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The Star
6 days ago
- Business
- The Star
MYStartup Accelerator channels RM5.5mil into local startups
Cradle Fund group chief executive officer Norman Matthieu Vanhaecke. KUALA LUMPUR: Cradle Fund Sdn Bhd's MYStartup Accelerator has facilitated nearly RM5.5 million in investments over five cohorts, underscoring its role in strengthening Malaysia's startup ecosystem and advancing the country's position as a regional innovation hub. In a statement today, Cradle said the programme, under the purview of the Ministry of Science, Technology and Innovation, is operated by Cradle in partnership with NEXEA, a venture capital and startup accelerator firm. "Having completed five cohorts, we have gained meaningful insights into the needs of Malaysian startups. "Our next goal is to expand our reach nationwide and ensure startups in all regions have equal access to growth opportunities," said group chief executive officer Norman Matthieu Vanhaecke. According to Cradle, the Cohort 5 Demo Day showcased innovative solutions in areas including artificial intelligence (AI), aquaculture, electric vehicle (EV) infrastructure, and smart retail. Of the eight finalists, five received cash prizes from Cradle, while four secured a total of RM800,000 in investments from NEXEA. The finalists were selected from a competitive pool of 747 applicants. It noted that among the standout startups were Paix Tech, which automates enterprise utility payments using AI; Ocean Rich Resources, which developed a scalable oyster farming system; and Recharge Xolutions, which offers integrated EV charging and green energy solutions. The MYStartup Accelerator continues to play a vital role in building Malaysia's tech-driven future by empowering bold, innovative, and sustainable startups, Cradle added. NEXEA is distinguished by its network of mentors, many of whom are successful entrepreneurs and C-level executives, and has helped its portfolio companies achieve annual growth of up to 16 times. Meanwhile, the focal agency for early-stage startups, Cradle, has supported over 1,100 tech startups and boasts the highest commercialisation rate among government grants. - Bernama
Borneo Post
30-06-2025
- Borneo Post
General Operations Force ops across Sarawak cripple criminal activities, total seizures around RM5.5 mln
A GOF Sibu personnel member inspects the timber seized. KUCHING (June 30): The General Operations Force (GOF) Sarawak Brigade has crippled four criminal activities through Op Taring Alpha, Op Taring Bravo, Op Taring Awas, and Op Libas, where the total seizures reached around RM5.5 million. GOF Sarawak Brigade commander SAC Dr Che Ghazali Che Awang said the biggest haul was during Op Libas conducted in Sibu on June 24, where a team from Sibu GOF Battalion 10 raided a location suspected to be conducting illegal logging without valid permits. 'During the raid, the team apprehended three suspects aged 39 to 57, found 350 timbers of various sizes at the location, and seized a wood-cutting machine. 'The seizures amounted to RM3.5 million,' he said in a statement. Che Ghazali said the seized items were handed over to the Sibu Division Forest Department for further action and investigation under Section 96 of the Sarawak Forestry Ordinance 2015. In a second operation on June 23, GOF Kuching personnel raided a premises here believed to be used to store contraband liquor. Che Ghazali said five men aged 26 to 36 were arrested and 32,736 litres of alcohol as well as a lorry worth a total of RM1.45 million were seized. 'The seized items were handed over to Kota Samarahan District police headquarters and the case is being investigated under Section 135(1)(D) of the Customs Act 1967, Section 15(1) of the Road Transport Act 1987, and Section 13 (1) of the Local Authorities Ordinance 1996,' he said. The third operation conducted in Miri on June 25 saw a team from GOF Miri Battalion 12 raid a premises believed to be used to store diesel without valid permits. Two men aged 32 and 45 were arrested, while 39,300 litres of diesel and a lorry were confiscated. The seizures valued at RM486, 065 were handed over to the Ministry of Domestic Trade and Cost of Living for further action under Section 20(1) of the Control of Supplies Act 1961. The fourth operation, conducted on June 28 in Lundu, saw the arrests of three men aged 23 to 26 for drug possession and abuse. The raiding team confiscated a plastic packet weighing 0.32 grammes containing crystal granules believed to be methamphetamine, and a single-cab four-wheel drive (4WD) vehicle, resulting in seizures valued at RM50,100. The case had been handed over to Lundu District police headquarters and further investigation under Section 12 (2) and Section 15(1) of the Dangerous Drugs Act 1952. Che Ghazali added that from Jan 1 to June 30, GOF Sarawak operations resulted in seizures worth RM290.3 million in 236 cases, which led to 355 arrests and 193 vehicles being impounded. Che Ghazali Che Awang general operations force GOF Sarawak Brigade lead
The Sun
25-06-2025
- Business
- The Sun
MACC probes alleged misuse of RM12 mln involving Sapura Energy
PUTRAJAYA: The Malaysian Anti-Corruption Commission (MACC) is investigating the alleged misuse of RM12 million, believed to be linked to two cases involving the oil and gas solutions provider Sapura Energy Bhd. Its Chief Commissioner, Tan Sri Azam Baki said in the first case, statements from 15 witnesses have been recorded, but no arrests have been made so far. He said that the MACC has also frozen assets or properties belonging to a director of Sapura Petroleum and his family, as well as two luxury homes valued at RM5.5 million owned by the company's chief executive officer (CEO). 'In this first case, the investigation is ongoing, and we are determining whether the RM12 million constitutes an offence under Section 23 of the MACC Act,' he said at a press conference held at the MACC headquarters here today. Azam said the incident took place in 2018, during a time when Permodalan Nasional Bhd (PNB) injected funds into Sapura Energy, thereby making it a government-linked company (GLC). 'When we say a GLC, it means the government has a stake in it. Therefore, any misuse of funds will fall under offences stipulated in our act, namely Section 23 of the MACC Act or possibly other offences under the Penal Code,' he said. Azam said the second case involves allegations of bribery by a foreign party to a CEO in 2011 in an attempt to secure a project owned by Sapura Energy. 'This bribery case involves a total of USD 3.3 million (RM14 million). At the time, the company was known as Sapura Crest, under Sapura Energy. A subcontract was awarded to a foreign company in Brazil. The payment was made by an agent and routed through a (foreign) country, via the Netherlands and channelled through Singapore', he said. He said that the MACC has to submit multiple requests for Mutual Legal Assistance (MLA) to relevant countries to obtain further information. 'In this second case, I anticipate that the process will take a considerable amount of time due to the involvement of foreign legal jurisdictions,' he also said. 'We need to provide much more information to them (the two cases), and after we receive the necessary data, we will proceed with investigations within our country,' he added. In March, the MACC initiated two investigation papers regarding alleged bribery and embezzlement involving Sapura Energy Bhd. The investigations stem from the MACC's preliminary findings at the end of 2023, which involved claims related to the company. The MACC said the two investigation papers were opened to investigate activities related to money laundering and embezzlement from around 2018 when the company was formerly known as Sapura Kencana Petroleum Bhd.
Barnama
25-06-2025
- Business
- Barnama
MACC Probes Alleged Misuse Of RM12 Mln Involving Sapura Energy
PUTRAJAYA, June 25 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) is investigating the alleged misuse of RM12 million, believed to be linked to two cases involving the oil and gas solutions provider Sapura Energy Bhd. Its Chief Commissioner, Tan Sri Azam Baki said in the first case, statements from 15 witnesses have been recorded, but no arrests have been made so far. He said that the MACC has also frozen assets or properties belonging to a director of Sapura Petroleum and his family, as well as two luxury homes valued at RM5.5 million owned by the company's chief executive officer (CEO). "In this first case, the investigation is ongoing, and we are determining whether the RM12 million constitutes an offence under Section 23 of the MACC Act," he said at a press conference held at the MACC headquarters here today. Azam said the incident took place in 2018, during a time when Permodalan Nasional Bhd (PNB) injected funds into Sapura Energy, thereby making it a government-linked company (GLC). "When we say a GLC, it means the government has a stake in it. Therefore, any misuse of funds will fall under offences stipulated in our act, namely Section 23 of the MACC Act or possibly other offences under the Penal Code," he said. Azam said the second case involves allegations of bribery by a foreign party to a CEO in 2011 in an attempt to secure a project owned by Sapura Energy. "This bribery case involves a total of USD 3.3 million (RM14 million). At the time, the company was known as Sapura Crest, under Sapura Energy. A subcontract was awarded to a foreign company in Brazil. The payment was made by an agent and routed through a (foreign) country, via the Netherlands and channelled through Singapore", he said. He said that the MACC has to submit multiple requests for Mutual Legal Assistance (MLA) to relevant countries to obtain further information.
Business Times
04-06-2025
- Business
- Business Times
CIMB set to appoint former Securities Commission chief Syed Zaid as chairman: sources
[KUALA LUMPUR] CIMB Group Holdings is preparing for a leadership transition, with former Securities Commission Malaysia chairman Syed Zaid Albar expected to take over as chairman of the board, according to a report by Bloomberg. Citing sources, the report said the appointment, which is pending regulatory approval, comes as incumbent chairman Mohd Nasir Ahmad prepares to step down after nearly a decade on the board and six years as chairman. Syed Zaid, who led the Securities Commission from 2018 to 2022, is also a founding partner of law firm Albar & Partners. His return to the financial sector comes at a time when CIMB is navigating a more challenging macroeconomic environment across South-east Asia, where it has significant operations in Indonesia, Thailand, Singapore, and Cambodia. The anticipated change in chairmanship follows the group's steady financial performance in the first quarter of 2025. CIMB posted a net profit of RM2 billion, a 1.9 per cent increase from nearly RM2 billion a year earlier, supported by stronger net interest income (NII). A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up However, revenue fell 2.3 per cent year-on-year to RM5.5 billion, largely due to continued pressure on net interest margins (NIM), though asset growth helped cushion the impact. NII rose slightly to RM3.82 billion on both a quarterly and annual basis. Non-interest income (NOII) climbed 11.1 per cent quarter-on-quarter, supported by a nearly 19 per cent rise in treasury client sales and a 12.6 per cent increase in fee and commission income. In a filing with Bursa Malaysia, CIMB reaffirmed its commitment to its Forward30 strategic plan that was launched in March. This six-year roadmap focuses on strengthening customer experience, improving operational efficiency, and driving sustainability-led initiatives. The group also recently restructured its leadership in Thailand and Cambodia, while identifying those two markets, along with Singapore, as growth engines for regional expansion. Being South-east Asia's fifth-largest lender by assets, CIMB operates 592 retail branches and employs more than 33,000 staff across 10 markets as at end-2024, serving around 28 million customers. Analysts said CIMB's latest results were broadly in line with expectations, though margin compression remains a concern. Kenanga Research's Clement Chua noted that CIMB, alongside AmBank, was one of the few banks in Malaysia to post a sequential uptick in NIMs. However, gains were offset by declining asset yields and elevated funding costs in Indonesia. While the group maintained its full-year NIM guidance of a deterioration of up to five basis points, analysts said it is now more likely to trend toward the lower end of that range, added Chua. Maybank Investment Bank analyst Desmond Ch'ng said CIMB's wide footprint in South-east Asia exposes it to greater regional volatility compared to more domestically focused peers. 'Any slowdown in Malaysia would weigh on earnings, but the group is also vulnerable to monetary and currency trends in Indonesia and Thailand,' he said, noting that further rate cuts in Indonesia or a weaker rupiah could erode margins and reduce the translated earnings from CIMB Niaga. Despite these challenges, RHB Research analysts David Chong and Nabil Thoo said CIMB is entering this phase of uncertainty with a strong liquidity position, better asset quality, and flexibility to manage funding pressures. They pointed to CIMB's ability to reduce campaign deposit rates in Malaysia by 10 to 20 basis points in May and its strategy to wind down costlier wholesale funding. 'Direct exposure to US tariffs is limited, with less than 3 per cent of CIMB's loans linked to trade-related sectors and just 0.4 per cent of customers deriving over 20 per cent of their revenue from the US market,' they said in a note on Monday (Jun 3).
