Latest news with #Adnan
The Sun
13 hours ago
- Business
- The Sun
Ex-Pahang MB Adnan Yaakob loses appeal over RM84,000 SC penalty
PUTRAJAYA: Former Pahang menteri besar Tan Sri Adnan Yaakob has lost his appeal to set aside an RM84,000 penalty imposed by the Securities Commission (SC) for violating the Capital Market and Services Act 2007 (CMSA). A three-judge panel led by Justice Datuk Azimah Omar ruled that Adnan should have pursued a judicial review to contest the penalty, stating his appeal was bound to fail on that basis. The bench, which included Justices Datuk Wong Kian Kheong and Datuk Ismail Brahim, also ordered Adnan to pay RM10,000 in legal costs. Adnan, who served as Pahang MB from 1999 to 2018, was a director of Pasdec Holdings Bhd (PASDEC), a company majority-owned by the Pahang State Development Corporation (PKNP). The SC found that PASDEC had issued an abridged prospectus in 2018 omitting key details, including PKNP's pending application to subscribe to shares at RM0.35 per unit. As a board member, Adnan admitted responsibility for the oversight. The SC issued a notice in July 2020, reprimanding him and imposing the RM84,000 fine. After Adnan failed to pay, the regulator filed a civil suit in Kuantan's Magistrate's Court, which ruled in the SC's favour in 2022. His subsequent High Court appeal was dismissed in February 2023. Representing himself, Adnan argued that his PASDEC role was a state appointment and absolved him of liability. However, SC lawyer Lambert Rasa-Ratnam countered that Adnan had missed the opportunity to challenge the penalty via judicial review. - Bernama
The Star
14 hours ago
- Business
- The Star
Ex-Pahang MB Adnan Yaakob fails in appeal to overturn RM84,000 penalty imposed by SC
PUTRAJAYA: Former Pahang menteri besar Tan Sri Adnan Yaakob failed in his appeal on Thursday (July 31) to overturn a summary judgement requiring him to pay an RM84,000 penalty to the Securities Commission (SC) for breaching provisions under the Capital Market and Services Act 2007 (CMSA). A three-man bench led by Justice Datuk Azimah Omar held that Adnan should have filed a judicial review to challenge the penalty, adding that on that ground alone, the appeal was bound to fail. Furthermore, she said Adnan failed to raise any triable issues in the light of his clear and unequivocal admission in his letter to the SC. The panel, also comprising Justices Datuk Wong Kian Kheong and Datuk Ismail Brahim, ordered Adnan to pay RM10,000 in legal costs. Adnan, who served as Pahang menteri besar from 1999 to 2018, was a member of the Board of Directors of Pasdec Holdings Bhd (Pasdec), whose largest shareholder is the Pahang State Development Corporation (PKNP) (Perbadanan Kemajuan Negeri Pahang). The SC, a statutory body established under the Securities Commission Act 1993 (SCMA), is vested with the functions and powers to enforce compliance with the SCMA and CMSA. On May 16, 2018, Pasdec issued an abridged prospectus that omitted material information. Pasdec failed to disclose PKNP's application for approval to subscribe to its entitlement at the issue price of RM0.35 per rights share, was still pending. As a member of the Pasdec's board of directors, Adnan, 75, had individually and collectively accepted responsibility for the omission. On July 22, 2020, SC issued a notice to Adnan stating that he had breached the provisions in CMSA and imposed sanctions, including reprimand and an RM84,000 penalty. However, no payment was made, and the SC initiated a civil suit in the Magistrate's Court in Kuantan. On Aug 25, 2022, the Magistrate's Court allowed the SC's application to enter a summary judgment against Adnan. His appeal to the High Court was dismissed on Feb 16, 2023. In Thursday's proceedings, Adnan, who holds a law degree from the International Islamic University Malaysia, represented himself. He submitted that he should not have been responsible for the breach because his role as Pasdec chairman was a state government appointment. Lawyer Lambert Rasa-Ratnam representing SC, argued that Adnan could have filed a judicial review to challenge the penalty imposed but did not do so. Lambert was also assisted by lawyers Chia Oh Sheng and Lim Jun Xian. - Bernama
Barnama
15 hours ago
- Business
- Barnama
Ex-Pahang MB Adnan Yaakob Fails In Appeal To Overturn RM84,000 Penalty Imposed By SC
PUTRAJAYA, July 31 (Bernama) -- Former Pahang menteri besar Tan Sri Adnan Yaakob failed in his appeal today to overturn a summary judgement requiring him to pay an RM84,000 penalty to the Securities Commission (SC) for breaching provisions under the Capital Market and Services Act 2007 (CMSA). A three-man bench led by Justice Datuk Azimah Omar held that Adnan should have filed a judicial review to challenge the penalty, adding that on that ground alone, the appeal was bound to fail. Furthermore, she said Adnan failed to raise any triable issues in the light of his clear and unequivocal admission in his letter to the SC. The panel, also comprising Justices Datuk Wong Kian Kheong and Datuk Ismail Brahim, ordered Adnan to pay RM10,000 in legal costs. Adnan, who served as Pahang menteri besar from 1999 to 2018, was a member of the Board of Directors of Pasdec Holdings Bhd (PASDEC), whose largest shareholder is the Pahang State Development Corporation (PKNP) (Perbadanan Kemajuan Negeri Pahang). The SC, a statutory body established under the Securities Commission Act 1993 (SCMA), is vested with the functions and powers to enforce compliance with the SCMA and CMSA. On May 16, 2018, PASDEC issued an abridged prospectus that omitted material information. PASDEC failed to disclose PKNP's application for approval to subscribe to its entitlement at the issue price of RM0.35 per rights share, was still pending. As a member of the PASDEC's board of directors, Adnan, 75, had individually and collectively accepted responsibility for the omission.
The Sun
2 days ago
- Business
- The Sun
HPPNK 2025 to honor 82,000 local fishermen for food security
PUTRAJAYA: The 2025 National Farmers, Breeders, and Fishermen's Day (HPPNK) will highlight the crucial contributions of over 82,000 local fishermen in safeguarding Malaysia's food security. Fisheries Department director-general Datuk Adnan Hussain emphasized their role as the backbone of the national fisheries industry. 'Local fishermen play a vital role as the backbone of the national fisheries industry and are major contributors to the food security of Malaysians,' Adnan said. He noted that 78 per cent of the 105,287 fishermen working on licensed vessels nationwide are locals, with Sabah leading at 26,682, followed by Perak (16,210) and Sarawak (10,743). The HPPNK 2025 event, set for August 1-3 at the Sabah International Convention Centre (SICC), will showcase fishery innovations and sustainability efforts. Adnan added that the department is reducing reliance on foreign labor by adopting modern technology and empowering young fishing entrepreneurs. 'The contributions of this community deserve continued recognition not only for supporting economic growth but also for ensuring the sustainability of the country's marine resources,' he said. The DOF's exhibition booth will focus on education, technology, and marine conservation. - Bernama
Malaysiakini
21-07-2025
- Business
- Malaysiakini
Audit report flags RM7.8b in army vehicle contracts over delays
The Auditor-General's Report has revealed significant weaknesses in the procurement management and administration of the army's armoured vehicle contracts, which could potentially expose the government to the risk of loss. According to the report tabled in the Dewan Rakyat today, there were contracts worth RM7.8 billion involving major armoured vehicles during the audit period from 2020 to 2023, namely Gempita, Pendekar, Adnan, Lipan Bara and MIFV.
