Latest news with #RM620
The Star
23-07-2025
- Business
- The Star
Penang supervisor loses over RM620,000 to investment scam
GEORGE TOWN: A store supervisor lost over RM620,000 after falling victim to an online investment scam. Penang deputy police chief Datuk Mohd Alwi Zainal Abidin said the 56-year-old man from Batu Kawan was deceived in an online investment fraud involving an application believed to be called "Xgi Horizon". "The commercial crime investigation department in South Seberang Perai received a police report from the victim on July 21. "The victim said he saw an investment advertisement on social media in early February that offered high profit returns. "The victim then started contacting the suspect, a man. "The investment claimed to promise high returns in a short period of time," he said in a statement on Wednesday (July 23). He said the victim was asked to download an application and register as a member to start investing. "From Feb 18 to April 24, the victim made a total of 31 transactions into 10 bank accounts belonging to different companies. "The victim realised he had been cheated when he tried to withdraw the profits through the application but was asked to make additional payments before the withdrawal could be done. "The victim then made a police report and said he had lost RM624,617," he said. DCP Mohd Alwi said the case is being investigated under Section 420 of the Penal Code, for cheating. "I would like to remind the public that taking part in any investment schemes, especially those offered online is risky. "The public has been repeatedly reminded not to be easily deceived by scammers who use social media platforms to trick people. "One must be diligent and check with Bank Negara and the Securities Commission Malaysia to ensure that the entity or individual they are dealing with is authorised by the relevant agencies to offer, promote or sell any product or offer investment services," he said. He said it is essential to cooperate in the battle against online scam cases, especially investment fraud which has increased drastically through social media. "The dissemination of information related to this modus operandi when it comes to online fraud cases must be shared with family, friends and the community to create awareness so they do not become the next victim," he said. Visit ( and ( for further details.
![[UPDATED]: MACC seizes properties worth over RM620mil in Op Fibre probe](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2F74089320_1752147628.jpg&w=3840&q=100)
![[UPDATED]: MACC seizes properties worth over RM620mil in Op Fibre probe](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fassets%2FNST-Logo%402x.png%3Fid%3Db37a17055cb1ffea01f5&w=48&q=75){kind=small}
New Straits Times
10-07-2025
- Business
- New Straits Times
[UPDATED]: MACC seizes properties worth over RM620mil in Op Fibre probe
KUALA LUMPUR: Graft busters have seized properties estimated to be worth over RM620 million following investigations under Op Fibre. The probe involves the approval of loan financing by banking institutions to a company involved in a fibre network development project in 2012, valued at approximately RM400 million. According to sources, the Malaysian Anti-Corruption Commission (MACC) has also recorded statements from nine witnesses to assist in the investigation. "The seized properties include bungalows, condominiums, office premises, land lots, and a golf club located in the Klang Valley, estimated at around RM620 million," a source said, adding that four luxury vehicles worth about RM2 million have also been seized. "The suspect is also believed to be a shareholder in the golf club," the source added. The source also revealed that to date, the MACC has frozen 72 accounts, comprising personal and company accounts, involving approximately RM390,000. On June 30, the MACC remanded a company director with the title Datuk Wira, suspected of being involved in money laundering activities amounting to about RM75 million. Meanwhile, MACC Special Operations Division senior director, Datuk Mohamad Zamri Zainul Abidin, when contacted, confirmed the information received and said that a Notice of Asset Declaration under Section 36(1) of the MACC Act 2009 would be served to the suspect and 23 other individuals starting July 10. Bernama reported on July 3 that the MACC obtained an order to remand a company director with the title "Datuk" for investigation into alleged involvement in money laundering activities amounting to about RM75 million involving a fibre network development project. The four-day remand order until July 6 against the suspect, in his 50s, was issued by Magistrate Irza Zulaikha Rohanuddin at the Putrajaya Magistrate's Court. According to an MACC source, the man is believed to have committed the offence in 2012 for approval of a loan financing amounting to RM400 million. Initial investigations found that RM75 million was channelled to a company owned by the suspect. He was arrested at about 4pm on June 2 at the MACC headquarters. The arrest was a follow-up to Op Fibre conducted by the MACC Special Operations Division on June 30. They raided four different locations, including the suspect's residence and offices in Selangor and Kuala Lumpur. Through the operation conducted, MACC froze 12 bank accounts, including personal and company accounts, with a total value of about RM400,000.
New Straits Times
10-07-2025
- Business
- New Straits Times
MACC seizes properties worth over RM620mil in Op Fibre probe
KUALA LUMPUR: Graft busters have seized several properties estimated to be worth over RM620 million following investigations under Op Fibre. The probe involves the approval of loan financing by banking institutions to a company involved in a fibre network development project in 2012, valued at approximately RM400 million. According to sources, the Malaysian Anti-Corruption Commission (MACC) has also recorded statements from nine witnesses to assist in the investigation.
New Straits Times
14-05-2025
- Business
- New Straits Times
Signature Alliance looks to raise RM161.2mil from IPO
KUALA LUMPUR: Signature Alliance Group Bhd aims to raise RM161.2 million from its initial public offering (IPO) in conjunction with its listing on the ACE Market of Bursa Malaysia. Its IPO entails the issuance of 260 million new shares priced at 62 sen a piece, representing 26 per cent of its enlarged share capital. At 62 sen, Signature Alliance's market capitalisation is projected to be RM620 million. Of the total proceeds, the company plans to use RM88 million for a new corporate office and production facility in Selangor to increase automation and enhance project delivery. A total of RM30.1 million will be used for working capital for its interior fitting-out projects, RM20 million is allocated for expansion of branch offices in Penang and Johor, RM4 million will be utilised for the purchase of additional machinery and the remaining RM7.1 million is for listing expenses. "With the ongoing growth and expansion of our business, we intend to centralise our offices and production activities for the customisation of carpentry/ joinery parts and integral fixtures as well as manufacturing of wooden furniture to improve the overall efficiency of our production process," said its executive director and group chief executive officer Darren Chang. For the financial year ended Dec 31, 2024 (FY24), the company's net profit more than tripled to RM40.6 million from RM10.4 million. This was on higher gross profit and net gain on impairment of financial and contract assets. Its revenue more than doubled to RM386 million from RM173.4 million in FY23. Signature Alliance is scheduled to be listed on June 5.
Malay Mail
23-04-2025
- Business
- Malay Mail
Saudi Arabia's ‘city of roses' battles climate shifts to keep desert blooms alive
TAIF, April 23 — After decades spent pruning thorny bushes and working arduous harvests, Khalaf Allah al-Talhi has perfected the art of capturing the fragrant aroma of the desert rose in a bottle. 'I love roses and take care of them more than I care for my own children,' the 80-year-old told AFP from his flower farm in western Saudi Arabia's Taif. Known as 'the city of roses', the hills of Taif produce around 300 million of the area's signature pink roses annually at 800 flower farms. By his own estimates, Talhi grows around five to six million of those. The arrival of spring's mild climate is met with the blooming of roses that carpet the vast, rolling desert landscapes with vibrant shades of pink. The blooms are then hand-picked from daybreak to late in the evening by an army of labourers. The petals are soaked and boiled for hours in vats, where the rose's scent is extracted through an intricate process capturing the steam that is then distilled into aromatic oil. The flowers have long been used to make rose water to wash the walls of the Kaaba at the Grand Mosque in Mecca, and perfumes made from Taif roses are popular with pilgrims visiting the kingdom. 'Many rose lovers' 'The quantity of Taif roses is small, so only limited amounts are exported because it's not enough to meet local demand. Here in Saudi Arabia, we have many rose lovers who only prefer rose perfume,' Talhi said. A modest quantity of oil is exported to craft perfumes or to be added to cosmetic products such as moisturisers and soaps. According to the economic database TrendEconomy, Saudi Arabia in 2023 exported just US$141 million (RM620 million) worth of perfume products, which includes rosewater. At harvest time, workers on Talhi's farm pick tens of thousands of flowers daily. 'We were born on farms and have always worked in agriculture,' said Talhi, wearing a white robe and a red checkered headscarf. But now the greater frequency of erratic weather — including searing summer heat, frigid winters and unexpected flooding — presents a potent threat to Taif's famed roses. 'My soul' Climate scientists have issued regular warnings that every fraction of a degree of global warming increases the intensity and frequency of extreme weather events such as heatwaves, heavy rainfall and droughts. Saudi Arabia, with its arid climate and vast deserts, is particularly vulnerable. 'Climate change accelerates soil degradation in processes such as salinisation, erosion, and desertification, which diminishes the quality and productivity of arable land in Saudi Arabia,' read a report published by the Atlantic Council. The think tank estimated that wheat yields were expected to decline by 20 to 30 per cent by 2050 in Saudi Arabia because of heat stress and not enough irrigation water, while reductions are also expected for date palms and other staple crops. The weather in the deserts around Taif has been no exception, according to Talhi. 'Last year and the year before, it was extremely cold. Some farmers didn't harvest a single flower from their fields.' Thankfully, this season has been more forgiving. 'There are weather changes, but this year the conditions have been very mild,' he said. While the weather may now be less reliable, Talhi himself has proven to be a source of stability. Despite his advancing years, the octogenarian rises every day before sunrise to work the fields alongside his staff, and he often labours away until late into the night. 'This farm is my soul and beating heart,' he told AFP. 'God willing, nothing will separate me from it, except death.' — AFP
