Latest news with #KWAP
Malay Mail
7 days ago
- Politics
- Malay Mail
No change to govt pension scheme, PSD warns public against false info
KUALA LUMPUR, Aug 6 — The Public Service Department (PSD) has denied recent social media claims that the government's pension scheme changed starting January 1 this year. In a statement on its official Facebook page, the department stressed that pensions for current public servants remain unaffected. 'Any information related to pensions must be verified through official government sources,' it said. The public is reminded that spreading false information is an offence under Section 233 of the Communications and Multimedia Act 1998. Meanwhile, the PSD's Pensions Division also denied the allegation, stating that the viral information did not originate from the division or the Retirement Fund (Incorporated) (KWAP). — Bernama
The Star
10-07-2025
- Business
- The Star
BEYOND CONSERVATION TO ACTION
THE call to move beyond conservation echoed through the Kumpulan Wang Persaraan (Diperbadankan) or KWAP Auditorium recently, as the KWAP Inspire Satellite 2025 event brought together conservationists, corporate leaders and policymakers. Now in its third iteration, this year's KWAP Inspire theme, 'Biodiversity in Action', called for moving beyond dialogue to turn ideas into action. The crucial discussions centred on the pivotal role of Malaysia's forests in the country's environmental sustainability, emphasising innovative approaches to nature preservation and opportunities within the carbon market. KWAP chief executive officer Datuk Nik Amlizan Mohamed opened the event by highlighting the urgency of integrating environmental considerations into all facets of economic development. 'KWAP Inspire is more than just an event; it is a space to foster collaboration, ignite inspiration and a platform to drive meaningful discussions that can shape a brighter, more sustainable future for Malaysia,' she said. Aldrie highlighting our impact on mangrove ecosystems during his presentation.–AZMAN GHANI/The Star 'It is particularly special as it highlights the critical relationship between environmental action and effective leadership, policymaking and investment strategies. 'At a time when our planet faces mounting climate and ecological changes, these conversations have never been more urgent.' She emphasised that biodiversity is central to the nation's economy, stability and health, referencing essential systems such as food security and clean water supply. Nik Amlizan added that Malaysia's forests serve nature-based solutions crucial to achieving national targets, including a 45% reduction in carbon intensity by 2030, net-zero greenhouse gas emissions by 2050 and maintaining at least 50% of the country's forest and tree cover. 'As an institutional investor, KWAP's responsibility extends beyond delivering strong financial returns. We are here to create long-term value – not only for our stakeholders, but for society as a whole. 'That means building resilience in everything we do, especially when it comes to the environment and the communities we serve,' she said. Blue carbon ecosystems One of KWAP Inspire 2025's sessions, aptly titled 'Make Mangroves Great Again', featured a compelling presentation by mangrove ecologist Associate Professor Dr Aldrie Amir from Universiti Kebangsaan Malaysia's Institute for Environment and Development (Lestari). Spearheading the Malaysian Mangrove Research Alliance and Network (MyMangrove), Aldrie passionately described mangroves as the 'friendliest ecosystem' in nature, largely thanks to its multifaceted role as natural filters between land and ocean. He elaborated on the unparalleled efficiency of mangroves in carbon sequestration, classifying them as vital blue carbon ecosystems. 'Of all the green plants in the world, mangroves absorb carbon dioxide (CO2) better. Mangrove soil doesn't have enough oxygen in it, unlike terrestrial plants. So, the mangrove trees have to work extra hard every day to absorb CO2 for photosynthesis, facing extreme conditions like tides. Other organisms like crabs and mudskippers aid the mangroves as they drag fallen leaves (total carbon) into the soil,' he said. Conversely, clearing these vital ecosystems for the construction of resorts or land reclamation projects releases massive carbon deposits stored within their soils, undoing years of natural carbon capture. He painted a stark picture of the cascading effects of mangrove degradation, which impacts seagrass beds, coral reefs and a diverse array of terrestrial and aquatic ecosystems, including bats and migratory birds. 'Whatever we are facing now, whatever we are currently tackling, is an inertia of what has been going on for hundreds of years. Likewise, what we are emitting today, future generations have to deal with,' Aldrie added. 'But, if change happens now, the mangroves could recover within 30 years.' Nature-based economy The second session, titled 'Forest to Fortune: Our Forests can sustain not just Biodiversity but also our Economy', delved into the economic potential of sustainable forest management and carbon markets, featuring Permian Global Malaysia chief executive officer Ivy Wong and Malaysia Forest Fund (MFF) corporate development and strategy senior director Suhaini Haron. The speakers highlighted that Malaysia boasts approximately 18 million hectares of forest, making it a biodiversity hotspot, home to at least 20% of the world's known animal species. Furthermore, a staggering 90% of the nation's water supply comes from rivers that originate from these vital forest ecosystems. Both speakers also underscored that corporate environmental, social and governance (ESG) support extends far beyond mere tree-planting initiatives and looks at ecosystems as a whole. 'Understanding the economic importance of our forests is crucial. The pressure to protect them is real, and we must recognise the vital role they play in the broader environmental landscape,' said Suhaini. Wong pointed out that 'impact does not happen overnight' and government bodies, environmental institutions and businesses will need to continuously collaborate for real impact. 'It's not an overnight solution. To truly see the benefits, we need to work closely with local communities. When it comes to nature-based projects, real impact does not happen in a year or two, but over a much longer period,' she said. She also stated that there is a critical bottleneck in the endeavour to safeguard the nation's green lungs, with a significant lack of climate professionals in Malaysia, hindering the effective implementation of climate initiatives. 'Here, we lack climate scientists and specialists who study our rich biodiversity. Despite being a tropical, biodiverse country, we're seeing a decline in expert taxonomists – the very people who understand and study what exists in our forests,' said Wong. The discussion then pivoted to the practicalities of how businesses can effectively implement carbon projects with proper governance. Suhaini highlighted the importance of robust frameworks and standards, mentioning key entities like Verra (a leading global standard for carbon offset projects) and the government's evolving National Carbon Market Policy (DPKK). 'We have to acknowledge that standards for carbon projects are still largely voluntary and driven by market demand,' she said. 'However, the implementation of a carbon tax could serve as a compliance mechanism – requiring emitters to report their emissions and adhere to regulatory requirements. Companies that exceed allowable emission levels will need to pay for offsets. 'This could become a key driver in accelerating the development of the carbon market.' Partnership for sustainability KWAP and MFF penned a memorandum of understanding (MoU) to advance Malaysia's sustainability agenda through forest-based solutions, marking a pivotal step towards the nation's transition to a net-zero economy. The MoU reinforces KWAP's commitment to achieving a net-zero portfolio by 2050, a key element of its broader ESG strategy and its broader commitment to empowering partnerships that drive collective action for sustainability, as outlined in its Sustainability Pledge 2, 'Empower Partnerships for Collective Action.' The collaboration will focus on exploring initiatives to support forest conservation and nature-based solutions, including the Forest Conservation Certificate (FCC), to support domestic conservation, and the development of the Forest Carbon Offset (FCO), a national market-based mechanism, similar to international standards like Verra, that enables companies to offset emissions through forest conservation projects that reduce, remove and avoid carbon emissions. KWAP's participation in the National FCO Technical Working Group (TWG) will help integrate investors' needs and align FCO standards with international best practices. KWAP will seek to build upon its collaboration with MFF by engaging interested parties in driving collective action, with the hopes of exploring potential collaborations with fellow government-linked investment companies (GLICs), investee companies and relevant organisations.
Free Malaysia Today
08-07-2025
- Business
- Free Malaysia Today
SRC board, not Najib, responsible for company's funds, says ex-PM's lawyers
SRC International is suing ex-prime minister Najib Razak (left) and former CEO Nik Faisal Ariff Kamil for US$1.18 billion. KUALA LUMPUR : The High Court here was told today that SRC International Sdn Bhd's board and management had exclusive control of the company's operations and loan funds received from Retirement Fund Incorporated (KWAP). Lawyer Farhan Shafee Abdullah – representing former prime minister Najib Razak in SRC International's US$1.18 billion civil suit against him and former SRC CEO Nik Faisal Ariff Kamil – submitted that his client had no control over the company. Farhan said all transactions were carried out by the board, which also bore responsibility for overseeing the company's affairs. 'If any misappropriation occurred, it was the result of the board's own decisions. 'Even taking Najib's alleged instructions at their highest, responsibility ultimately rested with the board to properly manage the funds within those parameters,' he said. Farhan also dismissed SRC International's claim that Najib acted as a shadow director or the de facto controller of the company. He submitted that Najib was not part of the company's governing board and did not assume the fiduciary duties of a director. 'The evidence shows the SRC board exercised independent judgement and was not accustomed to act on Najib's instructions,' he said. Farhan added that SRC International had not produced any instance of Najib issuing a binding directive to the board on operational matters. He said the company's own witness, former BSI Bank wealth management head Kevin Swampillai, had testified that he did not receive, see or become aware of any instruction from Najib directing the transfer or investment of SRC International's funds. 'All instructions for the movement of funds came from Jho Low (Low Taek Jho) and SRC officers, including (former director) Suboh Yasin – not Najib. This is a striking admission from the plaintiff's own witness. 'Despite Najib's position, no directive from him was ever communicated to the bank handling the money,' he said. The hearing before Justice Ahmad Fairuz Zainol Abidin will continue at a later date. SRC International is suing Najib and Nik Faisal – who remains at large – for allegedly misappropriating company property and conspiring to convert it for their own use. Judgment in default of appearance has been entered against Nik Faisal. The suit originally included former SRC International chairman Ismee Ismail and former directors Suboh, Shahrol Azral Ibrahim Halmi, Azhar Osman Khairuddin and Che Abdullah @ Rashidi Che Omar as co-defendants. SRC International later dropped the case against them, but Najib named them as third parties in his defence. Najib is currently serving a jail sentence in Kajang prison for misappropriating RM42 million from SRC International.
The Star
07-07-2025
- Business
- The Star
SRC International meant for the people, but it was Najib who benefitted, court hears
KUALA LUMPUR: SRC International Sdn Bhd was intended to serve the rakyat but in reality, it was used to benefit Datuk Seri Najib Tun Razak, the High Court here heard. Lawyer Datuk Lim Chee Wee, representing the company, submitted that instead of fulfilling its intended public purpose, SRC International became both a vehicle and a victim of large-scale fraud, with the former prime minister as its primary beneficiary. He was submitting on Monday (July 7) during the hearing of SRC International's US$1.18bil civil suit against Najib and former SRC chief executive officer Nik Faisal Ariff Kamil, who is currently at large. ALSO READ: I expected briefing from authorities, says Najib on 'complicated' Swiss case involving frozen RM3.6bil SRC funds "The very funds misappropriated through SRC were pensioners' money from the Retirement Fund Inc (KWAP). "While SRC International suffered a devastating loss of US$1.18bil, the first defendant (Najib) personally received US$120mil into his own accounts and RM42mil, which is the subject of a separate suit. "He also utilised his role as the shadow director of the company, where he controlled the company's board via shareholder resolutions on important macro-decisions that ought to have been made by the SRC board itself,' he added. ALSO READ: Najib: SRC International board did not verify matters with me Lim also said that, as the shadow director of the company, Najib signed shareholder resolutions to approve and obtain a RM4bil KWAP loan and to disburse RM3.6bil from that loan for illegitimate purposes. "This culminated in Najib being the ultimate mastermind behind the catastrophic loss of US$1.18bil,' he said this before Justice Datuk Ahmad Fairuz Zainol Abidin. The hearing continues on Tuesday (July 8). In May 2021, SRC, under its new management, filed the suit, claiming that Najib had committed a breach of trust and power abuse, personally benefitted from the company's funds, and misappropriated the said funds. ALSO READ: Najib controlled all aspects of SRC, says former director It also seeks a court declaration that Najib is responsible for the company's losses due to his breach of duties and trust, and for Najib to pay back the RM42mil in losses that it suffered. Najib is currently serving a jail term in Kajang Prison for the misappropriation of RM42mil from SRC International. On Sept 2, 2022, he filed a petition for a royal pardon, which led to the Pardons Board halving his jail term from 12 to six years and reducing the fine from RM210mil to RM50mil on Jan 29 last year. – Bernama
The Sun
07-07-2025
- Business
- The Sun
SRC International meant for rakyat but Najib benefited, court told
KUALA LUMPUR: The High Court was told that SRC International Sdn Bhd, initially intended to serve the public, was instead exploited to benefit former prime minister Datuk Seri Najib Tun Razak. Lawyer Datuk Lim Chee Wee, representing SRC International, argued that the company became both a vehicle and victim of large-scale fraud, with Najib as the primary beneficiary. The civil suit involves US$1.18 billion in losses, with Najib accused of personally receiving US$120 million and RM42 million from misappropriated Retirement Fund Inc (KWAP) pension funds. Lim stated, 'The very funds misappropriated through SRC were pensioners' money from KWAP. While SRC International suffered a devastating loss of US$1.18 billion, the first defendant (Najib) personally received US$120 million into his own accounts.' Najib allegedly acted as a shadow director, controlling key decisions through shareholder resolutions, including approving a RM4 billion KWAP loan and disbursing RM3.6 billion for illegitimate purposes. Lim added, 'He utilised his role as the shadow director of the company, where he controlled the company's board via shareholder resolutions on important macro-decisions.' SRC International, under new management, filed the suit in May 2021, accusing Najib of breach of trust, abuse of power, and misappropriation of funds. The company seeks a court declaration holding Najib accountable for losses and demands repayment of RM42 million. Najib is currently serving a six-year prison term for the misappropriation of RM42 million in SRC funds, following a reduced sentence from the Pardons Board in January 2024. – Bernama
