Latest news with #RM3.16
Malaysian Reserve
01-07-2025
- Business
- Malaysian Reserve
CC International to acquire Labuan trust company Alpadis for RM3.2m
CC International Bhd (CCIB), through its indirect wholly owned subsidiary Indah Secretarial (Penang) Sdn Bhd (ISPG), is acquiring the entire equity in Alpadis Trust (Labuan) Ltd for a total cash consideration of US$750,000 (RM3.16 million). In a Bursa Malaysia filing, the group said it had entered into a share purchase agreement with the Switzerland-based vendor, Alpadis Group Holding AG, on June 30. The acquisition will give CCIB full ownership of Alpadis, a licensed Labuan trust company involved in providing corporate and fiduciary services for asset protection, estate and tax planning, and wealth management. Alpadis was incorporated in 2011 and posted a profit after tax of US$5,661 in FY2024 on revenue of US$530,567, following a stronger FY2023 performance of US$16,759 in PAT on US$771,923 revenue. The deal, which is subject to approval from Labuan Financial Services Authority (LFSA), is expected to be completed in 4Q2025. Alpadis will become a wholly owned unit of ISPG, and indirectly of CCIB, upon completion. The deal will be funded via proceeds from CCIB's private placement exercise completed in July 2023. As at June 30, RM3.16 million of the earmarked RM20.7 million for M&A remains available for use. 'This acquisition allows CCIB to expand its regional reach and acquire Alpadis' existing client base,' the group said, adding that the deal is expected to contribute positively to the group's future earnings. Alpadis' MD Chau Ken Vui will be appointed as director post-completion. CCIB's board believes the proposed acquisition is in the best interest of the group and aligns with its strategic expansion in professional services. — TMR
Malaysian Reserve
09-06-2025
- Business
- Malaysian Reserve
KNM proposes RM3.16b debt restructuring, sets creditors' meeting for Aug 11
DEBT-LADEN KNM Group Bhd has issued formal notice to its creditors to convene a court-sanctioned meeting on August 11, 2025, to vote on a proposed scheme of arrangement that forms a central component of the group's wider regularisation plan to exit Practice Note 17 (PN17) status. The scheme – which involves both KNM and its wholly owned unit KNM Process Systems Sdn Bhd (KNMPS) – aims to restructure a combined RM3.16 billion in liabilities as of the June 30, 2023 cut-off date. The Kuala Lumpur High Court has granted the company an order to hold the meeting and extended a restraining order until August 12 to shield the group from legal action by creditors while the restructuring process unfolds. Under the proposed arrangement, creditors will be repaid through a combination of immediate cash proceeds and deferred instruments. The bulk of the initial cash will be sourced from the proposed RM1.3 billion disposal of German-based Deutsche KNM GmbH to Japan's NGK Insulators Ltd. KNM expects RM983.5 million in net proceeds from the sale after deducting transaction costs, escrow requirements and working capital needs. Secured creditors of KNMPS are to be repaid in full in cash upon implementation of the scheme. Unsecured creditors will receive approximately 80.94% of their admitted claims in cash, with the remaining 19.06% to be settled through the issuance of five-year zero-coupon redeemable unsecured loan stocks (RULS). These bonds will not bear interest and will be repaid progressively over five years via a mix of escrowed funds, asset disposals, and internally generated cash. KNM has classified creditors into three groups: secured, unsecured, and intercompany. While secured and unsecured creditors are expected to receive settlements, intercompany balances will only be addressed after other classes are resolved. Some of these balances may ultimately be waived, according to the scheme's terms. The RULS will be listed on the Main Market of Bursa Malaysia under the Exempt Regime, which allows for over-the-counter transfers but not public trading. Redemption will follow a semi-annual waterfall mechanism, using excess cash generated by KNMPS after meeting its six-month working capital needs. Additional funding will come from the potential release of RM156.6 million held in escrow from the German asset sale, along with proposed disposals of other non-core assets in Italy, the UK and Thailand. As part of its restructuring, KNM proposes that the liabilities under the holding company – amounting to RM1.23 billion – be substantially settled via KNMPS. Only RM4.2 million in unsecured claims and RM10.8 million in intercompany dues will be directly addressed by KNMG under the scheme. The proposed arrangement remains subject to the approval of creditors at the August 11 meeting, sanction by the High Court, Bursa Malaysia's clearance for the regularisation plan and bond listing, and shareholders' endorsement of both the restructuring and asset disposal. The group fell into PN17 status in 2022 following severe liquidity challenges, operational delays and audit concerns. It said a comprehensive regularisation plan is in the final stages of formulation and will incorporate both the scheme of arrangement and the German asset disposal. The Court of Appeal is scheduled to hear KNM's appeal for a longer restraining order on September 18. The company's current ad-interim order will remain in place until then, providing a temporary buffer from enforcement actions. –TMR
The Sun
07-05-2025
- Business
- The Sun
Businessman pleads not guilty to RM3.16 million investment fraud charges
KUALA LUMPUR: A businessman pleaded not guilty in the Sessions Court here today to 10 charges of conducting unlicensed capital market activities and committing fraud involving an RM3.16 million bond investment scheme five years ago. For the first charge, Razrul Anwar Rusli, 45, was accused of engaging in a regulated activity involving the trading of securities despite not being a licensed capital market services provider and not being registered to conduct securities trading. The former Johor Bahru Bersatu deputy chief was alleged to have committed the offence at a house in Petaling Jaya between April 2019 and April 2021, under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), punishable under Subsection 58(4) of the same Act, which carries a maximum jail term of 10 years, a fine of RM10 million, or both, upon conviction. He also faces eight charges of cheating five individuals by making representations concerning a syariah-compliant bond investment scheme known as 'Amal Trust', which led the victims to transfer a total of RM3.16 million to him for the investment, when the representations were allegedly false. These offences were purportedly committed at four separate locations: Yayasan Selangor Building, Jalan Raja Muda Abd Aziz, Bandar Puchong Jaya and Pandan Indah near here, and Jalan Jelutong, Penang between January 2020 and April 2021, under Subsection 179(b) of the same Act, punishable under Section 182, which carries a maximum penalty of 10 years in prison and a RM1 million fine, upon conviction. Razrul Anwar, who is neither a licensed capital market services provider nor a representative, was also charged with displaying a claim of compliance with securities laws on the 'AMAL TRUST' website, creating the impression that he was licensed to conduct regulated activities involving the trading of securities as stated in Schedule 2 of the Capital Markets and Services Act 2007. He was accused of committing the offence in Petaling Jaya between April 2019 and April 2021 under Subsection 362(3) of the same Act, punishable under Subsection 372(1), which provides for a fine of up to RM1 million or imprisonment for not more than five years, or both, upon conviction. Deputy Public Prosecutor Hashley Tajudin from the Securities Commission (SC) said the offence was non-bailable due to its seriousness. 'However, if the court is inclined to allow bail, the prosecution proposes bail of RM1 million with two Malaysian sureties for all the charges, given the large sum involved, which is over RM3 million, along with additional conditions that the accused surrender his passport to the court and report to the SC office once a month,' he said. Defence counsel Mohd Syamril Afzan Mohd Hasim pleaded for a lower bail of about RM50,000, arguing that his client was bankrupt and caring for his ailing mother. 'My client only runs a small business and has no fixed income. He cannot afford a high bail,' he added. Judge Zulqarnain Hassan allowed bail at RM500,000 with two Malaysian sureties for all the charges, along with the prosecution's proposed additional conditions, and fixed June 17 for mention.
The Sun
07-05-2025
- Business
- The Sun
Businessman pleads not guilty to RM3.16m investment fraud charges
KUALA LUMPUR: A businessman pleaded not guilty in the Sessions Court here today to 10 charges of conducting unlicensed capital market activities and committing fraud involving an RM3.16 million bond investment scheme five years ago. For the first charge, Razrul Anwar Rusli, 45, was accused of engaging in a regulated activity involving the trading of securities despite not being a licensed capital market services provider and not being registered to conduct securities trading. The former Johor Bahru Bersatu deputy chief was alleged to have committed the offence at a house in Petaling Jaya between April 2019 and April 2021, under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), punishable under Subsection 58(4) of the same Act, which carries a maximum jail term of 10 years, a fine of RM10 million, or both, upon conviction. He also faces eight charges of cheating five individuals by making representations concerning a syariah-compliant bond investment scheme known as 'Amal Trust', which led the victims to transfer a total of RM3.16 million to him for the investment, when the representations were allegedly false. These offences were purportedly committed at four separate locations: Yayasan Selangor Building, Jalan Raja Muda Abd Aziz, Bandar Puchong Jaya and Pandan Indah near here, and Jalan Jelutong, Penang between January 2020 and April 2021, under Subsection 179(b) of the same Act, punishable under Section 182, which carries a maximum penalty of 10 years in prison and a RM1 million fine, upon conviction. Razrul Anwar, who is neither a licensed capital market services provider nor a representative, was also charged with displaying a claim of compliance with securities laws on the 'AMAL TRUST' website, creating the impression that he was licensed to conduct regulated activities involving the trading of securities as stated in Schedule 2 of the Capital Markets and Services Act 2007. He was accused of committing the offence in Petaling Jaya between April 2019 and April 2021 under Subsection 362(3) of the same Act, punishable under Subsection 372(1), which provides for a fine of up to RM1 million or imprisonment for not more than five years, or both, upon conviction. Deputy Public Prosecutor Hashley Tajudin from the Securities Commission (SC) said the offence was non-bailable due to its seriousness. 'However, if the court is inclined to allow bail, the prosecution proposes bail of RM1 million with two Malaysian sureties for all the charges, given the large sum involved, which is over RM3 million, along with additional conditions that the accused surrender his passport to the court and report to the SC office once a month,' he said. Defence counsel Mohd Syamril Afzan Mohd Hasim pleaded for a lower bail of about RM50,000, arguing that his client was bankrupt and caring for his ailing mother. 'My client only runs a small business and has no fixed income. He cannot afford a high bail,' he added. Judge Zulqarnain Hassan allowed bail at RM500,000 with two Malaysian sureties for all the charges, along with the prosecution's proposed additional conditions, and fixed June 17 for mention.
Daily Express
07-05-2025
- Business
- Daily Express
Businessman pleads not guilty to RM3.16m investment fraud charges
Published on: Wednesday, May 07, 2025 Published on: Wed, May 07, 2025 By: Bernama Text Size: KUALA LUMPUR: A businessman pleaded not guilty in the Sessions Court here today to 10 charges of conducting unlicensed capital market activities and committing fraud involving an RM3.16 million bond investment scheme five years ago. For the first charge, Razrul Anwar Rusli, 45, was accused of engaging in a regulated activity involving the trading of securities despite not being a licensed capital market services provider and not being registered to conduct securities trading. The former Johor Bahru Bersatu deputy chief was alleged to have committed the offence at a house in Petaling Jaya between April 2019 and April 2021, under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), punishable under Subsection 58(4) of the same Act, which carries a maximum jail term of 10 years, a fine of RM10 million, or both, upon conviction. He also faces eight charges of cheating five individuals by making representations concerning a syariah-compliant bond investment scheme known as 'Amal Trust', which led the victims to transfer a total of RM3.16 million to him for the investment, when the representations were allegedly false. These offences were purportedly committed at four separate locations: Yayasan Selangor Building, Jalan Raja Muda Abd Aziz, Bandar Puchong Jaya and Pandan Indah near here, and Jalan Jelutong, Penang between January 2020 and April 2021, under Subsection 179(b) of the same Act, punishable under Section 182, which carries a maximum penalty of 10 years in prison and a RM1 million fine, upon conviction. Razrul Anwar, who is neither a licensed capital market services provider nor a representative, was also charged with displaying a claim of compliance with securities laws on the "AMAL TRUST" website, creating the impression that he was licensed to conduct regulated activities involving the trading of securities as stated in Schedule 2 of the Capital Markets and Services Act 2007. He was accused of committing the offence in Petaling Jaya between April 2019 and April 2021 under Subsection 362(3) of the same Act, punishable under Subsection 372(1), which provides for a fine of up to RM1 million or imprisonment for not more than five years, or both, upon conviction. Deputy Public Prosecutor Hashley Tajudin from the Securities Commission (SC) said the offence was non-bailable due to its seriousness. 'However, if the court is inclined to allow bail, the prosecution proposes bail of RM1 million with two Malaysian sureties for all the charges, given the large sum involved, which is over RM3 million, along with additional conditions that the accused surrender his passport to the court and report to the SC office once a month,' he said. Defence counsel Mohd Syamril Afzan Mohd Hasim pleaded for a lower bail of about RM50,000, arguing that his client was bankrupt and caring for his ailing mother. 'My client only runs a small business and has no fixed income. He cannot afford a high bail,' he added. Judge Zulqarnain Hassan allowed bail at RM500,000 with two Malaysian sureties for all the charges, along with the prosecution's proposed additional conditions, and fixed June 17 for mention. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
