Latest news with #MalaysianChineseAssociation
South China Morning Post
4 days ago
- Business
- South China Morning Post
Malaysian swindled of US$38,000 by ‘Hong Kong woman' buying sperm to get pregnant
Having ignored warnings from the bank and police, a retiree in Malaysia lost 161,000 ringgit (US$38,000) after being lured by an online scam to become a sperm donor for a supposedly 'beautiful woman in Hong Kong'. Advertisement The 57-year-old saw an advertisement on social media stating that the woman wanted to bear a child and that there would be a reward of HK$2 million (US$254,901) for the man chosen. 'I was communicating with a person claiming to be a lawyer for the woman who said he would formalise the agreement. 'I was told to make several payments, including 10,000 ringgit for air tickets and 30,000 ringgit for protection services for her,' the man told a press conference held by the Malaysian Chinese Association's Public Services and Complaints Department head Michael Chong in Kuala Lumpur on Thursday. The retiree, who identified himself as Tan, said he continued to make more payments, including to fly in doctors who would monitor him to ensure that the baby would be born healthy. Advertisement In total, Tan parted with 161,000 ringgit to the scammers before finally deciding to call off the 'deal', without even meeting the woman or so-called lawyer in person.
The Sun
14-05-2025
- The Sun
Man in early 20s owes 14 loan sharks for failed Labubu toy business
PETALING JAYA: A 23-year-old man who ventured into selling trendy collectible items became knee deep in debt, owing 14 loan sharks after losing RM10,000 from his failed venture. China Press reported that the man, identified as Chen, borrowed nearly RM30,000 as a bid to offset the RM10,000 loss. He reportedly rode on the hype selling popular collectibles such as Labubu dolls and Pokemon cards, pre-purchasing large quantities but encountered a price volatility, resulting in the losses. 'I didn't want my family to know, so I turned to social media to look for a way out. I ended up borrowing nearly RM30,000 from 14 loan sharks. 'The more I borrowed, the deeper the hole became. Eventually, I had no choice but to tell my family, and they helped repay most of the debt,' Chen said. His parents helped settle RM49,000, paying back 12 loan sharks but the remaining two, who lent him RM1,000 in cash in total, allegedly demanded Chen to repay RM15,000 and RM29,000 respectively. Not only that, the two loan sharks publicly shamed Chen by putting up posters around his neighbourhood and threatened to splash red paint. Facing yet another challenging situation, Chen sought the assistance of the head of the Malaysian Chinese Association's Public Services and Complaints Department Datuk Seri Michael Chong. Chong also stated that Chen's case involved criminal syndicates adopting the style of intimidation tactics from loan sharks for financial extortion.
The Sun
14-05-2025
- The Sun
Man owes 14 loan sharks after Labubu business fails
PETALING JAYA: A 23-year-old man who ventured into selling trendy collectible items became knee deep in debt, owing 14 loan sharks after losing RM10,000 from his failed venture. China Press reported that the man, identified as Chen, borrowed nearly RM30,000 as a bid to offset the RM10,000 loss. He reportedly rode on the hype selling popular collectibles such as Labubu dolls and Pokemon cards, pre-purchasing large quantities but encountered a price volatility, resulting in the losses. 'I didn't want my family to know, so I turned to social media to look for a way out. I ended up borrowing nearly RM30,000 from 14 loan sharks. 'The more I borrowed, the deeper the hole became. Eventually, I had no choice but to tell my family, and they helped repay most of the debt,' Chen said. His parents helped settle RM49,000, paying back 12 loan sharks but the remaining two, who lent him RM1,000 in cash in total, allegedly demanded Chen to repay RM15,000 and RM29,000 respectively. Not only that, the two loan sharks publicly shamed Chen by putting up posters around his neighbourhood and threatened to splash red paint. Facing yet another challenging situation, Chen sought the assistance of the head of the Malaysian Chinese Association's Public Services and Complaints Department Datuk Seri Michael Chong. Chong also stated that Chen's case involved criminal syndicates adopting the style of intimidation tactics from loan sharks for financial extortion. Chen and his family have lodged police reports in Melaka and Kajang.
Straits Times
06-05-2025
- Business
- Straits Times
Malaysia to ease RON95, SST and electricity hikes due to Trump tariffs
Higher sales and services tax rates on a broader basket of items were due to be implemented on May 1. PHOTO: ST FILE KUALA LUMPUR - Malaysia is set to take a hit to its coffers, as uncertainty looms over the impact of the impending US import tariff regime, with Prime Minister Anwar Ibrahim postponing measures such as tax hikes and subsidy cuts in the face of dimming growth prospects. Higher sales and services tax (SST) rates on a broader basket of items were due to be implemented on May 1. But at the eleventh hour, the Finance Ministry said on April 29 that the expansion to the consumption levy had been postponed as the plan was being 'refined'. Meanwhile, several high-ranking government officials told The Straits Times that a closely watched targeting of subsidies for the base-level RON95 petrol – the most commonly used fuel by Malaysian motorists – is set to be delayed from the initially scheduled June, or be watered down to affect a smaller cohort than the earlier announced top 15 per cent income bracket, or both. A minister, who asked not to be named due to the confidentiality of Cabinet discussions, admitted that 'politically it is very difficult' to cut fuel subsidies now, given the headwinds from US President Donald Trump's decision to apply tariffs on the rest of the world that is set to dampen the global economy and send a number of countries into recession. Although a 24 per cent tariff against Malaysia was announced on April 2, a 90-day pause was put into effect. Datuk Seri Anwar said during a special May 5 parliamentary sitting on the matter that 'there is a possibility that the US will reduce the reciprocal tariffs imposed on Malaysia' if ongoing negotiations are successful. 'There is a likelihood that we will not achieve the Budget 2025 projection for GDP (gross domestic product) growth in 2025, which is between 4.5 and 5.5 per cent,' said the Premier , adding that the forecast will be revised after the US tariff policy is finalised. This comes ahead of an expected electricity price hike of 14 per cent in July, based on Malaysia's cost pass-through regulatory system, adding pressure on the government to further subsidise the cost of the key utility beyond the RM6 billion (S$1.83 billion) allocated for the first half of 2025. Opposition Leader Hamzah Zainudin urged the Anwar administration 'to delay raising the price for RON95'. 'The same goes for the hike in electricity tariffs in July and the expansion of the SST,' he said during the May 5 parliamentary sitting. Even government MPs such as former finance minister Lim Guan Eng and Malaysian Chinese Association president Wee Ka Siong echoed this call during the debate. Such pleas against adding local pressure on businesses on top of external headwinds, have already come from trade groups since April. 'Given the current economic landscape – with the imposition of US reciprocal tariffs and the upcoming electricity tariff review in July – now is not the time to push forward with a major tax expansion,' Federation of Malaysian Manufacturers president Soh Thian Lai said on April 29. The SST expansion – which was set to rake in RM5 billion for the Treasury in 2025 – is now due to be gazetted on June 1, although the implementation date could be further down the road. Businesses are calling for a grace period of up to a year, especially for those that will be paying SST for the first time. Sources involved in stakeholder engagements told ST that over 4,000 new items are expected to be hit by the tax. The inflationary impact from businesses passing on SST and electricity hikes to customers will also be compounded by a RON95 price increase. Government sources told ST that teams, such as those in the Finance Ministry and central bank working on the fuel subsidy cut, have not been progressing work on earlier modelling and projections since April. 'We will need new scenario planning with all these new developments,' said a senior economic official. PM Anwar, when tabling Budget 2025 as Finance Minister last October, said that excluding the top 15 per cent income bracket from RON95 subsidies would save taxpayers RM8 billion annually. In March, he said a government study showed that 90 per cent of Malaysians could still enjoy the subsidies. But senior officials told ST there is a proposal to exclude only the top five percentile from enjoying fuel subsidies under a two-tier pricing system that will require a Malaysian identification card to confirm a motorist is eligible for the subsidy. 'In fact, we could allow all Malaysians to enjoy the subsidies , but by excluding foreigners and stopping smuggling it will still result in significant savings,' a source said. Finance Minister II Amir Hamzah Azizan had said in July 2024 that abolishing diesel subsidies at petrol stations curbed a whopping 6.5 million litres of smuggled diesel daily. The annual savings from the measure is set to come up to RM7.5 billion annually, nearly double the initial estimate. There is also a possibility that if oil prices continue its freefall since the April 2 US tariff reveal, dropping from US$75 a barrel and dipping below US$60 on May 5, that fuel subsidies can be abolished with minimal impact to pump prices. Some officials believe that coupled with a strengthening ringgit, a per barrel price of US$55 could see RON95 costs match the RM2.05 tag at the pump. Financial analysts also told ST that the issue of fuel subsidies have been sidestepped during government briefings in recent weeks, amid growing concerns about a possible recession. The Finance Ministry did not respond at press time to a query on the status of the SST, fuel subsidies and electricity tariff. 'We project a 1 to 1.5 percentage point downside to this year's GDP growth estimates,' Socio-Economic Research Centre executive director Lee Heng Guie said , adding that it immediately revised its forecast to 4 per cent, from 5 per cent, after the April 2 tariff announcement from Washington. 'The likelihood of recession is remote but prolonged headwinds would increase this risk for 2026,' he added. Budget 2025 had pencilled in a fiscal deficit of 3.8 per cent of GDP, dipping under 4 per cent for the first time since the Covid-19 pandemic hit in 2020. The softening of fiscal measures on taxes and subsidies will likely see Malaysia miss its deficit target, especially in the light of a slowing economy. The government's advance estimate for the first quarter was a lower than expected 4.4 per cent, marking a third consecutive quarterly drop since the 5.9 per cent recorded in the second quarter of 2024. Shannon Teoh is The Straits Times' bureau chief for Malaysia, where he has reported on various beats since 1998. Join ST's Telegram channel and get the latest breaking news delivered to you.
The Sun
28-04-2025
- Business
- The Sun
Filipino maid secretly borrows over RM10,000, uses employer as guarantor without consent
PETALING JAYA: A foreign domestic worker secretly borrowed over RM10,000 from loan sharks, using her employer's information as a guarantor without permission. Datuk Seri Michael Chong, Head of the Malaysian Chinese Association's Public Service and Complaints Bureau, revealed that his office had recently received numerous complaints from employers about this issue, Kosmo Online reported. The latest case involved a Filipino maid who borrowed more than RM10,000 from three loan shark groups without her employer's knowledge. When she failed to repay the loan, the loan sharks began harassing her employer and their family, armed with personal details and photos, which exposed them to security risks. 'The employer, who had employed the worker for 10 years, described her as hardworking and well-behaved, and never thought she would be involved in a loan problem like this,' he was quoted as saying. Chong explained that the loan sharks resorted to using Grab's cash-on-delivery (COD) service to send food deliveries in an attempt to contact the domestic worker, as they couldn't reach her directly. 'By using this method, the rider would deliver the phone to the worker to establish contact,' he added. As foreign domestic workers are not eligible for legal loans in Malaysia, Chong stated that illegal lenders often request the employer's personal details as loan guarantees, violating their privacy and putting them at risk. He also mentioned that some domestic workers provide the personal details of their employers and their family members to loan sharks before leaving the country at the end of their contracts. 'This puts the employer at risk without their knowledge. The employer has filed a police report, and the case has been referred to the relevant embassy for further investigation,' he explained. Chong advised employers to be more cautious when hiring and managing foreign domestic workers to prevent similar incidents. He also said that this was not the first time complaints about foreign domestic workers secretly borrowing money involving their employers had been received.
