Fresh intel triggers eight new MACC investigation papers on Daim's overseas holdings, says Azam
According to Harian Metro, MACC chief commissioner Tan Sri Azam Baki said the agency has opened eight new investigation papers based on the information received.
'We are now looking into assets that were not previously declared to us,' he told a press conference at the MACC headquarters in Putrajaya today.
'The latest details point to the ownership of substantial assets by the late Daim, his family and associates that were not declared.'
Azam said the assets have been traced to Switzerland, the United Kingdom, Singapore and several other countries.
'We are currently in communication with foreign authorities to obtain further information. The process is complex and must follow legal protocols such as Mutual Legal Assistance (MLA),' he was quoted as saying.
To date, about RM2 billion in assets linked to Daim have been frozen since investigations began in February 2023.
Azam said the latest findings will be subject to investigation, and if it is confirmed that the assets were undeclared, it could constitute an offence.
'Despite Tun Daim's death, we will recommend that the assets in question be forfeited to the government, subject to the Deputy Public Prosecutor's discretion,' he reportedly said.
He added that witnesses, including proxies and family members, are being called in to verify whether the assets were lawfully acquired.
'I've instructed investigating officers to complete work on the eight new papers within approximately two months,' he was quoted as saying by the national daily.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 days ago
- Yahoo
Nga Kor Ming demands apology over ‘white elephant' claims as MACC clears RM150m MyKiosk project
KUALA LUMPUR, July 22 — Housing and Local Government Minister Nga Kor Ming today called on critics to apologise to his ministry after the Malaysian Anti-Corruption Commission (MACC) found no criminal elements in the MyKiosk project. Nga said the Ministry of Local Government and Rural Development (KPKT) had taken proactive steps by inviting the MACC to investigate the project following various allegations labelling it a 'white elephant' and other claims of mismanagement. 'There were previously various allegations labelling this project a white elephant and so on. Because of that, the KPKT took the initiative to invite the MACC to investigate. 'When the MACC didn't come to us, we went to them and handed over all the documents for their review,' he said during a question-and-answer session in the Dewan Rakyat. Nga said the MACC subsequently issued a statement confirming that there was no abuse of power, no criminal elements, and no signs of corruption related to the project. 'So to those who threw stones, don't hide your hands. On behalf of all the hardworking KPKT staff who have been tirelessly helping the people, I demand that those who made slanderous accusations apologise,' he said. Nga added that the MyKiosk initiative, which aims to provide standardised, low-cost business premises for small traders, remains part of the government's agenda to support grassroots entrepreneurs. In May, Parti Pribumi Bersatu information chief Datuk Tun Faisal Ismail Aziz claimed that the MyKiosk project was wasteful and had turned into a white elephant. Selangor MCA Youth also lodged a complaint with the MACC, urging an investigation into the funding and implementation of the RM150 million MyKiosk project. Its chief, Tan Jie Sen, claimed that despite the large allocation, just over half of the kiosks were occupied. Nga said as of July 2025, the occupancy rate for MyKiosk stood at 2,926 units (91.75 per cent), while MyKiosk 2.0 recorded an occupancy of 3,518 units (86.78 per cent).
Yahoo
6 days ago
- Yahoo
Malaysia's AI darling NationGate sees shares tumble after it got raided in a scrap metal smuggling probe
Shares of NationGate Holdings, Nvidia's only manufacturing partner in Southeast Asia, took a beating this week after the company disclosed a raid into one of its subsidiaries by Malaysian authorities. On Tuesday, Nationgate admitted that the Malaysian Anti-Corruption Commission (MACC) raided the premises of NationGate Solution, a wholly-owned subsidiary, as part of an ongoing investigation into scrap metal smuggling. Nationgate's shares fell 14% on Tuesday to reach 1.45 Malaysian ringgit ($0.34). Shares pared back losses over the rest of the week, but are still down over 10% from Tuesday. On Thursday, NationGate stated that the raids did not involve any specific board members or senior management, and that the company didn't expect a significant hit to its finances or operations. In a response to Fortune, a spokesperson from NationGate Holdings said that it is an electronic manufacturing services company and that scrap metal trading has never been part of the company's business. The spokesperson added that the MACC visit to NationGate Holdings' subsidiary is part of an industry wide investigation, and that as a responsible corporate citizen, NationGate is giving full assistance to the MACC investigation. Malaysia's state news agency Bernama reported on Tuesday that the MACC launched a crackdown on scrap metal smuggling syndicates operating in five states that have resulted in an estimated tax revenue loss of 950 million Malaysian ringgit ($223.9 million). The report added that preliminary investigations revealed these syndicates exported scrap metal to India, China and other countries but reported them as machinery or other metals not subject to the 15% export tax imposed by the government. NationGate, ranked No. 243 on the Southeast Asia 500, was the fastest-growing company on Fortune's ranking of the region's largest companies by revneue. 2024 sales surged 720% to reach 5.3 billion Malaysian ringgit ($1.6 billion), largely thanks to surging growth in its data computing segment. NationGate is the only company in Southeast Asia that assembles Nvidia's highly sought-after graphic processing units (GPUs) into AI servers. Nvidia's GPUs are the most used in high-performance AI applications. But the AI boom and the link to Nvidia are also a risk for NationGate. In early March, Malaysia and neighboring Singapore faced U.S. allegations of being channels for controlled chips to make their way to China. U.S. officials were reportedly interested in whether DeepSeek, the scrappy Chinese AI startup, got its hands on Nvidia processors it wasn't supposed to have. Singapore's Law and Home Affairs Minister K Shanmugam said in March that servers containing chips subject to U.S. export controls appeared to have been sent to Malaysia. Malaysia's Trade Minister Tengku Zafrul Abdul Aziz then said officials were investigating and vowed to take necessary action. Separately, Singapore has also charged three men with fraud for allegedly misrepresenting the end-user of computer servers that may contain Nvidia chips. On Monday, Malaysia announced that all exports of high-performance U.S. AI chips will now require permits for exports, and that individuals and companies must notify the government at least 30 days prior to shipping such hardware. NationGate has distanced itself from the subject and has clarified that it's not involved in any investigations. Yet investors are still spooked. NationGate's shares are down over 40% year-to-date. Update July 19, 2025. This article has been updated with a statement from NationGate Holdings. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time Business News
10-07-2025
- Time Business News
Why Education and Writing Still Matter in Business—More Than You Might Think
If you run a business, manage a team, or communicate with clients on a regular basis, then you already know: how people think and how they express themselves can make or break a deal, a project, or even a company culture. While hard skills like coding or accounting often steal the spotlight, soft skills—particularly those shaped by education and communication—remain the silent engines behind successful leadership, smooth collaboration, and trust-building with customers. In an increasingly global work environment, understanding where someone comes from educationally can give you important clues about how they work. That's the core message of a thoughtful piece from French Quarter Magazine titled 'A Closer Look at the French and American Education Systems'. In the article, writer Hannah A. Blackwood breaks down how these two countries—both democratic and culturally rich—approach schooling very differently. In the U.S., students are typically encouraged to explore a variety of subjects, participate in extracurriculars, and develop their own learning paths. The system promotes creativity, initiative, and individual problem-solving—skills that show up later in entrepreneurial environments and innovation-focused industries. France, on the other hand, favors a centralized, structured model. Students follow a nationally regulated curriculum, with rigorous testing and early specialization culminating in the baccalauréat exam. This produces graduates who are often disciplined, focused, and comfortable working within formal systems—valuable traits in industries where consistency and process matter most. For professionals managing multicultural teams or hiring international talent, understanding these differences is more than trivia—it's strategy. Knowing how someone was trained to think can explain how they respond to structure, feedback, or ambiguity. You're not just hiring resumes; you're hiring mindsets shaped by entire systems. But what happens after education—when we start communicating ideas in real-world settings? That's where another French Quarter article comes in. 'Mastering the Art of Academic Writing: Understanding MLA and APA Outlines' may sound like it belongs in a college classroom, but it's highly relevant for professionals who want to improve how they organize reports, proposals, or internal communications. The article explains how two dominant writing formats—MLA and APA—aren't just school exercises; they're frameworks that can elevate business communication. MLA (commonly used in the humanities) focuses on clarity and topic flow, while APA (used in social sciences and business fields) is more formal, with a structured layout ideal for data-driven content. In practical terms, if you're preparing a grant proposal, business pitch, whitepaper, or even a quarterly report, knowing how to outline your ideas effectively could be the difference between being heard or overlooked. Clients, partners, and investors are more likely to engage with messaging that's clear, confident, and well-organized. These two articles—one on education systems, the other on writing structure—complement each other in a surprising way. One gives us insight into how people learn to think; the other shows us how they're taught to express those thoughts. For small business owners and professionals who wear multiple hats—from hiring manager to content strategist—this knowledge can strengthen everything from internal productivity to public-facing branding. So whether you're mentoring a young intern, preparing a client proposal, or trying to understand why one team member thrives with direction and another struggles without flexibility, consider these deeper layers. Education isn't just background—it's a blueprint. And writing isn't just a task—it's your voice in the market. TIME BUSINESS NEWS
