chicken, and revitalising the Mafriwal 2.0 dairy cattle programme. Mohamad highlighted Malaysia's dependence on imported seeds, with 90% of vegetable seeds and RM2.7 million worth of watermelon seeds sourced from abroad. 'This is a major challenge for national food security,' he said in a Facebook post. 'Seed security is not just about agriculture—it's about sovereignty and our nation's future.' The council also discussed freshwater prawn seed production under the Nucleus Breeding Centre and Shrimp Broodstock Multiplication Centre. Mohamad stressed the need for resilient, high-quality local seeds to reduce import reliance. 'The National Seed Security Agenda is crucial for long-term food stability,' he added.
