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The Sun
2 days ago
- Business
- The Sun
Key witness claims company used to funnel bribes to Lim Guan Eng
KUALA LUMPUR: The key prosecution witness in the Penang undersea tunnel corruption trial involving Lim Guan Eng told the Sessions Court today that his vehicle company was used as a conduit for bribery payments to the former chief minister. Businessman G. Gnanaraja, 44, testified that Lim had instructed him to set up a company, Bumi Muhibah Capital Holding Sdn Bhd, and open a bank account for it. The company was incorporated on Aug 10, 2016, and in August 2017, he used it to facilitate bribe payments to Lim. 'All instructions to establish the company and open the account were given by Lim while we were in a car en route to Publika on Aug 20, 2017. The company held a CIMB Bank account at the CIMB KLCC branch. 'I had full access to the account as I was the sole authorised individual to withdraw funds,' he said while reading his witness statement during the trial involving the Penang road and undersea tunnel project. The 37th prosecution witness added that he became acquainted with Datuk Zarul Ahmad Mohd Zulkifli, then Director of Consortium Zenith Construction Sdn Bhd (CZCSB), around May 2017. Between Aug 10 and 19, 2017, they communicated regarding Gnanaraja acting as the intermediary between Zarul Ahmad and Lim. Gnanaraja testified that Datuk Zarul selected him as an intermediary to deliver cash to Lim based on trust and the fact that he was not affiliated with any opposition party at the time. He further stated that during a meeting at Hotel Impiana in Ipoh on Aug 18, 2017, he and Zarul discussed a sum of RM2 million that Zarul intended to hand over to Lim. 'Later that day, around 5 pm, while I was at home, Datuk Zarul called and asked to meet him at Eastin Hotel, Petaling Jaya at 6 pm. Upon arrival, Datuk Zarul exited his vehicle, retrieved two dark-coloured bags and placed them in the boot of my car. 'I understood the bags contained cash as Datuk Zarul said '1M' while placing the first bag and '1M' again with the second. By '1M', I understood him to mean one million ringgit,' he said. Gnanaraja added that upon returning home, he opened both bags and found they contained bundles of RM100 banknotes. 'I did not count the bundles of cash. I confirm that both bags remained in my study and were not moved until I received a call from Datuk Zarul on Aug 20, 2017,' he said. Gnanaraja said, on that morning, he received a phone call from Zarul Ahmad instructing him to prepare one of the bags containing RM1 million and proceed to the vicinity of Hotel Wen Worth in Pudu to pick up Lim. 'When we reached there, Lim, dressed in the official white chief minister's attire bearing the Penang state crest, entered Datuk Zarul's car. I was wearing a batik shirt. 'Lim greeted us and exchanged pleasantries with both of us. He informed me that he had initially intended to arrange a meeting between me and an individual named Datuk Ewein, but chose instead to speak with me directly to discuss confidential financial matters intended for his benefit,' Gnanaraja testified. 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 resumes on Aug 19. - Bernama
Straits Times
18-07-2025
- Business
- Straits Times
Look for income-paying assets amid uncertainties: CIMB Bank
Find out what's new on ST website and app. CIMB expects fixed income will outperform, at least in the second half of the year, while it is staying neutral on equities. SINGAPORE – Investors can navigate volatile markets by focusing on investments that generate income, such as fixed income securities and shares, noted CIMB Bank on June 18. Mr Jason Kuan, Singapore director of investment research and advisory at its Chief Investment Office, told a briefing that the US tariff announcements in April prompted customers to ask the bank if they should adjust their portfolios or even sell up. 'We've always advocated that you should build a globally diversified portfolio,' noted Mr Kuan. 'But probably more importantly, it is to stay invested. And the best way is to weather the volatility because these things come time and time again.' He also backed investments that pay dividends: 'This income can really help to cushion volatility in the portfolio. When things start to finally settle, you can shift your assets over to more growth-oriented and more exciting stuff.' Mr Kuan said CIMB expects that fixed income will outperform, at least in the second half of the year, while it is staying neutral on equities. He also referred to Singapore as 'a harbour in choppy waters', one that offers neutrality and a relatively stable currency, so investors could consider Singapore dollar assets as part of their diversified portfolios. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Character counts as much as grades: Desmond Lee tells students after a class on race and culture Singapore Residents in South West District get help to improve employability, find career opportunities Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high 'This can be in the form of shares listed on the Singapore Exchange, Singdollar-denominated bonds or hedged share classes for mutual funds.' Mr Kuan added that the Singdollar has been appreciating against the weakening US dollar and expects this to continue. The Singdollar is up more than 6 per cent against the greenback in 2025. He is also hopeful of an upswing in the fortunes of the Singapore stock market, in the light of the Monetary Authority of Singapore announcing measures in February to revive the bourse. Mr Jason Kuan, CIMB Singapore's director of investment research and advisory at its Chief Investment Office, told a briefing that the US tariff announcements in April prompted customers to ask the bank if they should adjust their portfolios. PHOTO: CIMB Mr Kuan noted that the stock market is largely capitalised by the three local banks – DBS, OCBC and UOB – and other blue-chip stocks. 'They are trying to find ways to re-energise the Singapore equity market and really to get more companies to list here. So we look forward to that.' National projects could also boost the economy amid a weaker global economic outlook and the impact of US tariffs, he said. The Singapore Government in April lowered its forecast for 2025 growth to 0 per cent to 2 per cent, from a range of 1 per cent to 3 per cent previously. The construction of Changi Airport's Terminal 5 and the expansion of Marina Bay Sands continue to provide support for the Singapore economy and jobs market, he added.
The Star
18-07-2025
- Business
- The Star
Moody's affirms CIMB Group's issuer ratings
Moody's Ratings said an upgrade for CIMB IB and CIMB Bank was unlikely because they are already at the same level as Malaysia's sovereign rating. PETALING JAYA: Moody's Ratings has maintained a stable outlook on CIMB Group Holdings Bhd (CIMB Group), CIMB Bank Bhd (CIMB Bank), CIMB Islamic Bank Bhd (CIMB Islamic) and CIMB Investment Bank Bhd (CIMB IB). In a report, the credit rating agency said it affirmed CIMB Group's Baa1 issuer ratings, thus reflecting its strong market position as the second-largest banking group in Malaysia by assets, and its successful de-risking initiatives in recent years. 'We expect CIMB Group's solvency and liquidity metrics to remain broadly stable over the next 12 to 18 months. The key risk to our expectation stems from the evolving US tariffs on Malaysia and other Asian countries,' Moody's Ratings said. It also said it affirmed CIMB Bank's A3 issuer ratings and its deposit ratings which is a notch higher than the bank's baa1 baseline credit assessment (BCA). 'Based on our assessment, the probability of support from the government of Malaysia (A3 stable) will be very high in times of need. CIMB Group's Baa1 issuer ratings are one notch below those of CIMB Bank, reflecting structural subordination risk for holding company debt. 'We assess CIMB Bank's BCA based on CIMB Group's overall financial performance, given that the two entities are highly integrated,' the agency said. Subsequently, Moody's Ratings had also affirmed CIMB Islamic's A3 issuer and deposit ratings, baa1 adjusted BCA and baa2 BCA, reflecting its strong asset quality, stable but moderate capital and liquidity, and modest profitability. 'The affirmation also reflects our assumption of a very high probability of support from its parent, CIMB Bank, and the Malaysian government in times of need, given CIMB Islamic's substantial contribution to CIMB Bank's domestic franchise,' it noted. As for CIMB IB, Moody's Ratings affirmed the A3 issuer, saying it was a highly integrated entity of CIMB Group. 'CIMB IB does not have a meaningful independent business franchise and relies heavily on CIMB Group's wholesale banking business. The investment bank also transfers risk exposure arising from investment banking to CIMB Bank. 'We therefore equalise CIMB IB's issuer ratings with those of CIMB Bank,' it said. Meanwhile, Moody's Ratings said an upgrade for CIMB IB and CIMB Bank was unlikely because they are already at the same level as Malaysia's sovereign rating and the formers' outlook is stable. 'However, we could upgrade CIMB Group's issuer ratings if CIMB Bank's BCA is upgraded, if CIMB Group's problem loans ratio falls below 1.5% and its market funds ratio decreases to below 15%,' the agency said. It noted it could downgrade CIMB Group, CIMB Bank and CIMB IB's issuer ratings if CIMB Bank's BCA is downgraded by more than one notch. As for CIMB Islamic's issuer and deposit ratings, Moody's Ratings said an upgrade was unlikely because they were already at the same level as Malaysia's sovereign rating and the latter's outlook is stable. 'We could downgrade CIMB Islamic's issuer and deposit ratings if CIMB Bank's BCA is downgraded by more than one notch. We could downgrade CIMB Islamic's BCA if the bank's problem financing ratio rises above 3% and its return on tangible assets falls below 0.5%.'
New Straits Times
01-07-2025
- New Straits Times
Teacher loses RM890,000 to phone scam
GEORGE TOWN: A teacher lost her savings amounting to RM890,000 after falling victim to a phone scam, believed to have been orchestrated by a syndicate impersonating bank officers and police personnel. Police received a report from the 59-year-old woman yesterday. Penang deputy police chief Datuk Mohd Alwi Zainal Abidin said the victim was duped into transferring her money over a period of more than two weeks. He said that, according to her report, the incident began on May 10 when she received a phone call at her residence in George Town from an unknown number. "A man claiming to be a representative from CIMB Bank told her that a credit card under her name had been misused. "The victim, who denied owning the card, was then transferred to another individual who introduced himself as a police officer from a station in Johor. "She was accused of being involved in money laundering activities and was told that all her funds needed to be 'audited'. The caller assured her that the money would be returned upon completion of the investigation. "She was also threatened with an arrest warrant should she fail to comply," he said in a statement last night. Fearing legal repercussions, Alwi said the victim made 27 online transfers into 23 different bank accounts from May 19 to June 5, totalling RM890,000. He said it was only after she confided in a friend that she realised she had been deceived. She then lodged a police report. "Investigation is being carried out under Section 420 of the Penal Code for cheating," he added.
Yahoo
26-05-2025
- Business
- Yahoo
Malaysia's CIMB Bank partners with ACI for payments system upgrade
CIMB Bank, a Malaysian financial services provider, has partnered with ACI Worldwide to modernise its payments platform. The collaboration will consolidate all account-to-account transactions onto one platform, enhancing efficiency and compliance for the bank's operations, beginning from its Malaysian headquarters. ACI Worldwide's payment solution will serve as the 'foundation' for CIMB Group's regional payments platform. This ISO20022-native compliant platform is set to enhance data exchange and processing for the bank, while offering insights to bolster interoperability, security, and adherence to regulations. By unifying the payment infrastructure, the tech vendor anticipates increased operational agility and cost savings for the bank, through reduction in the complexity associated with managing disparate legacy systems. The new platform is expected to deliver significant improvements in straight through processing for the bank. CIMB Bank group chief technology officer Ros Aziah said: 'CIMB's payment transformation is a bold re-architecture of our core payments infrastructure to unify all payment flows. 'This enterprise-wide initiative is a cornerstone of our Forward30 Strategy, built to future-proof operations, accelerate digital convergence, and deliver seamless, secure, and intelligent payment experiences for both consumers and businesses.' ACI Worldwide has half a century of experience in powering real-time payment schemes globally. The paytech firm currently supports 26 domestic and pan-regional real-time schemes, including 11 central infrastructures across six continents. CIMB Bank provides a comprehensive range of banking services, including consumer, commercial, wholesale, transaction and Islamic banking, as well as asset management. The Kuala Lumpur-based lender had a market capitalisation of approximately RM75.2bn ($18bn) and 592 retail branch networks across ASEAN as of 31 March 2025. It operates across Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Philippines, as well as beyond ASEAN in China, Hong Kong, and the UK. "Malaysia's CIMB Bank partners with ACI for payments system upgrade" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. 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
