Latest news with #RM6.3
The Sun
2 days ago
- The Sun
MACC IO reports money given to Lim Guan Eng in Penang tunnel case
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer testified in court that he reported to superiors regarding money allegedly given to former Penang Chief Minister Lim Guan Eng. Senior Superintendent Ng Heng Jun stated that Datuk Zarul Ahmad Mohd Zulkifli, former director of Consortium Zenith Construction Sdn Bhd, disclosed payments made to both G. Gnanaraja and Lim during a fraud investigation in 2019. Ng clarified that while Zarul provided general details about the funds given to Lim, he was not directly involved in that specific investigation. 'I informed MACC superiors, and they assured a special probe would follow,' he said during re-examination by Deputy Public Prosecutor Farah Yasmin Salleh. The case involves a RM6.3 billion Penang infrastructure project. The witness confirmed he did not prevent Zarul from testifying about the payments to Lim. 'I wanted to avoid mixing evidence between the two separate cases,' Ng explained. Lim faces multiple charges, including allegedly accepting RM3.3 million in bribes linked to the project between 2011 and 2017. Additional charges accuse Lim of soliciting a 10% profit share from Zarul's company and improperly disposing of state land worth RM208.8 million. The trial before Judge Azura Alwi resumes on July 22. – Bernama
New Straits Times
2 days ago
- New Straits Times
Witness says he told MACC superiors about payments given to Lim Guan Eng
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) told the Sessions Court here today that he had informed his superiors about Datuk Zarul Ahmad Mohd Zulkifli's statement over money paid to Lim Guan Eng in connection with the Penang undersea tunnel project case. MACC Senior Superintendent Ng Heng Jun said during a fraud investigation on Dec 9, 2019, Zarul Ahmad, who was then the director of Consortium Zenith Construction Sdn Bhd (CZCSB), revealed he had given money to both G. Gnanaraja and Lim. "Datuk Zarul only told me in general terms about the money given to Lim. I was not involved in the investigation into the money given to Lim because the case was handled by another investigating officer. "I then reported the matter to the MACC superiors, and I was informed that a special investigation would be conducted into the case," said Ng, who is the investigating officer in the RM19 million fraud case involving Gnanaraja. The 36th prosecution witness said this during re-examination by deputy public prosecutor Farah Yasmin Salleh at the trial of the corruption case involving the construction of a major road and undersea tunnel project in Penang worth RM6.3 billion, involving the former Penang chief minister. Ng said he never stopped Zarul Ahmad, who is the 23rd prosecution witness, from giving evidence to the MACC regarding the money given to Lim. "I asked him (Zarul Ahmad) to give evidence regarding the handing over of money to Lim for the case against Lim because I don't want Datuk Zarul's evidence to be mixed up with the case I am investigating, because the two cases are different," he said. According to the amended first charge, Lim, 64, is charged in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3 million to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10 per cent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The offence allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30am and 2.00am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8 million, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017.
Business Times
3 days ago
- Business
- Business Times
Hospital operator IHH eyes Indonesia, Vietnam for expansion
[KUALA LUMPUR] IHH Healthcare is looking to potential new markets Indonesia and Vietnam as the Malaysian hospital operator continues building scale to offset rising healthcare costs in the region. Indonesia is attractive, thanks to its healthcare reforms and foreign ownership relaxation, while Vietnam has emerged as a booming market, according to chief executive officer Prem Kumar Nair. 'We get a lot of patients from Vietnam into our Singapore operations,' he said in an interview in Kuala Lumpur this week. The company currently operates more than 80 hospitals in 10 countries, including Singapore, India and China, and has been actively acquiring healthcare facilities in recent years. It bought Island Hospital in Malaysia in 2024. Its Turkish unit Acibadem and Indian affiliate Fortis Healthcare also purchased hospitals in their respective markets in the last two years. The company has US$14 billion in market capitalisation and is the most valuable listed hospital operator in South-east Asia. The desire to widen expansion in the region comes as IHH looks to make up for rising import costs in the industry. The group is now procuring medical equipment, consumables and generic medications in bulk to cut costs on imported items, Prem Kumar said. IHH is also planning to consolidate its presence in China, according to Prem Kumar. It turned its clinic business into a profitable operation and is seeing a rising number of patients at its hospital in Shanghai. Still, China's decision to ease restrictions on foreign investment in the healthcare sector will not immediately sway IHH into expanding further in the world's second-largest economy. 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 'In China, the public sector is a very big competitor to private healthcare,' he said. 'We are the only foreign operator in China who has a combination of clinics, and an ecosystem, so we will build on it.' The company's priorities also include tapping growing opportunities in existing markets, where it's already committed to expanding hospital bed capacity by 33 per cent from 2024 to 2028, a 4,000 bed target. 'There's no dearth of opportunities in the countries we operate,' he said. Beyond hospitals IHH booked RM6.3 billion (S$1.9 billion) in first-quarter revenue, an increase of 5.7 per cent from a year ago. Its profit slid 33 per cent to RM514 million, which the company attributed to exceptional accounting adjustments. Singapore, Turkey and Malaysia are currently its main revenue drivers, but the company expects India to become a major contributor in the coming years amid booming demand for private healthcare. With 35 hospitals, India already has IHH's biggest in-country network. Prem Kumar said he was focused on growing out-of-hospital care in IHH's markets, including ambulatory surgical and care centers, along with primary care centres, along with primary care centres, to help control cost pressures. The group currently operates 60 healthcare facilities that are not hospitals. 'If we depend on hospitals alone, healthcare costs are going to rise tremendously,' he said. Singapore already has such an ecosystem in place while Hong Kong is headed in that direction, Prem Kumar said. Still, its home market of Malaysia does not allow hospital operators to also run other healthcare facilities. IHH plans to make representations to Malaysia's Health Ministry in hopes the rule will be changed. 'We definitely want to move, in Malaysia, into the out-of-hospital sector in a big way as well,' he said. IHH shares have declined 8.4 per cent so far this year, while Malaysia's benchmark stock index has fallen around 7 per cent amid concerns over US tariffs. BLOOMBERG
New Straits Times
25-06-2025
- Business
- New Straits Times
Axiata's Myanmar tower sale sparks Edotco monetisation talk
KUALA LUMPUR: Axiata Bhd's sale of its tower assets in Myanmar could set the stage for the monetisation of its subsidiary, Edotco, amid reports that a consortium comprising Khazanah Nasional Bhd and the Employees Provident Fund (EPF) is eyeing Axiata's 63 per cent stake, valuing the deal at around US$3.5 billion. Hong Leong Investment Bank (HLIB) said the move appears strategically aligned, as Khazanah had earlier increased its stake in Edotco to 32 per cent by acquiring the entire 21 per cent held by Innovation Network Corporation of Japan (INCJ) in March 2025. "Assuming Edotco is valued at an enterprise value of US$3.5 billion or RM14.9 billion, Axiata could net approximately RM6.3 billion for its 63 per cent stake after deducting Edotco's net debt of approximately RM4.9 billion. "We estimate that this could result in interest savings of up to RM210 million if utilised entirely to reduce debt at the holding company level, thereby close to offsetting the loss of earnings contribution from Edotco," it said in a note. The firm stated that following the completion of the XLSmart merger in April 2025, Axiata is set to receive an immediate equalisation payment of US$400 million, with an additional US$75 million expected within a year, pending certain conditions. It added that together with the potential proceeds from Edotco's monetisation, Axiata could significantly reduce its holding company debt, paving the way for a more streamlined structure and greater flexibility in distributing dividends from its telecommunications assets. "We estimate Axiata's net debt or earnings before interest, taxes, depreciation, and amortisation (EBITDA) would also significantly decrease to 1.0 times from 3.0 times in the first quarter of 2025 (1Q25) following XLSmart deconsolidation and potential disposal of Edotco," HLIB said. HLIB has increased its earnings forecasts for the financial years 2025 to 2027 by between 2 per cent and 15 per cent, incorporating updated management guidance and refined assumptions. It noted that the second quarter of 2025 (2Q25) results and headline earnings could be impacted by several one-off factors, including the deconsolidation of XLSmart, gains from the sale of Axiata's XLSmart stake to Sinar Mas, potential losses from the divestment of Edotco Myanmar, and fluctuations in foreign exchange. "While earnings are likely to remain lacklustre in the near term, we believe the market will respond positively to management's efforts to unlock value across its telco portfolio and reinforce its balance sheet in the process," the firm said. HLIB described the potential monetisation of Axiata's stake in Edotco as a significant near-term catalyst that could drive a re-rating of its share price. It maintained a 'Buy' recommendation on the stock, with a target price of RM2.50.
New Straits Times
13-06-2025
- Entertainment
- New Straits Times
#SHOWBIZ: Woman wins RM6.3mil jackpot after dreaming of Byeon Woo-seok
SEOUL: A South Korean couple scooped a ₩2 billion (RM6.3 million) jackpot, crediting their win to a dream featuring actor Byeon Woo-seok. The star himself had the perfect response to their extraordinary story. It all began with a scratch card and a particularly star-studded dream. South Korean news outlet Osen reported that Mr A, a regular lottery player, received the surprise of his life when his wife casually presented him with a Spitto 2000 ticket worth ₩2 billion. The best part? She had dreamt of the Lovely Runner actor the night before. In her dream, Byeon reportedly made a radiant entrance, called her name, and handed her a prize with a warm hug at a glittering event. "She couldn't believe it," Mr A stated. Mr A also gave Byeon a grateful shout-out, thanking him for the "twist of fate". "Thank you, Byeon Woo-seok, for bringing luck to our family," he said. Upon seeing the viral post, Byeon cheekily replied, "I will run after waiting."
