Latest news with #RM26mil
The Star
06-07-2025
- Politics
- The Star
No timeline yet for charity law
Azalina: It is subject to holistic engagement with all stakeholders PETALING JAYA: The stories are infuriating, to say the least. Five office bearers from an NGO were arrested last month on suspicion of embezzling RM26mil in public donations. And in 2023, news emerged about a non-profit group allegedly misusing funds meant to help a war-torn country. This has since become a court case involving money laundering and criminal breach of trust. Amid reports of such transgressions, what is the status of the Charities Commission which the government wanted to set up to ensure no one takes advantage of donations from generous Malaysians? 'A specific timeline for the enactment of the law (to set up the commission) has yet to be set. 'It is subject to holistic engagements with all relevant stakeholders, including the Finance Ministry,' said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. 'The financial implications remain a key consideration that must be examined as part of the overall decision-making process,' she said when contacted. It has been a year since reports came out that the government is conducting a feasibility study to draw up a Charities Act and establish a Charities Commission to address problems related to the the misuse of funds donated to charitable organisations. Azalina told the Dewan Negara in July last year that similar Charities Act in countries like the United Kingdom, Singapore and New Zealand would be studied. Asked why the proposed Act had not materialised in Malaysia despite having been planned more than a year ago, Azalina said there was no timeline yet. 'Policy-wise, the proposal has been generally well received, with positive feedback from initial consultations.' She said engagement sessions, discussions and a survey conducted last year involving 1,006 respondents showed strong public support for a dedicated law and commission to regulate charitable activities. The government, she said, remained serious in addressing the issue and ensuring a well-structured, feasible and effective legislative outcome. 'Our current fragmented regulatory framework with multiple regulators and inconsistent definitions has hindered effective oversight,' she said. Azalina said the Legal Affairs Division of the Prime Minister's Department has established a special committee to study the feasibility of such an Act towards establishing the commission. 'This committee comprises researchers from both public and private universities, representatives from NGOs, the Malaysian Bar and the division itself.' Among others, the proposed Act is aimed at enhancing governance and streamlining and monitoring efforts. Azalina said the Legal Affairs Division would hold further engagement and studies to strengthen the policy framework. 'These efforts will culminate in the preparation of a memorandum for the Cabinet's approval,' she added. Prof Dr Zuraidah Ali and Asst Prof Dr Zati Ilham Abdul Manaf – law experts from the International Islamic University Malaysia who had proposed models for the Charities Commission last year to the Legal Affairs Division – pointed out that there is currently no regulator for the collection of charities by NGOs in Malaysia. 'We proposed three models. Now, it is up to the government,' said Zuraidah. As for the Prime Minister's Department (Religious Affairs), its minister Datuk Dr Mohd Na'im Mokhtar said that it is working with the state authorities and enforcement agencies to look into the operations of organisations that collect funds for religious purposes. 'We are aware of the existence of hundreds of NGOs collecting funds in the name of religion and without oversight,' he said, adding that this included donations for the Palestinian cause. He said that his department is in charge of monitoring Muslims' contributions in the name of charity but the authority remains with the states' religious councils. 'We welcome proposals to establish a body similar to the Charity Commission to monitor the activities of charitable NGOs. 'However, this must be aligned with Malaysia's Islamic legal framework, which places religious authority under the jurisdiction of the states,' he said. To ensure that the contributions of Muslims are channelled to trustworthy parties, Mohd Na'im said that his unit, through Yayasan Waqaf Malaysia, is collaborating with the states' Islamic religious councils.
The Star
25-06-2025
- The Star
Melaka NGO under investigation for misappropriating RM26mil in donations
PUTRAJAYA: A non-government organisation (NGO) in Melaka is under investigation for allegedly misappropriating RM26 million worth of public donations, according to Tan Sri Azam Baki. The Malaysian Anti-Corruption Commission (MACC) chief commissioner announced the arrest of the group's chairman, secretary, treasurer, and finance manager. "We found that the amount was transferred from the NGO's account to an individual account before being transferred to the chairman's account. "The main suspect is the chairman, who was just released from remand. Investigations are still ongoing," Azam stated at a press conference at the MACC headquarters on Wednesday (June 25). Of the RM26mil, most of the funds were reportedly spent on personal expenditures and purchasing assets like land and buildings. "The money was contributed by the public for the purpose of humanitarian relief," he said. Investigations are being conducted under the MACC Act and the Anti-Money Laundering Act. In another case, MACC deputy chief commissioner (operations) Datuk Seri Ahmad Khusairi Yahaya highlighted an investigation involving the state director of the Public Works Department. The bribes amounted to RM617mil, involving 79 personal accounts and 16 company accounts. Several properties and assets have also been seized. "The director and his officers are suspected of receiving bribes from contractors in relation to maintenance projects. "The case is complete, and the director is expected to be charged in the Kuala Lumpur Sessions Court tomorrow (June 26)," he said.
The Star
24-06-2025
- Business
- The Star
Hektar-REIT buys 90% stake in Terramark
PETALING JAYA: Hektar Real Estate Investment Trust (Hektar-REIT) is acquiring a 90% stake in Terramark Sdn Bhd from Wan Realty Sdn Bhd and Darul Modal Sdn Bhd for RM26mil to diversify its portfolio into the industrial and renewable energy sectors. In a filing with Bursa Malaysia, Hektar-REIT said Terramark owns a 60-year piece of leasehold agricultural land in Perlis measuring approximately 197.76 acres that is intended for conversion to industrial land use. 'By acquiring a controlling stake in Terramark, which owns a substantial landbank in Chuping, Perlis, Hektar-REIT will expand its asset exposure beyond retail properties. 'This move not only strengthens the REIT's presence in high-growth sectors but also strategically positions it to benefit from Malaysia's renewable energy transition,' it said.
The Star
24-06-2025
- Business
- The Star
Hektar REIT expands into industrial and green energy with RM26mil Terramark deal
Hektar Asset Management Sdn Bhd executive director and chief executive officer Zainal Iskandar PETALING JAYA: Hektar Real Estate Investment Trust (Hektar REIT) is acquiring a 90% stake in Terramark Sdn Bhd from Wan Realty Sdn Bhd and Darul Modal Sdn Bhd for RM26mil to diversify its portfolio into the industrial and renewable energy sectors. In a filing with Bursa Malaysia, Hektar REIT said Terramark owns a 60-year piece of leasehold agricultural land in Perlis measuring approximately 197.76 acres that is intended for conversion to industrial land use. 'By acquiring a controlling stake in Terramark, which owns a substantial landbank in Chuping, Perlis, Hektar REIT will expand its asset exposure beyond retail properties. 'This move not only strengthens the REIT's presence in high-growth sectors but also strategically positions it to benefit from Malaysia's renewable energy transition through the potential development of a solar farm on the acquired property.' Hektar REIT said the land is a former sugarcane plantation area undergoing transformation into an industrial and renewable energy hub. It is well connected, being only 8.8 km from Jalan Kangar–Padang Besar and 10.9 km from the Changlun–Kuala Perlis Expressway. 'This acquisition marks a quantum leap in Hektar REIT's diversification strategy. By securing a prime solar-ready landbank, we are sowing the seeds for long-term, inflation-protected income while supporting Malaysia's renewable energy goals. 'Coupled with our rooftop solar rollout and recent industrial investment, this first move on a pure ground-lease model positions Hektar REIT as a multi-asset platform creating sustainable value. Globally, REITs integrating renewable infrastructure into their portfolios have seen increasing institutional investor interest, driven by the shift toward ESG mandates and stable yield profiles,' Hektar Asset Management chief executive officer Zainal Iskandar said in a statement.
The Star
17-06-2025
- Politics
- The Star
Five held over RM26mil theft
Group has been syphoning money meant for Syrian aid for 10 years KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has arrested five senior officials of an NGO on suspicion of having embezzled RM26mil in public donations. Sources said the suspects included its chairman, secretary, treasurer and financial officer. 'Money was transferred to their personal accounts and used to purchase jewellery, cars, land, houses and even cryptocurrency. 'They are also believed to have diverted organisational funds into personal accounts to provide loans to staff members and siphoned off surplus funds from a humanitarian well-building project in Syria for personal use,' a source told Bernama. The source said the misappropriation of public donations was believed to have been going on since 2015. The five were detained under Op Serantau conducted by the Selangor MACC across several locations in Selangor, Melaka and Penang from last Thursday. The suspects have been remanded for seven days, four of them until tomorrow and the other until Thursday. MACC chief commissioner Tan Sri Azam Baki confirmed the arrests and disclosed that assets worth over RM8mil had been seized or frozen. The seized items included jewellery valued at approximately RM100,000, over RM1mil in cash, cryptocurrency accounts worth about RM650,000 and four houses estimated at more than RM1.4mil. 'MACC has also frozen 14 bank accounts totalling nearly RM5mil for further investigation,' he said, adding that the case is being investigated under Section 409 of the Penal Code for criminal breach of trust. In another case, the MACC will conduct another statement recording session with an individual holding the title of Tan Sri regarding the alleged embezzlement of sukuk funds. The statement will be recorded on Thursday morning at the Tan Sri's residence in Sungai Besi. Previously, the MACC seized various assets, including handbags, jewellery, luxury vehicles, watches, cash, and a luxury residence. These assets, estimated at approximately RM32mil, are believed to belong to a highway concessionaire with the Tan Sri title.
