Latest news with #RM51mil
The Star
7 hours ago
- Business
- The Star
RM183mil in assets seized
Shock and awe: ACTS officers storming a luxury residence in a high-stakes dawn raid in Batu Maung, Penang. — ZHAFARAN NASIB/The Star BUTTERWORTH: A day after uncovering a metal and e-waste smuggling syndicate, the Malaysian Anti-Corruption Commission (MACC) continued its crackdown with asset seizures of over RM183mil. The coordinated sweep at 13 locations across Penang, Kedah, Johor and the Klang Valley yesterday was conducted with the Customs Department, Inland Revenue Board and Bank Negara Malaysia as part of Ops Metal. In the second blitz in Penang yesterday, the MACC's elite Anti-Corruption Tactical Squad (ACTS) stormed a company involved in e-waste processing in the Perai industrial area, Butterworth. The team inspected company documents and examined e-waste components after briefly questioning a security guard. A man believed to be the company's chief operating officer also provided the investigating team with information and a tour of the warehouse facility. Some workers, including foreign nationals, were also checked for proper documentation. MACC said 45 company bank accounts and 82 personal accounts, amounting to RM51mil, were frozen in the operation. The assets seized were a 793ha oil palm plantation in Kuala Krai, Kelantan, along with eight properties in Penang – three bungalows in Batu Maung, a penthouse in Tanjung Tokong, a shoplot in Bayan Lepas, 12.54ha of land in Nibong Tebal, 2.8ha in Batu Uban and 2.26ha in Juru. Also confiscated were six luxury cars valued at over RM1.9mil and five branded watches collectively worth more than RM740,000. MACC Chief Commissioner Tan Sri Azam Baki confirmed the seizure of the properties, vehicles and watches, as well as the freezing of bank accounts. 'The MACC is identifying parties in cahoots with this syndicate, which smuggled metal and e-waste through Port Klang and Penang Port. 'This has resulted in about RM950mil losses in tax revenue over the past six years. 'The focus of the investigation is on offences under Sections 16 (relating to soliciting or accepting gratification) and 18 (pertaining to deception through false claims) of the MACC Act 2009. 'We are also analysing and identifying elements of other criminal offences, including money laundering activities. 'This includes investigations by other agencies under the Income Tax Act 1967 and the Customs Act 1967,' he said. On Monday, the MACC began a large-scale crackdown, targeting 19 locations in Penang, Selangor, Negri Sembilan, Johor and Kedah. The operation centred on a prominent scrap metal company owner with a 'Datuk' title. However, the suspect – believed to be a foreign national – was not at his home in Batu Maung, having reportedly left the country two days earlier. The team then moved to a scrap metal storage and processing facility on Jalan Bukit Minyak, in mainland Penang, believed to belong to the suspect. For over six years, the well-organised smuggling syndicate has exported scrap metal and e-waste to several countries, evading nearly RM1bil in export duties. The group falsely declared the cargo as machinery and other non-taxable metal goods to bypass the government's 15% export duty, with destinations including China, India and others. To execute the scheme, the syndicate is alleged to have bribed Customs Department officers, establishing a corrupt network that operated undetected for years.
The Star
a day ago
- Business
- The Star
MACC seizes RM183mil in assets from scrap metal smuggling syndicate
BUTTERWORTH: The Malaysian Anti-Corruption Commission (MACC) has seized various assets estimated to be worth over RM183mil following raids on a scrap metal smuggling syndicate. The raids, carried out in five states—Penang, Selangor, Negri Sembilan, Johor, and Kedah—began on Monday (July 14) and progressed across various factories on Tuesday (July 15). According to the MACC, the raids were conducted by their Special Operations Division in collaboration with the Customs Department, the Inland Revenue Board, and Bank Negara through the Ops Metal Multi-Agency Task Force. "The raids saw 45 company accounts and 82 individual banking accounts being frozen, involving about RM51mil. "The seized assets included eight properties in Penang — three bungalow units in Batu Maung, one penthouse unit in Tanjung Tokong, one shoplot unit in Bayan Lepas, 12.54ha (31 acres) of land in Nibong Tebal, 2.8ha (7.1 acres) of land in Batu Uban, 2.26ha (5.6 acres) of land in Juru, as well as more than 793ha (1,960 acres) of oil palm plantation land in Kuala Krai, Kelantan. "MACC seized six luxury cars estimated to be worth more than RM1.9mil as well," the statement on Tuesday (July 15) read. It said during the raid, they seized five branded watches estimated to be worth more than RM740,000. MACC chief commissioner Tan Sri Azam Baki confirmed the freezing of bank accounts and the seizure of the properties, luxury vehicles, and watches. He said that following the operation on Monday (July 14), MACC conducted searches at 13 new locations in Penang, Kedah, Johor, and around the Klang Valley on Tuesday. "MACC is currently identifying parties who are in cahoots with this syndicate that smuggles out the metal and e-waste through the Klang and Penang ports, causing the government to lose an estimated RM950mil in tax revenue over the past six years. "The focus of the investigation is on offences under Sections 16 (offenses related to soliciting or accepting gratification) and 18 (offence of intending to deceive by providing false claims) of the MACC Act 2009. "In addition to the investigation, we are analysing and identifying elements of other criminal offences, including money laundering activities. "This includes investigations carried out by other agencies involved in this operation into offences under the Income Tax Act 1967 and the Customs Act 1967," he said.
The Star
08-05-2025
- Business
- The Star
OCK expanding operations in DC space
Phillip Research remained 'positive' on OCK's outlook. PETALING JAYA: OCK Group Bhd is expected to report an 18-month core earnings of RM51mil for its financial year 2025 (FY25). It is changing its year-end to June from December. On a comparable 12-month basis, Phillip Research cut its FY25 and FY26 earnings per share forecast by 31% and 42% to reflect a realistic billing momentum in the contracting and network engineering services segment. In tandem with its earnings revision, it trimmed its dividend per share forecasts to 1.5 sen and 1.3 sen for FY25 and FY26 respectively from 1.8 sen and two sen previously, implying a 30% payout ratio. Historically it had paid out 18% to 45% of its net profit. The reduced payout assumptions reflected a prudent capital management approach, considering the gradual 5G rollout in regional markets and prevailing macroeconomic headwinds. It has maintained a 'buy' call on the stock with a target price of 66 sen a share. The counter last closed at 41 sen a share during yesterday's trading. The key risks to its call include unexpected delays in project rollout and execution, slower-than-expected tower portfolio expansion, weaker-than-expected margins, regulatory changes as well as foreign currency fluctuations. The research house also liked OCK for its strategic exposures to telecommunications infrastructure projects, stable regional tower leasing business, promising earnings potential from ongoing 5G rollouts and network enhancement activities. 'OCK's substantial recurring income, with 60% to 65% of its revenue derived from tower leasing and managed services, will position it as a beneficiary of domestic and regional 5G deployment,' it said. Going forward, OCK is expected to benefit from U Mobile Sdn Bhd's 5G rollout. However, near-term earnings should be minimal, as the initial phase will likely focus on site enhancement. It is discussing securing work for 500 new towers, strengthening its engineering and managed services segments. The group will also benefit from Jendela phase two, which involves the rollout of 2,700 sites nationwide. 'OCK has a good chance of securing RM70mil to RM100mil of infrastructure jobs under the Smart City initiatives,' the research house added. In Indonesia, OCK manages about 54,899 towers, holding a 46% market share. Its managed tower portfolio is expected to grow 8% annually in FY25 and FY26, and 9% in FY27, driven by continued infrastructure expansion and operational scale, according to the research house. In Vietnam it has 3,650 towers, with a tenancy ratio of about 1.2 times and the tenancy ratio is expected to stay flat over FY25-FY27. OCK owns 1,200 towers in Myanmar, with a tenancy ratio of 1.4 times. The group's current RM82mil order book for data centre (DC) projects will primarily focus on power solutions. OCK is expanding its involvement in the DC space by diversifying from power solutions into fibre connectivity, further solidifying its position in the fast-growing sector. Phillip Research remained 'positive' on OCK's outlook, as its strategic pivot towards the DC sector gains traction.
The Star
30-04-2025
- Business
- The Star
FBM KLCI rises 1.63% to one-month high; ringgit extends gains to 6-month peak
KUALA LUMPUR: The FBM KLCI closed sharply higher on Wednesday as bargain-hunting emerged following losses in the previous session, amid a mixed performance in regional bourses. The 30-stock index jumped 24.66 points, or 1.63%, to 1,540.22 — its intraday high and the highest level in a month. It was the biggest gain since a 1.79% rise on April 14. The index has risen 1.76% so far this month. Across the broader market, gainers outnumbered decliners 559 to 364, with 2.57 billion shares worth RM2.25bil transacted. The FBM KLCI-component stocks were overwhelmingly positive, with 29 gainers and only one decliner. PETRONAS Chemicals contributed the most to the index gain and had the largest move, increasing 5.76% or 20 sen to RM3.67. On the other hand, QL Resources was the biggest drag on the index and had the biggest drop, declining 0.2%, or one sen to RM4.80. On the broader market, F&N jumped 78 sen to RM27, Allianz rose 26 sen to RM18.40, and Country View gained 24 sen to RM2.33. Meanwhile, Bintulu Port slid 20 sen to RM5.24, Scientex fell 13 sen to RM3.50, and Bursa Malaysia declined 12 sen to RM7.38. Meanwhile, the ringgit rose 0.27% against the US dollar to 4.3158 — its highest in about six months. It has gained 3.65% against the greenback so far. Stock market data showed that on Tuesday, foreign investors and local retailers were net buyers of equities worth RM51mil and RM22mil, respectively, while local institutions were net sellers with RM73mil. Major regional indexes closed mixed, with Japan's Nikkei 225 rising 0.57%, South Korea's Kospi falling 0.34%, and Hong Kong's Hang Seng Index gaining 0.51%. China's CSI 300 Index slipped 0.12%, while the Shanghai Composite Index fell 0.23%.
