Latest news with #Ng
The Star
16 hours ago
- Business
- The Star
Outrage over Leissner's ‘inadequate' sentence in 1MDB case
PETALING JAYA: Widespread criticism has emerged over the two-year sentence imposed on former Goldman Sachs banker Tim Leissner for his role in the 1MDB scandal, with many arguing it fails to reflect the gravity of the crime. Malaysian Bar president Mohamad Ezri Abdul Wahab described the punishment as inadequate and warned of its broader implications for justice and deterrence. He said while the Bar respects the independence of the US judiciary and acknowledges the court's characterisation of Leissner's actions as 'brazen and audacious,' many Malaysians reasonably view the sentence as insufficient given the scale of the wrongdoing. 'An apology cannot undo the damage. Justice in cases of this magnitude must reflect not only accountability but also deterrence. 'Lenient outcomes risk eroding public confidence and failing to prevent future abuses of financial systems,' he said when contacted yesterday. Leissner, formerly Goldman Sachs' South-East Asia chairman, had pleaded guilty in 2018 to conspiring to violate the US Foreign Corrupt Practices Act and participating in a money laundering scheme. He later cooperated with US prosecutors, becoming a key witness in the conviction of his former colleague Roger Ng. Ng has pleaded not guilty to charges of conspiring to launder money and violate an anti-bribery law. Ng, the former head of investment banking for Goldman in Malaysia, was convicted in Brooklyn and sentenced to 10 years in prison, but had been brought here in 2023 to assist in investigations. Too short: Mohamad Ezri (left) and Johari were among those who expressed their disappointment. US-based journalist Tom Wright, who co-authored Billion Dollar Whale detailing the 1MDB saga, also criticised the sentence. In a post on X, Wright said the outcome 'is no justice' and argued that Leissner's cooperation in Ng's prosecution did not justify such a lenient term. 'That is punching down,' he wrote. In his newsletter Whale Hunting, Wright questioned whether justice had truly been served, especially in relation to Goldman Sachs' role in raising US$6.5bil in bonds for 1MDB, a fund set up by ex- Prime Minister Datuk Seri Najib Razak, with the help of fugitive financier Jho Low. 'Not by a long shot,' Wright remarked. Echoing similar concerns, Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani, who chairs Malaysia's 1MDB asset recovery task force, described the sentence as 'too short.' Speaking to Reuters, he said: 'Considering he is one of the masterminds facilitating the 1MDB scandal, he should be given the maximum jail sentence.' Centre to Combat Corruption and Cronyism (C4) founding director Cynthia Gabriel also weighed in, describing the two-year sentence as 'a light slap on the wrist' that does not match the gravity of the financial crimes committed. Gabriel stressed that the scale of theft and money laundering, involving a leading financial institution like Goldman Sachs must not be taken lightly. The 1MDB scandal, which saw billions siphoned from the Malaysian sovereign wealth fund, triggered investigations across several jurisdictions and remains one of the largest financial scandals in global history.
New Straits Times
a day ago
- Entertainment
- New Straits Times
#SHOWBIZ: HK actor Philip Ng confirms relationship with model Renee Li
HONG KONG: Hong Kong-American actor Philip Ng, known to many as the ex-boyfriend of former TVB star Linda Chung, has publicly confirmed he has found love again. The 47-year-old went public with model Renee Li on Wednesday (May 28), just a day after the couple were spotted together at Raymond Lam's concert. According to Oriental Daily, Ng had previously been seen with a younger woman at a theme park. At the time, the Twilight Of The Warriors: Walled In (2024) star informed reporters that he was "getting to know" someone but chose not to reveal her identity. In a recent interview with Hong Kong media, Ng disclosed that he met Li, who is 13 years his junior, through a mutual friend. The actor also confirmed that 34-year-old Li was indeed the woman he had been seen with at the theme park. "We were recently introduced by a mutual friend and started dating. I hope everyone can give us time and space. Thank you," he said. Li embarked on her entertainment career in 2011.
The Sun
a day ago
- Business
- The Sun
JAG Bhd confident of FY25 rebound with strong fundamentals, sector outlook
SHAH ALAM: JAG Bhd, a leading total waste management company, recorded a loss after tax of RM6.4 million for the first quarter (Q1) ended March 31, 2025 (FY25) compared with a profit after tax of RM3 million registered in the same period last year. Revenue stood at RM46.5 million compared with RM52.7 million a year ago. The contraction was primarily driven by a slowdown in demand from international clients, following uncertainty surrounding the US tariff policy announced in early April. Amid the lack of clarity, customers took a more cautious approach to procurement, resulting in delayed orders during the period. Nevertheless, the group views this as a temporary, one-off impact. Market sentiment is already showing signs of stabilisation, with semiconductor clients resuming typical procurement patterns. Operational fundamentals remain strong, and the Group expects performance to improve in the coming quarters as business activity normalises. Executive director Datuk Ng Meow Giak said while external headwinds impacted Q1 FY25, the company remains confident in its ability to deliver a strong rebound. 'Management guidance for FY25 remains strong and intact, and we expect the remaining quarters of the year to return to profitability. 'The long-term outlook for the industries we serve, particularly semiconductors and electronics, remains robust. 'We are focused on building the operational resilience and business agility needed to capitalise on these opportunities fully,' he said. Ng said the company's total waste management (TWM) segment continues to show strength and agility. 'We are broadening our revenue streams within TWM, including entry into the oil & gas space and tapping into specialised services such as the disposal of scheduled waste, an area that requires licensed handling and technical expertise. 'In Q1 FY25, we recorded a 25% quarter-on-quarter increase in the processing of these materials, signalling serious growth potential in this space. 'This presents a valuable opportunity to strengthen our market position and long-term profitability further,' he said. Ng said the global tariffs are beyond control, but what is within control is how JAG build and future-proof the business. 'That is why we are aggressively driving new opportunities in industrial waste recovery, securing strategic contracts, and exploring untapped markets. Commodity trends also buoy us. 'Gold and silver prices have been on an uptrend, and copper has remained stable. Coupled with our healthy inventory, which can support operations for the next six months, we are well-positioned to benefit from evolving market dynamics,' Ng said. He said the TWM segment remains the group's primary growth engine. In addition to streamlining operations and refocusing on high-value activities, JAG is enhancing productivity through processing efficiencies, expansion of service scope, and diversification into industries with long-term potential. 'As we enter this next phase of growth, we are also taking steps to enhance shareholder value. 'Given the strong fundamentals of our core business and the growth trajectory ahead, we are in the process of formalising a dividend policy. 'This reflects our confidence in the group's performance outlook and our commitment to delivering long-term value to our shareholders,' Ng said.
The Star
2 days ago
- Business
- The Star
‘Johor too long known as just Singapore's neighbour'
Johor women, family and community development committee chairman Khairin-Nisa Ismail addressing issues concerning senior citizens during the state assembly sitting in Kota Iskandar. GREATER effort is needed to improve Johor's tourism identity for it to be seen as more than just 'Singapore's neighbour' among tourists. Ng Kor Sim (PH-Jementah) said the state was often seen as a transit point for tourists from Singapore heading to Kuala Lumpur or vice-versa. 'To this day, most foreign tourists still recognise Johor as 'the Malaysian state closest to Singapore' or 'Singapore's neighbour'. 'We lack a distinct or memorable tourism identity,' she said in her debate speech during the state assembly sitting at Bangunan Sultan Ismail in Kota Iskandar. Ng said the Visit Johor 2026 logo was unveiled in January before some 1,000 local and international delegates at the Asean Tourism Forum 2025. This move, she said, reflected Johor government's commitment to promoting the state as a tourism destination. 'However, we have to realise that our state still faces challenges that can hinder its growth and competitiveness, especially against neighbours like Melaka and Singapore,' she said, adding that these neighbours had significantly outperformed Johor in tourism infrastructure and branding. Kuala Jasin is a popular spot for a cool swim in the lush forest reserve of Endau-Rompin National Park. 'Despite having attractions such as Mount Ledang, Desaru Coast and Endau-Rompin National Park, the lack of efficient public transport, limited airport capacity and poor connectivity can be major deterrents to attracting more international tourists,' said Ng. 'Destinations like Mersing, known for fresh seafood and beautiful islands, often see traffic congestion and many of its scenic areas remain difficult to access without private transport.' Popular spots like Desaru and Endau-Rompin, meanwhile, were not easily reachable from Senai International Airport or the Second Link, she said. The assemblyman also raised concerns over the limited capabilities of Senai International Airport and its struggle to attract more direct international flights due to its size and proximity to Singapore's Changi Airport. Beyond infrastructure, Ng also questioned the state's international marketing efforts. 'We are still relatively weak in promoting our state in the international market. 'Johor is often seen as an 'add-on destination' for tourists heading to Singapore, not as a primary destination. 'Foreign tourists or tour agencies often have no direct link with either government or private tourism agencies in our state,' she said. She proposed familiarisation tours to bring international tour operators, the media and key opinion leaders to Johor. She said such tours were widely used in the tourism industry to promote destinations and build long-term partnerships. It would also enable participants to create organic promotional content and help position Johor as a standalone, world-class destination, she added. Ng also urged the state government to provide financial incentives for local tourism players to participate in major global tourism trade fairs such as Internationale Tourismus-Borse (ITB) Berlin, ITB Asia and World Travel Market London. 'Most local operators cannot afford the high costs of participating in these exhibitions, which are platforms where international buyers, media and travel agencies form partnerships.' Such exposure, she said, could help Johor capture key markets such as Europe, China and the Middle East.
The Star
2 days ago
- General
- The Star
Ageing water pipes in four Subang Jaya neighbourhoods to be replaced
Ng (centre) looking at plans for the SS13, SS14, SS15 and SS17 pipe replacement in Subang Jaya with Balachandran on her left while Anwar Ahmadi (far left) looks on. — AZLINA ABDULLAH/The Star AGEING water pipes in SS13, SS14, SS15 and SS17 in Subang Jaya will be replaced at a cost of RM4.8mil. Subang Jaya assemblyman Michelle Ng said Air Selangor would start upgrading asbestos cement and mild steel pipes with ductile iron type pipes by the end of this month. She said the project, involving 43,000m of pipes and costing RM47.9mil, was expected to be completed within 12 months. 'Known as Package 86 of Air Selangor's Old Pipe Replacement Programme, it is part of the plan to replace old pipes, especially those made of asbestos cement. 'Similar pipe replacement was carried out in SS12/1 and SS12/1A in 2016,' she said. Ng said the four neighbourhoods comprised about 100,000 households and some of the pipes were now about 40 years old. 'The new ductile iron-type pipes will not only be larger in diameter but will also have a longer service life of between 50 and 70 years,' she said during a press conference at SS12 Rukun Tetangga cabin in Subang Jaya. Ng said Package 86 of the pipe replacement programme would cover most of the burst pipe hotspots in the four areas, which should lead to the reduction of such incidents, including leakage and non-revenue water. She said affected households would receive a notice from Air Selangor three days before contractors carry out the works. 'For residential areas, pipe works will be restricted to office hours, while commercial areas will see works done only at night. 'For safety, parking areas will be cordoned off until works are completed,' she said. Ng said seven contractors had been appointed for the project. 'All contractors will ensure that holes which have been dug up are patched up by evening to ensure safety.' She said that while the new pipes were being installed, the old ones would continue running and there would be no interruption in water supply. 'Water disruption will only take place when supply switches over from the old pipes. 'Throughout the project, roads will be temporarily repaired. 'Once the upgrade is completed, all stretches will be resurfaced from kerb to kerb,' she assured. Subang Jaya City Council (MBSJ) councillor in-charge Balachandran Naicker will coordinate meetings with stakeholders. Also present was Air Selangor Petaling regional head Anwar Ahmadi Mahmud.
