Latest news with #E-Waste
Business Standard
21-05-2025
- Business
- Business Standard
Whirlpool of India Q4 PAT climbs 54% YoY to Rs 119 cr
Whirlpool of India's consolidated net profit soared 53.62% to Rs 119.20 crore on 15.61% rise in revenue from operations to Rs 2,004.67 crore in Q4 FY25 over Q4 FY24. Profit before tax (PBT) in the third quarter of FY25 stood at Rs 59.19 crore, up by 40.09% from Rs 42.25 crore in the same quarter last year. Profit before exceptional items and tax rose 16.16% YoY to Rs 154.65 crore in Q4 FY25. The company reported exceptional items of Rs 7 crore during the quarter, related to an insurance claim received for the fire loss at its Alipur, Delhi facility. The company reported EBITDA of Rs 183 crore in Q4 FY25, up 27.4% year-on-year. Operational EBITDA rose 32.2% compared to last year, before accounting for a provision of Rs 6.8 crore related to an additional price upcharge under the new E-Waste regulations affecting the industry. The growth was driven by strong revenue performance, cost reduction and productivity initiatives, as well as favorable segment mix gains. On a full-year basis, the company's consolidated net profit surged 65.40% to Rs 359 crore on a 15.95% increase in revenue from operations to Rs 7,919.37 crore in FY25 over FY24. The household appliance maker said, The business continues its renewed momentum with double-digit revenue growth in the fourth consecutive quarter despite softness in the refrigerator and washing machine industry. Topline growth was driven by strong YOY share improvement, which continued in this quarter. Not only has overall refrigerator and washing machine volume share improved very significantly over last year, share growth is broad based with robust share gains in direct cool, frost-free refrigerators, fully automatic top load, semi-automatic washers, and front-load washing machines, which reflects rejuvenation of brand pull and the continued strong focus on executional excellence. Improvement in gross margins was driven by calibrated price actions, improved execution in high-margin portfolios, and the benefits from cost productivity actions offsetting the impact of commodity inflation. Whirlpool India delivered a healthy +60% growth in consolidated PBT for the year ended Mar 25. Meanwhile, the companys board has recommended a final dividend of Rs 5 per equity share for the financial year 2024-25. Whirlpool of India is primarily engaged in the manufacturing and trading of refrigerators, washing machines, air conditioners, microwave ovens and small appliances and caters to both domestic and international markets. Shares of Whirlpool of India declined 1.58% to Rs 1,275 on the BSE.
The Star
19-05-2025
- Politics
- The Star
Stronger line of defence in Sabah, S'wak
Ever ready: Saifuddin Nasution (centre, front row) posing for a group photo at the launch of the three battalions at the Sabah GOF Brigade in Papar. KOTA KINABALU: Three new General Operations Force (GOF) battalions in Sabah and Sarawak will play a significant role in strengthening the country's internal security, says the Home Minister. Datuk Seri Saifuddin Nasution Ismail said the launch of its operations reaffirmed the police's unwavering commitment to their core duty of safeguarding national security and public order. Speaking at the launch of the three battalions at the Sabah GOF Brigade in Papar yesterday, he said the key aspects are the readiness of the police force to respond to security threats, the government's continued investment in personnel welfare and operational facilities, and Malaysia's improved ranking in the Global Peace Index. 'This confirms the state of preparedness of our police force for any scenario. We must always be alert, especially in light of past incidents such as the 2013 Lahad Datu incursion,' Saifuddin Nasution said, referring to the security crisis in eastern Sabah over a decade ago. Two of the three battalions are in Sabah. The 21st, 22nd and 23rd GOF battalions are based in Sabah's interior Keningau and its east coast district Kunak, and in Sarawak's Sri Aman, respectively. This brings the total number of GOF battalions nationwide to 23, with a combined strength of around 12,000 personnel. Saifuddin Nasution said the new battalions will enhance the GOF's elite operational capacity across land, sea and air. 'These troops are highly trained. Their recent successes, including multi-billion ringgit seizures under operations like Op Hazard and E-Waste, speak volumes,' he said. The minister also spoke of the government's commitment to ensuring a conducive working environment through budget allocations for improved welfare, office infrastructure and accommodation. 'A well-trained team with poor living conditions and inadequate assets will still be limited. 'So, we are also investing in new equipment and facilities, most of which will be rolled out this year,' he said. On Malaysia's security performance, Saifuddin Nasution said the country's standing in the Global Peace Index is currently in 10th place among more than 160 countries. 'This is no coincidence. It is the result of strategic planning and uncompromising security policies. 'It is also crucial for investor confidence. Safety remains a key metric for any country hoping to attract foreign investments.' Saifuddin Nasution also said the government has approved the development of eight GOF posts, seven in Sarawak and one in Sabah, along the Malaysia-Kalimantan border with an allocation of RM32mil. He said the construction of administrative complexes and staff quarters at Battalion 20 GOF in Beluran, Sabah, and Battalion 10 GOF in Sarikei, Sarawak, is underway. These projects, valued at RM400mil and RM200mil respectively, are expected to be completed within the year. He also announced that the GOF will replace its current operational uniforms with new camouflage attire featuring improved design, colour and pattern.
The Star
18-05-2025
- Politics
- The Star
New GOF battalions bolster Sabah and Sarawak security
KOTA KINABALU: The establishment of three new General Operations Force (GOF) battalions, two in Sabah and one in Sarawak, marks a significant milestone in strengthening Malaysia's internal security preparedness, said Home Minister Datuk Seri Saifuddin Nasution Ismail. Dubbed the 21st, 22nd, and 23rd GOF battalions, they are based in Sabah's interior Keningau, its east coast district Kunak, and Sarawak's Sri Aman, bringing the total number of GOF battalions nationwide to 23, with a combined strength of around 12,000 personnel. "The significance of today's launch lies in reaffirming the Royal Malaysia Police's unwavering commitment to its core duty, safeguarding national security and public order," said Home Minister Datuk Seri Saifuddin Nasution Ismail. Speaking at the launching of the three battalions at the Sabah GOF Brigade in Papar on Sunday (May 18), he stressed three key aspects of the launch: the readiness of the police force to respond to any security threats, the government's continued investment in personnel welfare and operational facilities, and Malaysia's improved ranking in the Global Peace Index. "First, this confirms our force's state of preparedness for any scenario. We must always be alert, especially in light of past incidents such as the 2013 Lahad Datu incursion," he said, referring to the security crisis in eastern Sabah over a decade ago. Home Minister Datuk Seri SaifuddinNasution Ismail at the launching of 21st General Operations Force (GOF) Battalion Keningau, the 22nd Battalion Kunak, and 23rd Battalion Sri Aman at the Sabah GOF Brigade in Papar on Sunday (May 18). Saifuddin noted that the new battalions enhance the GOF's elite operational capacity across land, sea, and air domains. "These troops are highly trained. Their recent successes, including multi-billion ringgit seizures under operations like Op Hazard and E-Waste, speak volumes," he said. Secondly, the Home Minister stressed the government's commitment to ensuring a conducive working environment through budget allocations for improved welfare, office infrastructure, and accommodation. "A well-trained team with poor living conditions and inadequate assets will still be limited. So, we are also investing in new equipment and facilities, most of which will be rolled out this year," he said. On Malaysia's security performance, Saifuddin noted that the country's standing in the Global Peace Index, currently ranked 10th among more than 160 countries. "This is no coincidence. It is the result of strategic planning and uncompromising security policies. It's also crucial for investor confidence. Safety remains a key metric for any country hoping to attract foreign investment," he said. Of the 23 battalions, seven are located in Sabah, four in Sarawak, with the remainder in Peninsular Malaysia. Saifuddin explained that the placement of battalions was based on strategic assessments by police leadership. Home Minister Datuk Seri SaifuddinNasution Ismail (centre) posed for a group photo at the launching of 21st General Operations Force (GOF) Battalion Keningau, the 22nd Battalion Kunak, and 23rd Battalion Sri Aman at the Sabah GOF Brigade in Papar on Sunday (May 18). "It is not about why Keningau was chosen over Alor Setar or anywhere else. It is about the GOF's national responsibility. The Global Peace Index measures Malaysia as a whole, not Keningau or Kudat in isolation," he explained. He also stressed the need for the GOF to embrace technological advancement to meet evolving security challenges. "Security threats today are more complex. Our personnel must be equipped with knowledge in areas such as artificial intelligence. At the Home Ministry, our tagline is 'AI for KDN, KDN for AI'. Capability building cannot remain static," he said. Earlier in his speech, Saifuddin said the government has approved the development of eight General Operations Force (GOF) posts, seven in Sarawak and one in Sabah, along the Malaysia-Kalimantan border, with an allocation of RM32mil. He added that the construction of administrative complexes and staff quarters at Battalion 20 GOF in Beluran, Sabah, and Battalion 10 GOF in Sarikei, Sarawak, is underway. These projects, valued at RM400mil and RM200mil respectively, are expected to be completed within the year. Saifuddin also announced that the GOF will replace its current operational uniforms with new camouflage attire that offers improved design, colour, and pattern. The upgrade aims to enhance the force's image and identity while ensuring greater comfort, suitability, and functionality for its paramilitary personnel. He said that a total of RM88.5mil was approved in 2023 and 2024 for maintenance works and equipment procurement at GOF posts nationwide. This includes the provision of improved facilities and infrastructure to support the efficiency and welfare of frontline personnel. Under the 12th Malaysia Plan, RM103mil was allocated to the GOF for infrastructure upgrades, post improvements, and asset procurement, including the enhancement of temporary deployments for the newly launched 21st, 22nd, and 23rd Battalions.
New York Post
13-05-2025
- Business
- New York Post
Father-and-son fraudsters behind $100M New Jersey deli stock scam sent to prison
The father-and-son fraudsters who pleaded guilty in a $100 million pump-and-dump scheme involving a New Jersey Deli were sentenced to serve jail time on Tuesday Peter Coker Sr. 82, received a six-month stint and was also ordered to serve six months of home confinement after his release, as well as pay a $500,000 fine and up to $644,000 in restitution. His 56-year-old son, Peter Coker Jr., was sentenced to 40 months in prison — despite a plea from his lawyer for time served because the former fugitive was allegedly violently beaten in a Thai prison after his arrest. A third man who pleaded guilty in the brazen plot, James Patten, will be sentenced on June 10. 3 Peter Coker Sr. was sentenced Tuesday to six months in jail. Dan Mangan/CNBC Their scheme pushed the market capitalizations of both companies above $100 million each – despite Hometown International owning just a small, money-losing deli in New Jersey, and E-Waste having no business operations at all. The fraud resulted in nearly $5 million in losses, including investments from Duke and Vanderbilt universities. 'What is the motivation here other than greed? Because I don't see it,' Judge Christine O'Hearn asked in US District Court in Camden, noting that all three defendants were worth millions of dollars each – with Coker Sr.'s net worth estimated at $6 million. From 2014 to 2022, the three men coordinated trading of the companies' stocks to make them appear in high demand — pushing Hometown's stock price more than 900% higher, and that of E-Waste up nearly 20,000%. Their scheme was exposed in April 2021, when hedge fund manager David Einhorn noted in a letter to clients that Hometown's deli brought in just $36,000 over the previous two years combined, despite its $100 million valuation. 'The pastrami must be amazing,' Einhorn remarked. Coker Jr. was extradited from Thailand in March 2023 after spending six months on the run before being nabbed. He also has served more than two years in an Essex County jail in New Jersey while awaiting sentencing. 'This crime has changed me profoundly,' Coker Jr. told O'Hearn while wearing a yellow jailhouse uniform. 3 Peter Coker Jr. was arrested in Thailand after six months on the run. AP 'The assault and the horrors I experienced in Bangkok prison, I wouldn't wish on my worst enemy. It was the lowest point in my life.' Coker Jr. faces deportation after serving his jail stint because he renounced his US citizenship in 2019. He holds citizenship on the Caribbean island of St. Kitts. For his aging dad, a former star college basketball player at Dartmouth and then North Carolina State, federal sentencing guidelines had suggested a prison sentence of 51 to 63 months for the aging dad,. Prosecutors said they wanted the top end of a range of zero to 24 months when he pleaded guilty. 'I do stand before you extremely remorseful for my actions,' Coker Sr. told O'Hearn, as his wife, daughter, grandchildren, and friends looked on, according to a CNBC report. 'I'm terribly sorry for my part. This episode has been the worst time of my life,' he added. 'I'm sorry for every investor who has been harmed by my actions.' Coker Sr.'s lawyer, Zach Intrater, painted the Chapel Hill resident as a stand-up family man and asked the judge to spare him from a prison sentence. 3 Hometown's deli brought in just $36,000 over a two-year period, despite its $100 million valuation, hedge fund manager David Einhorn noted in 2021. Jim Walsh / USA TODAY NETWORK He repeatedly referenced Coker Sr.'s 61-year marriage to Susan Coker, asking the judge to let them live out the remainder of their lives together. 'I don't think they make very many more like Pete anymore,' Intrater said. 'He's courtly, his manners are impeccable.' 'He bears responsibility for engaging in an offense that didn't just hurt other people, that didn't just hurt his family, but that involved his son, his only son, and knowing that his son has been incarcerated in part from his own actions and knowing what has [been] happening to his son during that term of incarceration,' Intrater said. 'Judge, I think having to live with that is a punishment that could be worse than even what you could impose.'. Patten previously pleaded guilty to a mail fraud charge in 2010 over sending a false statement to a client to cover up bad investments he made with her money. He was sentenced to 27 months in prison in that case. He was also barred by the broker-dealer FINRA from acting as a stockbroker after failing to pay an arbitration award of more than $753,000 and violating securities laws.
NBC News
13-05-2025
- Business
- NBC News
Father and son fraudsters in N.J. deli stock scam sentenced to prison
CAMDEN, N.J. — The father and son duo behind a stock fraud scheme involving the infamous $100 million New Jersey deli were sentenced to several months in prison Tuesday. Peter Coker Jr. was sentenced to 40 months in prison. With credit for time served, he owes about 12 months locked up. But he could be released sooner than that given how federal inmates are granted time off for good conduct. Earlier Tuesday, the 56-year-old's father, North Carolina businessman Peter Coker Sr., was sentenced to six months in jail, to be followed by six months of home confinement, for his role in the case. The Cokers and a third man, James Patten, admitted to the scheme in orchestrated the fraudulent inflation of the share price of two companies to better position them for mergers with private firms. One of the companies, Hometown International, ended up having a market capitalization of more than $100 million despite owning just a small, money-losing deli in South Jersey. The other company, E-Waste, had an even larger market cap, despite having no business operations. Coker Jr. was brutally attacked while in a Thai prison awaiting extradition in early 2023, his attorney said at his sentencing for securities fraud in New Jersey federal court on Tuesday. Coker Jr. was set upon by as many as 10 fellow inmates in the Thai lock-up, his lawyer said. Coker Jr. was being held there after police found him in Thailand while under indictment in the United States for the securities fraud scheme involving the deli owner and a related shell company Coker Jr.'s lawyer, John Azzarello, cited his time in the Thai prison and in the 26 or so months he has served in an Essex County jail, in asking a judge to sentence him to effectively time served, or only a few months more. Azzarello called those conditions in both jails 'inhumane.' Azzarello also detailed how Coker Jr. was suffering from severe cirrhosis of the liver as the result of alcohol abuse — 'a bottle of whiskey a day' — before he was arrested in Thailand. He said Coker Jr. had been hospitalized several times for his condition, and that doctors were considering doing a liver transplant. Coker Jr., speaking to Judge Christine O'Hearn in U.S. District Court in Camden, said, 'This crime has changed me profoundly.' 'The assault and the horrors I experienced in Bangkok prison, I wouldn't wish on my worst enemy,' Coker Jr. said, wearing a yellow one-piece jailhouse uniform. 'It was the lowest point in my life.' He also expressed regret for his role in the scheme, which involved his father and another man. 'It's very important to me that your honor and my parents know I wish I could go back,' and not commit the crime, Coker Jr. said. 'It kills me, every time I think about it, how my actions affected my parents,' he said. 'My parents should have never been associated with this abhorrent crime,' Coker Jr. said. 'My greed destroyed us both.' Coker Jr. faces deportation after he serves his sentence. He renounced his U.S. citizenship in 2019, and holds citizenship in the Caribbean nation St. Kitts. During his sentencing, Coker Sr. was ordered to pay a $500,000 fine and pay up to $644,000 in restitution. 'I do stand before you extremely remorseful for my actions,' Coker Sr. said as his wife, daughter, grandchildren, and friends looked on. 'I'm terribly sorry for my part. This episode has been the worst time of my life,' the 82-year-old Chapel Hill resident said. 'I'm sorry for every investor who has been harmed by my actions.' Federal sentencing guidelines had suggested a prison sentence of 51 to 63 months for Coker Sr. But prosecutors said they wanted less time than that, namely the top end of a range of zero to 24 months that they stipulated when he pleaded guilty. Judge O'Hearn said she would have sentenced Coker Sr. to much more time in jail if he was not as old as he is. 'This was a fraudulent scheme from the inception,' Judge O'Hearn said at the start of the hearing. 'The companies are, in fact, worthless, and there is no prospect for recovery,' O'Hearn said. 'This was a multi-year, very sophisticated fraudulent scheme involving a sort of esoteric corporate structure, of which I've learned more than I ever care to,' the judge said. 'One that was illegal ... and it caused harm.' The judge opened the hearing by delivering a blow to defense lawyers, adopting prosecutors' argument that there were nearly $5 million in losses from the scheme, which included investments by Duke and Vanderbilt universities. 'What is the motivation here other than greed? Because I don't see it,' O'Hearn asked at one point, after noting that all three defendants were each worth millions of dollars apiece. Coker Sr., who was a star college basketball player at Dartmouth and then North Carolina State, has a net worth of $6 million, the judge said. Patten is due to be sentenced on June 10. The younger Coker was not in court while his father was sentenced, because of a long delay in transporting him from a jail in Essex County. He has been detained there without bail since being extradited from Thailand in March 2023 following his arrest there as a fugitive. Coker Sr.'s lawyer, Zach Intrater, asked O'Hearn to sentence him to no prison time after describing him as a good family man who never disputed his criminal conduct after he was first charged. 'I don't think they make very many more like Pete anymore,' the defense attorney said. 'He's courtly, his manners are impeccable.' Intrater repeatedly referenced Susan Coker, who has been married to Peter for 61 years, asking the judge to allow the couple to remain together for what remains of their lives. 'He bears responsibility for engaging in an offense that didn't just hurt other peopl,e that didn't just hurt his family, but that involved his son, his only son, and knowing that his son has been incarcerated in part from his own actions and knowing what has happening to his son during that term of incarceration.' 'Judge, I think having to live with that is a punishment that could be worse than even what you could impose,' Intrater said. The attorney also argued that Coker Sr. was not the 'prime mover' for the scheme. Susan Coker told the judge, 'He's just a wonderful guy.' 'I know if he had a second chance, he never would have done any of this,' Susan said, her voice cracking. Coker Sr. and Patten were arrested in September 2022, months after both Hometown merged with a bioplastics company, and more than a year after E-Waste did its own merger with an electric vehicle company. Coker Jr., who previously resided in Hong Kong, was arrested months later. The men were indicted more than a year after CNBC detailed a web of questionable connections between Hometown and E-Waste, as well as the prior criminal and civil court cases of Coker Sr. and of Patten, and consulting deals with both companies that benefited those two men. The fraud came to light in April 2021 when hedge fund manager David Einhorn wryly noted that Hometown International's market capitalization was $100 million despite owning just one asset whose annual revenue from selling sandwiches, soda, and chips was less than $36,000 for the past two years combined. 'The pastrami must be amazing,' Einhorn wrote in a letter to clients. Intrater on Tuesday said that he believed the case was prosecuted in large part because of the Einhorn letter, which generated significant coverage in the media. The scam, which ran from 2014 through September 2022, coordinated trading of the stocks of the companies, creating the false impression of demand for shares that traded on OTC Marketplace. The scheme began when Patten suggested the creation of Hometown as an umbrella corporation to his friend Paul Morina, a high school principal and renowned wrestling coach. The company would go on to own the Your Hometown Deli in Paulsboro, New Jersey. Morina and the other deli owner were unaware of Patten's scheme to manipulate Hometown's stock. Hometown's stock price rose by more than 900% during the scheme. The price of E-Waste rose by nearly 20,000%. In 2010, Patten pleaded guilty in New Jersey federal court to a mail fraud charge in connection with sending a client a false financial statement to cover up bad investments he made using her money. He was sentenced to 27 months in prison in that case. Four years before, Patten was barred by the broker-dealer FINRA from acting as a stockbroker for failing to satisfy an arbitration award of more than $753,000, violating securities laws, and unauthorized trading for churning a client's account. Coker Sr. years ago was sued for allegedly hiding money from creditors and alleged business-related fraud. He denied wrongdoing in those cases.
