Latest news with #RM1.25bil
The Star
2 days ago
- Politics
- The Star
Sept 10 set for decision on Rosmah's bid to recuse judge in solar hybrid case
PUTRAJAYA: The Court of Appeal has fixed Sept 10 to deliver its decision on Datin Seri Rosmah Mansor's appeal to recuse a High Court judge who presided over her corruption trial involving the RM1.25bil solar hybrid project in Sarawak. Court of Appeal deputy registrar Muhammad Noor Firdaus Rosli set the date during case management on Friday (July 4). On June 25, a three-member bench comprising Justices Datuk Ahmad Zaidi Ibrahim, Datuk Azman Abdullah and Datuk Noorin Badaruddin reserved judgment after hearing submissions from both the prosecution and defence. ALSO READ: Leaked draft judgment in Rosmah's solar hybrid case suggests bias, appeals court told Rosmah's lawyer, Datuk Akberdin Abdul Kader confirmed the date when contacted. The wife of former prime minister Datuk Seri Najib Razak is appealing against the decision by then High Court judge Justice Mohamed Zaini Mazlan, who has since been elevated to the Court of Appeal, dismissing her application for his recusal from presiding over her case. Rosmah filed the recusal application just before Judge Mohamed Zaini was slated to deliver his decision on Sept 1, 2022. ALSO READ: Rosmah's solar hybrid appeal fixed for hearing in October The application was based on allegations that a draft judgment in her case, purportedly prepared by a third party, had been leaked before its official delivery. On the same day, Justice Zaini found Rosmah, 73, guilty of three corruption charges linked to the hybrid solar project, and sentenced her to 10 years in prison and a RM970mil fine, in default 30 years in prison. However, she was granted a stay of execution on both the custodial sentence and the fine, pending the disposal of her appeal before the Court of Appeal. Rosmah was charged with one count of soliciting RM187.5mil and two counts of receiving RM6.5mil in bribes from former Jepak Holdings Sdn Bhd managing director Saidi Abang Samsudin. – Bernama
The Star
2 days ago
- Business
- The Star
TNB dip seen as buying chance on strong long-term outlook
KUALA LUMPUR: Any short-term share price weakness in Tenaga Nasional Bhd (TNB) is seen as a buying opportunity for long-term investors, according to Hong Leong Investment Bank (HLIB) Research. The utility giant dropped 58 sen, or 3.97%, to RM14.02 at 10.26 am, though it has gained 0.43% over the past month. Despite the dip, HLIB Research views this weakness as an opportunity to capitalise on the company's prospects. The Federal Court today allowed the Inland Revenue Board's (IRB) appeal to reinstate an additional tax assessment of RM1.25bil against Tenaga Nasional Bhd (TNB) for the 2018 assessment year, following a penalty remission from the original RM1.8bil notice. 'This decision has a potential negative financial impact on the earnings and net assets of the company and group for the financial year ending Dec 31, 2025. However, the decision is not expected to have any operational impact on the company and group,' TNB said in a filing with Bursa Malaysia. Despite this, HLIB Research remains unconcerned about the potential one-off tax provision. 'We remain confident that TNB will reach a constructive resolution with all relevant stakeholders (particularly IRB) to minimise impact on its balance sheet and cash flow while asserting its entitlement to Investment Tax Allowance (ITA). 'Subsequently, TNB will proceed with the formal ITA application process to determine the final eligible amount, which will be resolved in due course, resulting neutral impact over the longer term,' it said. HLIB Research has maintained a 'buy' call on TNB with an unchanged target price of RM16.20. 'Looking ahead, we expect Tenaga to benefit from a higher Regulated Asset Base starting in 2025 under RP4-RP5 (2025-2030), as well as new tenders for gas power plants and renewable energy projects. 'We view any short-term share price weakness as a buying opportunity for long-term investors,' it said. Meanwhile, TA Securities stated that they understand no provisions have been made for the disputed amount, given TNB's success in the case at multiple levels previously. 'As such, in the worst case that TNB provides for the RM1.25bil claim by the IRB, we estimate a -27% one-off hit to FY25F earnings and a -2% impact on net assets. However, we believe any decision to provide for the amount hinges on the progress made with IRB on TNB's Schedule 7B IA claim,' it said. TA has maintained its "buy" call and target price of RM17.30. 'While this could be a one-off setback, albeit a sizeable one, it does not derail our structural thesis of an expansion in TNB's regulated asset base from an increase in grid capex to accommodate the energy transition. 'We note the sharp -2% (or -30sen) share price correction yesterday, which we believe may have more than reflected the potential RM1.25bil provision (which is equivalent to 21 sen per share),' it added.
The Star
3 days ago
- Business
- The Star
Trading ideas: TNB, Amtel, Gas Malaysia, GFM Services, MSM, UEM Edgenta, Dataprep, Wawasan Dengkil
KUALA LUMPUR: Stocks in the news that could see trading interest on Thursday include Tenaga Nasional Bhd (TNB), Amtel Holdings Bhd , Gas Malaysia Bhd , GFM Services Bhd , MSM Malaysia Holdings Bhd , UEM Edgenta Bhd , Dataprep Holdings Bhd , and Wawasan Dengkil Holdings Bhd. The Federal Court allowed the Inland Revenue Board's (IRB) appeal to reinstate an additional tax assessment of RM1.25bil against TNB for the 2018 assessment year, following a penalty remission from the original RM1.8bil notice. TNB said the decision could negatively affect its earnings and net assets for the financial year ending Dec 31, 2025, but it is not expected to impact operations. Amtel has announced that its wholly-owned subsidiary, Amtel Cellular Sdn Bhd (AMCSB), will be venturing into the manufacturing and assembly of motor vehicles for the local and export markets. Gas Malaysia has resumed full gas supply operations following the lifting of a curtailment imposed after the transmission gas pipeline fire incident in Putra Heights, Subang Jaya. GFM Services has signed a conditional share sale agreement to acquire a 60% stake in Shapadu Energy Sdn Bhd for RM30mil in cash from Shapadu Corp Sdn Bhd. MSM Malaysia has appointed Hasni Ahmad as acting group chief executive officer (CEO) effective July 3, 2025, following the resignation of Syed Feizal Syed Mohammad. UEM Edgenta has announced the resignation of its managing director and CEO Syahrunizam Samsudin, with effect from Aug 31, 2025. Dataprep's subsidiaries Solsis (M) Sdn Bhd and Dataprep (M) Sdn Bhd have signed separate intellectual property (IP) rights purchase and transfer agreements with Qingdao Xingyun Digital Technology Co. Ltd (QXDT) for RM12mil and RM3.5mil, respectively. Wawasan Dengkil has accepted a letter of award from TG Malim Hi-Tech Park Sdn Bhd to undertake site clearance and earthworks on 103.71 acres of land at Behrang Ulu, Perak for RM9.05mil.
The Star
4 days ago
- Business
- The Star
Federal Court rules in favour of IRB in tax appeal against TNB
The Inland Revenue Board logo seen at its branch in Damansara Perdana. - AZHAR MAHFOF/The Star KUALA LUMPUR: The Federal Court today allowed the Inland Revenue Board's (IRB) appeal to reinstate an additional tax assessment of RM1.25bil against Tenaga Nasional Bhd (TNB) for the 2018 assessment year, following a penalty remission from the original RM1.8bil notice. In a filing with Bursa Malaysia, the utility giant said the Federal Court allowed the IRB's appeal against earlier decisions by the High Court and Court of Appeal, which had favoured TNB's judicial review to set aside the tax notice. TNB said it is currently assessing the full impact of the decision. The Federal Court held that as a utility company, the applicable schedule is 7B, namely Investment Allowance, instead of 7A Reinvestment Allowance. Accordingly, in light of the Federal Court's decision, TNB will be pursuing to claim for the Investment Allowance under Schedule 7B. 'This decision has a potential negative financial impact on the earnings and net assets of the company and group for the financial year ending Dec 31, 2025. However, the decision is not expected to have any operational impact on the company and group,' TNB said. The case originated when, on July 3, 2020, the IRB through a letter informed TNB that the RA that it had claimed for the year of assessment 2018 was disallowed and then issued a notice of additional assessment on July 7, 2020, to the amount of RM1.812bil. Subsequently, TNB filed a judicial review that same year over the imposition of the RM1.812bil as an additional assessment to be paid by the national utility company. However, this sum has been reduced to RM1.25bil at a discounted rate.
The Star
16-05-2025
- Politics
- The Star
Rosmah's lawyer questions alleged judgment draft
PUTRAJAYA: The Court of Appeal was informed that the research division of the Kuala Lumpur High Court must have received instructions to prepare a purported draft judgment in the case involving Datin Seri Rosmah Mansor and the solar hybrid project. Lawyer Datuk Jagjit Singh, who represents Rosmah, said that the research unit would not have prepared the draft opinions if instructions were not specifically given. 'The research unit would not venture on a frolic of its own without instructions and directions,' said her lawyer Datuk Jagjit Singh in his submissions here yesterday. In her appeal, Rosmah seeks to recuse Justice Mohamed Zaini Mazlan, now a Court of Appeal judge, from presiding over her corruption case concerning the RM1.25bil solar hybrid project. On Sept 1, 2022, Justice Mohamed Zaini found Rosmah guilty of three corruption charges linked to the hybrid solar project. She was sentenced to 10 years in prison and a RM970mil fine. Rosmah, 73, filed a last-minute application at the High Court to recuse Justice Mohamed Zaini. She argued that the draft judgment in her case, which had been prepared by an external party, was leaked and had gone viral just a few days prior to the delivery of the decision. The recusal application was dismissed by Justice Mohamed Zaini at the outset of the proceedings on Sept 1, 2022. In the appeal, Jagjit further submitted that the draft was clearly meant for the benefit of Justice Mohamed Zaini. He said Justice Mohamed Zaini's conduct, when taken as a whole, created 'a real danger of bias'. 'The act of requesting an officer in the research unit to prepare a draft judgment is highly improper, therefore unacceptable,' he said. The hearing continues before a three-judge panel on June 25. Court of Appeal judge Justice Ahmad Zaidi Ibrahim chaired the panel. Two other judges on the bench were Justices Azman Abdullah and Noorin Badaruddin.
