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BusinessToday
30-06-2025
- Business
- BusinessToday
Former Investment Banker Fined RM1 Million And 2 Years Jail
The Kuala Lumpur Sessions Court today sentenced a former investment banker to two years imprisonment and a fine of RM1 million, in default six months imprisonment, for securities fraud offences involving RM201,000. Ruwan Amaresh Shaun Ponniah, a former associate director of Debt Capital Markets at CIMB Investment Bank, was sentenced by Sessions Court judge Puan Norma Binti Ismail after he pleaded guilty earlier today to one charge under section 179(b) of the Capital Markets and Services Act 2007 (CMSA). The court also took into consideration nine other similar charges under section 171A of the Criminal Procedure Code (CPC). Ruwan had falsely represented to seven investors that he would invest their monies in shares listed on the Malaysian and foreign stock exchanges. The monies were instead utilised for other purposes without the investors' knowledge. Ruwan also pleaded guilty to one charge under section 58(1) of the CMSA for holding himself out as carrying on a business in fund management without being licensed or a registered person for fund management. The court sentenced him to two years imprisonment and ordered for the jail term to run concurrently with the first offence. Ruwan was first arrested and charged by the SC on 18 September 2024. He claimed trial to all the charges and was granted bail at RM210,000 with one surety. On 5 February 2025, upon Ruwan's application to the High Court for a reduction of the bail sum, the amount was reduced to RM105,000. However, Ruwan was unable to post bail and was remanded at the Sungai Buloh prison to date. The court ordered Ruwan's jail term to take effect from his date of arrest. Related
The Sun
30-06-2025
- Business
- The Sun
Ex-investment banker jailed 2 years, fined RM1m for securities fraud
KUALA LUMPUR: A former investment banker was sentenced to two years in jail and fined RM1 million by the Sessions Court today for securities fraud offences involving RM201,000. Judge Norma Ismail delivered the sentence to Ruwan Amaresh Shaun Ponniah, 36, who previously worked as an associate director of Debt Capital Markets at a local investment bank. He pleaded guilty to one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA). The court also ordered him to serve an additional six months in prison if he fails to pay the fine. His jail term will be backdated to his arrest date on Sept 18 last year. The Securities Commission (SC) stated that the court considered nine other similar charges under Section 171A of the Criminal Procedure Code (CPC). 'Ruwan Amaresh falsely represented to seven investors that their money would be invested in shares listed on Malaysian and foreign stock exchanges. Instead, he used the funds for other purposes without their knowledge,' the SC said. Additionally, he received another two-year jail term after pleading guilty to a charge under Section 58(1) of the CMSA for operating an unlicensed fund management business. This sentence will run concurrently with the first. Ruwan Amaresh's guilty plea followed his application for a plea bargain under Section 172C of the CPC. 'He was first arrested and charged by the SC in Sept 2024, initially claiming trial to all charges. Bail was set at RM210,000 with one surety. 'On Feb 5, 2025, his bail was reduced to RM105,000 after a High Court application, but he failed to post bail and remains in Sungai Buloh prison,' the SC added.
New Straits Times
30-06-2025
- Business
- New Straits Times
Ex-banker jailed two years, fined RM1mil for securities fraud
KUALA LUMPUR: A former investment banker has been sentenced by the Kuala Lumpur Sessions Court to two years' imprisonment and fined RM1 million, or a further six months in jail if he fails to pay, for committing securities fraud involving RM201,000. Ruwan Amaresh Shaun Ponniah, who previously served as an associate director of Debt Capital Markets at CIMB Investment Bank, pleaded guilty before Sessions Court Judge Puan Norma Binti Ismail to one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA). In a statement, the Securities Commission Malaysia (SC) said the court also took into account nine additional similar offences under Section 171A of the Criminal Procedure Code (CPC) for sentencing purposes. Investigations found that Ruwan deceived seven investors by claiming he would invest their money in shares listed on local and foreign stock exchanges but instead used the funds for other purposes without their knowledge. Ruwan also pleaded guilty to one charge under section 58(1) of the CMSA for holding himself out as carrying on a business in fund management without being licensed or a registered person for fund management. The court sentenced him to two years imprisonment and ordered for the jail term to run concurrently with the first offence. Fund management is a regulated activity under Schedule 2 of the CMSA. The offences took place between October 2018 and June 2020. Ruwan's plea was made in pursuance to his application for a plea bargain under section 172C of the CPC. According to the statement, Ruwan was first arrested and charged by the SC on Sept 2024. He claimed trial to all the charges and was granted bail at RM210,000 with one surety. On Feb 5, 2025, upon Ruwan's application to the High Court for a reduction of the bail sum, the amount was reduced to RM105,000. However, Ruwan was unable to post bail and was remanded at the Sungai Buloh prison to date. The court ordered Ruwan's jail term to take effect from his date of arrest. The SC reminds the public to remain vigilant and to confirm the legitimacy of any investment offers.
Arab News
12-06-2025
- Business
- Arab News
Bahrain's Islamic finance industry projected to surpass $100bn in 3 to 5 years
RIYADH: Bahrain's Islamic finance industry is likely to surpass $100 billion within the next three to five years, according to global credit rating agency Fitch Ratings. This growth will be fueled by the need for diversification and funding, partly addressed through sukuk, as well as a favorable regulatory environment and ongoing mergers and acquisitions, according to a statement. This aligns with Bahrain's banking sector assets to GDP ratio, which was estimated at 516 percent in 2024, indicating a highly concentrated and competitive market that presents significant challenges for both Islamic and conventional banks. The debt capital market is primarily made up of government-issued sukuk and bonds, with limited participation from corporations and financial institutions. This is also reflected in the fact that as of the first three months of 2025, Bahrain's Islamic finance industry was valued at over $80 billion, with Islamic banking assets making up 78 percent, sukuk accounting for 19.2 percent, and the remaining 2.8 percent coming from Shariah-compliant investment funds and takaful firms. The newly issued Fitch statement said: 'Sukuk are substantial to Bahrain's DCM (debt capital markets), comprising 32.5 percent of DCM outstanding (all currencies) as of end-1Q25 … In 2024, sukuk issuances grew by 36.2 percent yoy (year-over-year), with sovereign issuers representing about 90 percent of Bahrain's sukuk issuances.' It added: 'Bahrain has notable access to the global DCM, with US dollar-denominated DCM comprising about 70 percent of the total, and dollar-denominated sukuk comprising nearly 90 percent of sukuk outstanding. The anticipated lower oil prices … upcoming government debt maturities and sizeable investors, including Bahraini and other GCC (Gulf Cooperation Council) Islamic banks, could encourage sukuk issuance.' The statement further indicated that the agency rates 80 percent of the country's US dollar sukuk outstanding as of the end of the first quarter of 2025, with 94.6 percent in the 'B' rating category and 5.4 percent in the 'BB' rating category. It further disclosed that most sukuk issuers carry negative outlooks, reflecting Fitch's downgrade of Bahrain's outlook from stable to negative in February. The country has maintained its payment record on sukuk and bonds, with only one issuer launching ESG sukuk and no ESG bonds issued from the country. 'Bahrain continues to host Islamic finance industry setting bodies like the AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) and IIFM (International Islamic Financial Market). The draft AAOIFI Shariah Standard 62 has had no impact on Bahraini Islamic banks' or sukuk ratings so far. However, there is a lack of clarity around the standard's final scope and implementation,' the statement said. It added that in the first quarter of 2025, Bahraini Islamic banks' domestic assets saw an annual rise of 7.5 percent, outpacing conventional banks' 3.4 percent. They also increased their share of domestic banking assets to 41.4 percent in what was a 1 percentage point rise from the same quarter of 2024. Fitch said this was partly due to Ahli United Bank's conversion to an Islamic bank. Islamic banks' foreign assets decreased by 7.6 percent, while conventional banks' increased by 6 percent, reducing the former's share of total industry assets to 25.4 percent from 26.1 percent in the first quarter of 2024. The Central Bank of Bahrain has introduced a draft netting law that includes Islamic derivatives, sukuk, digital asset derivatives, and carbon credit derivatives under qualified financial contracts — aimed at strengthening market participants' confidence. In June 2024, the CBB also launched a Shariah-compliant commodity Murabaha facility to help Islamic banks better manage surplus liquidity. Bahrain's Islamic finance projections come as other countries in the region also report relatively strong performance in the sector. Earlier this month, a report from Qatar-based Bait Al Mashura Finance Consultations showed that Qatar's Islamic finance sector continued its upward trajectory in 2024, with total assets rising 4.1 percent year on year to 683 billion Qatari riyals ($187.5 billion). The analysis showed at the time that Islamic banks held the largest share, with 87.4 percent of total Islamic finance assets. In April, S&P Global Ratings said in its outlook report that Saudi Arabia is poised to play a key role in propelling the growth of the global Islamic finance industry in 2025, underpinned by non-oil economic expansion and robust sukuk issuance, according to a new analysis. The Kingdom's banking system growth, supported by Vision 2030 initiatives, is expected to contribute significantly to the expansion of Islamic banking assets next year, the S&P report said at the time.
Daily Express
09-06-2025
- Business
- Daily Express
Sabah ideal for renewable energy investors
Published on: Monday, June 09, 2025 Published on: Mon, Jun 09, 2025 By: Jonathan Nicholas Text Size: Ranita (right) and Saiful (second right) with panelist Head of ESG/Sustainability at MARC Solutions Sdn Bhd, Leslie Jong Vui Min (second left). Kota Kinabalu: Sabah is a viable destination for renewable energy investment, with the potential to leverage the debt capital markets to finance major green infrastructure projects. Speaking during the Fireside Chat: Opening Doors to Renewable Energy Projects Through the Debt Capital Markets, recently, Maybank's Head of ESG Strategy and Solutions, Ranita Abdullah, said the state has already demonstrated its ability to attract green financing. Advertisement 'There's historical precedent and market appetite. Sabah is positioned to scale up its renewable portfolio, especially in solar and hydro, with appropriate financial structuring,' she said, adding that Maybank has mobilized RM160 billion in sustainable finance since 2021. She said, debt capital markets are expected to play a significant role in financing the next wave of renewable energy projects. 'Green sukuk and bonds offer long-term fixed-rate structures and access to a broader investor base. Financial institutions are more than ready. 'What matters is project quality. We assess off-take risk, regulatory certainty, and long-term viability,' Ranita said. Advertisement Director of Strategic Planning at the Sustainable Energy Development Authority (SEDA) Saiful Hakim Abdul Rahman said in Sabah, connectivity remains a major constraint. 'Sabah's resources are largely in remote areas. The challenge lies in grid access and infrastructure. A green grid will improve transmission capacity and integrate distributed renewable sources. 'Sabah has higher renewable resource diversity compared to Peninsular Malaysia, including potential in hydro, bioenergy, geothermal, and ocean energy. 'However, the state has underperformed in bioenergy uptake, due largely to feedstock inconsistency and scale challenges. 'Most bioenergy projects require long-term feedstock supply at fixed costs. Without vertical integration, this is difficult to secure,' he said. It was highlighted that solar energy has become the preferred option for Sabah due to its scalability, declining costs, and shorter development time. Compared to hydro or bioenergy, which often require significant lead time, environmental assessments, and infrastructure buildout, solar installations can be deployed more rapidly and are less site-constrained. Sabah's high solar irradiance also supports consistent generation potential, making it attractive for investors seeking predictable returns. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
