Latest news with #RM6.3bil
The Star
7 days ago
- The Star
Witness: MACC bosses knew of payments to Lim
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer informed his superiors about money paid to Lim Guan Eng in connection with the Penang undersea tunnel project case, the Sessions Court heard. Senior Supt Ng Heng Jun testified that during a fraud investigation on Dec 9, 2019, Datuk Zarul Ahmad Mohd Zulkifli, then Consortium Zenith Construction Sdn Bhd director, revealed he had given money to Lim and G. Gnanaraja. 'Zarul only told me in general terms about the money given to Lim. I was not involved in the investigation on the money given to Lim because the case was handled by another investigating officer. 'I then reported the matter to MACC superiors, and was informed that a special investigation would be conducted on the case,' said Ng, who is the investigating officer in the RM19mil fraud case involving Gnanaraja, Bernama reported. The 36th prosecution witness said this during re-examination by DPP Farah Yasmin Salleh in the corruption case involving the construction of a major road and undersea tunnel project in Penang worth RM6.3bil involving Lim, the former Penang chief minister. Ng said he never stopped Zarul Ahmad, the 23rd prosecution witness, from giving evidence to MACC regarding the money given to Lim. 'I asked him (Zarul Ahmad) to give evidence on the handing over of money to Lim for the case against Lim because I don't want his evidence to be mixed up with the case I am investigating as 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 abusing his position to receive a RM3.3mil bribe 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% 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 2am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8mil to a developer linked with the undersea tunnel project. The offences were allegedly committed at the Penang Lands and Mines Office, Komtar, on Feb 17, 2015 and March 22, 2017. The hearing before Judge Azura Alwi continues on July 22.
The Star
10-07-2025
- Politics
- The Star
I told superiors about money allegedly given to Guan Eng, MACC officer tells court
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigating officer (IO) told the Sessions Court here Thursday (July 10) 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 that 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 my 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 RM19mil 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 RM6.3bil, 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 RM3.3mil 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% 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 2am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8mil, 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. The hearing before Judge Azura Alwi continues on July 22. - Bernama
The Star
25-06-2025
- Business
- The Star
Positive response to Axiata's bid to unlock value
HLIB Research viewed the potential monetisation of Axiata's stake in edotco as a key near-term catalyst for share price rerating. PETALING JAYA: Axiata Group Bhd 's earnings are likely to remain lacklustre in the near term and the market is likely to respond positively to the group's efforts to unlock value, according to Hong Leong Investment Bank (HLIB) Research. It viewed the potential monetisation of Axiata's stake in edotco as a key near-term catalyst for share price rerating. It slightly raised its financial year 2025 (FY25) to FY27 earnings forecasts by 2% to 15% to reflect management's guidance and fine-tuned assumptions. It said the second quarter (2Q25) financial results and headline earnings might see a lot of noise due to XLSmart deconsolidation, disposal gains on XLSmart stake sale to Sinar Mas and the disposal loss on the Edotco Myanmar divestment, besides foreign exchange (forex) volatility. It retained its 'buy' call on the stock with a target price of RM2.50 a share. It said the recent divestment of Myanmar tower assets would pave the way for Edotco's monetisation, with reports suggesting a Khazanah Nasional Bhd-Employees Provident Fund consortium could acquire Axiata's 63% stake at a US$3.5bil valuation. It is strategically consistent, given that Khazanah had acquired the entire 21% stake from Innovation Network Corp of Japan in early March 2025, boosting its ownership in Edotco to 32%. The remaining 5% stake is currently held by Retirement Fund Inc. Assuming this materialises, Axiata could net around RM6.3bil from the sale. With up to US$475mil in equalisation payments from the concluded XLSmart merger in April 2025, the proceeds would accelerate balance sheet-repair for Axiata.
The Star
21-05-2025
- Business
- The Star
Penang confirms third bridge being considered as alternative to undersea tunnel
GEORGE TOWN: Penang is considering another bridge as the third link between the island and the mainland instead of an undersea tunnel. Penang infrastructure and transport committee chairman Zairil Khir Johari said the state government is considering a proposal to have a bridge across the Penang Straits instead. "The feasibility study was completed in 2023, covering the viability of the new design, namely a bridge, or other alternative designs. "The implementation study for this alternative design will be completed in the near future and the new design is expected to be finalised once the study is concluded," he said in his winding-up speech during the state assembly sitting on Wednesday (May 21). Zairil said a Traffic Impact Assessment and any necessary evaluation would be carried out once the study concludes. In February, Chief Minister Chow Kon Yeow said the third link for vehicular movement between the island and Seberang Prai would see a change in alignment. He did not reveal details nor did he say if the third link would be an undersea tunnel or a bridge. In 2021, it was reported that the state government had not ruled out the possibility of a third bridge to replace the proposed undersea tunnel project, part of a RM6.3bil mega project. Penang currently has two bridges linking the island to the mainland.
