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The Sun
27-05-2025
- Politics
- The Sun
Key witness in Lim Guan Eng's corruption trial says he only spoke the truth
KUALA LUMPUR: A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful? Zarul Ahmad: I am indebted to him and followed his instructions, as he was serving as the Finance Minister at the time. According to the amended first charge, Lim, 64, is accused, 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 percent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The solicitation allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30 am and 2.00 am 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. The trial before Judge Azura Alwi is scheduled to resume on June 24.
The Sun
27-05-2025
- Politics
- The Sun
Key witness in Lim Guan Eng trial says he told the truth
KUALA LUMPUR: A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful? Zarul Ahmad: I am indebted to him and followed his instructions, as he was serving as the Finance Minister at the time. According to the amended first charge, Lim, 64, is accused, 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 percent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The solicitation allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30 am and 2.00 am 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. The trial before Judge Azura Alwi is scheduled to resume on June 24.
Express Tribune
09-05-2025
- Business
- Express Tribune
SBP reserves strengthen by $118m
Listen to article The State Bank of Pakistan (SBP) reported a week-on-week increase of $118 million in its foreign exchange reserves, taking the total to $10.3 billion as of May 2, 2025. According to the latest data released on Thursday, Pakistan's total liquid foreign reserves stood at $15.5 billion, including $5.2 billion held by commercial banks. The uptick in SBP reserves signals improved external account stability, offering some relief amid ongoing economic challenges. While the central bank did not specify the source of the increase, such gains are typically attributed to inflows from multilateral institutions, exports, or remittances. Gold prices in Pakistan declined on Thursday, mirroring a downward trend in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs4,200 per tola, bringing it down to Rs352,700 in the local market. Similarly, the rate for 10 grams of gold dropped by Rs3,601, settling at Rs302,383. This followed a modest gain on Wednesday, when the price per tola had risen by Rs800, reaching Rs356,900. Internationally, gold prices also slipped on Thursday. The global rate stood at $3,343 per ounce (including a $20 premium), reflecting a $42 decrease for the day, as per APGJSA. Adnan Agar, Director at Interactive Commodities, commented on the recent decline in gold prices, stating, "As news emerges regarding ongoing China-US trade talks, we are seeing downward pressure on gold. Market sentiment is shifting towards risk-on assets, reducing the appeal of safe havens like gold." Gold prices inched lower on Thursday, ahead of US President Donald Trump's likely announcement of a trade deal between the United States and Britain. Spot gold was down 0.1% to $3,362.19 an ounce as of 1318 GMT, after rising 1% earlier in the session. US gold futures slipped 0.7% to $3,368.50. "The gold market has been very volatile. What you're seeing are short-term investors buying and selling based on news headlines," said Jeffrey Christian, managing partner of CPM Group. Meanwhile, the Pakistani rupee recorded a slight depreciation against the US dollar for the fifth day in a row, edging down by 0.02% in the interbank market on Thursday. By the end of the trading day, the rupee settled at 281.52, marking a minor loss of Rs0.05 compared to Wednesday's closing rate of 281.47. On the global front, the US dollar remained firm against the euro on Thursday, maintaining gains from the previous daythe strongest in two weeksafter the Federal Reserve highlighted growing economic risks from elevated inflation and rising unemployment.
Business Recorder
08-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs4,200 in Pakistan
Gold prices in Pakistan fell on Thursday in line with their decline in the international market. In the local market, gold price per tola reached Rs352,700 after it lost Rs4,200. Similarly, 10-gram gold was sold at Rs302,383 after it registered a decline of Rs3,601, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola reached Rs356,900 after it gained Rs800. Moreover, the international rate of gold also increased on Thursday. As per APGJSA, the rate was at $3,343 per ounce (with a premium of $20), a decrease of $42 during the day. Likewise, silver price per tola decreased by Rs65 to settle at Rs3,417.
Business Standard
02-05-2025
- Automotive
- Business Standard
TVS Motor rises after total monthly sales climb 16% YoY in April'25
TVS Motor Company rose 1.51% to Rs 2,709 after the company's total sales jumped 16% to 443,896 units in April 2025 as against 383,615 units in April 2024. Total two-wheelers registered a growth of 15%, with sales increasing from 430,330 units in April 2025 to 374,592 units in April 2024. Domestic two-wheeler sales stood at 323,647 units in April 2025, up 7% from 301,449 units sold in April 2024. Motorcycle sales were at 220,527 units in April 2025, registering a growth of 17% compared with 188,110 units in April 2024. Scooter registered a growth of 18%, with sales increasing from 169,741 units in February 2025 to 144,126 units in April 2024. Electric vehicle (EV) sales surged by 59% YoY, with the number of units sold increasing to 27,684 in April 2025 from 17,403 in April 2024. The company's total exports registered a growth of 45%, with sales increasing from 116,880 units in April 2025 to 80,508 units in April 2024. The companys two-wheeler exports registered sales of 106,683 units in April 2025, up 46% YoY. TVS Motor Company is a reputed two- and three-wheeler manufacturer globally. It has four manufacturing facilities in Hosur, Mysuru, and Nalagarh in India and Karawang in Indonesia. TVS Motor's group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Its subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement, have a leading position in the e-bike market in Switzerland. The companys standalone net profit rose 4.24% to Rs 618.48 crore on a 10.33% increase in revenue from operations to Rs 9,097.05 crore in Q3 FY25 over Q3 FY24.
