Latest news with #MIE
Borneo Post
6 days ago
- Business
- Borneo Post
SCB seeks court direction over disputed asset sale
SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so. KUCHING: Sarawak Cable Berhad (SCB) has filed an application in the High Court of Kuala Lumpur to seek the court's direction over the proposed sale of assets belonging to its former subsidiary Leader Cable Industry Berhad (LCIB). In a filing made through its solicitors Messrs S Ravenesan on May 28, SCB, currently under interim judicial management, is seeking clarity under Sections 461(1) and 486, read together with the Twelfth Schedule of the Companies Act 2016, as well as the inherent jurisdiction of the court. The application centres on a proposed asset sale by LCIB to MIE Industrial Sdn Bhd (MIE), which SCB believes may not serve the best interests of LCIB's creditors or SCB's stakeholders. SCB is asking the court to determine whether LCIB's liquidators should accept MIE's offer to acquire assets of LCIB and whether they acted in the best interest of all creditors in doing so. SCB is also asking the court to determine whether the sale should proceed at all. In the event the court finds that the liquidators did not act in the best interest of creditors, SCB is seeking an order to declare the sale of LCIB's assets to MIE as null and void, including any agreements related to the transaction. The company is also requesting that the cost of the application be paid out of LCIB's assets. On May 7, SCB's board announced plans to take legal action against LCIB's court-appointed liquidators Khoo Siew Kiat and Goh Hua Yang from Messrs Deloitte Restructuring Services PLT. The board had exercised its residual powers, claiming that the disposal of LCIB's assets was prejudicial to SCB and amounted to wilful negligence. Khoo and Goh were appointed as liquidators on May 15, 2024.
Zawya
15-04-2025
- Business
- Zawya
MIE report: Fake credentials and financial woes intensify South Africa's hiring crisis
As high unemployment rates and insecurity fuel desperation in job seekers, so fake qualifications, identity fraud, and financial misrepresentations become more prevalent in job applications. Meanwhile, businesses - under pressure to cut costs - screen fewer candidates. The result? A hiring crisis in which overlooking due diligence could lead to regulatory breaches, reputational damage, and financial losses. Against this backdrop, Managed Integrity Evaluation (MIE), a leading provider of background screening services in Southern Africa and a division of Mettus, has released its 2024 Background Screening Index. The report was compiled based on over 3.2 million background screening transactions that uncover key hiring trends and risks shaping the job market. Fake credentials on the rise: The truth behind qualification fraud 'Among the most prominent concerns is qualification misrepresentation,' says Jennifer Barkhuizen, head of marketing at MIE. 'Of the 652,133 qualification verifications conducted by MIE, 6.59% contained discrepancies, with matric certificates (7.82%) and tertiary short courses (8.28%) the most commonly falsified. Notably, fraud is even higher for international qualifications, with 11% failing verification.' Criminal background checks: The most requested but still overlooked Criminal record checks remain the most requested verification, with 939,863 screenings conducted in 2024. Although the risk percentage dropped to 7.15% from 12.38% in 2023, 3.74% of candidates were unaware or dishonest about their criminal records. The demand for cross-border criminal verification is also rising, particularly in logistics, finance, and security. The growing threat of financial instability Financial instability among job seekers is another growing risk. Adverse financial history screenings show risk levels increasing from 16.44% in 2023 to 19.25% in 2024, with debt defaults and judgments on the rise. Industries such as real estate, security, and private education are prioritising financial checks, particularly for roles involving fiduciary responsibility. Social media: The background check that's raising red flags 'Employers are also increasingly assessing candidates' online behaviour as part of the hiring process,' explains Barkhuizen. 'Social media screening has surged, particularly in finance, legal, logistics and e-hailing industries, as companies seek to mitigate reputational risks.' The report reveals that 69.44% of flagged content is linked to discriminatory remarks, while unprofessional behaviour and online misconduct are also red flags. TikTok and X (Twitter) are the primary sources of problematic content, reinforcing the need for online behaviour checks in hiring decisions.' Striking the balance: Cost-saving vs thorough hiring With hiring slowdowns, businesses are streamlining verification processes. The challenge is balancing cost-efficiency with due diligence, and companies must ensure they mitigate risks while keeping hiring processes efficient. Digital verification tools are emerging as a means for businesses to improve accuracy and speed. Here, features such as automated employment reference checks have boosted response rates by 70%, while real-time tracking systems allow for faster, more transparent screening. The future of background screening: AI, biometrics, and beyond Looking ahead, AI and biometric authentication will assist in identifying, reducing and preventing incidents of fraud; while regulatory compliance in qualification verification and financial risk management will continue to tighten. 'The job market is evolving and so must hiring practices. Fraud is rampant, risks are rising, and the cost of getting it wrong has never been higher. Employers who fail to screen effectively don't just risk bad hires, but risk their reputation, compliance, and bottom line. Now is the time to act, because in today's world, trust isn't given - it's verified,' concludes Barkhuizen. To explore the full insights from the 2024 MIE Background Screening Index and see how your business can mitigate hiring risks, click here.
