Latest news with #RM1.3mil
The Star
6 days ago
- Business
- The Star
Tropicana sees sustained earnings with RM2.1bil unbilled sales
KUALA LUMPUR: Tropicana Corp Bhd 's unbilled sales of RM2.1bil as at March 31 place the company in a comfortable position to deliver sustainable earnings. The property developer believes that the demand for properties in prime locations in Tropicana's established, mature and developing townships will persist, with attractive pricing and various promotional packages. 'Further, the group expects improved sales especially for its properties in Johor, as a result of the Johor-Singapore Special Economic Zone, Johor Bahru-Singapore Rapid Transit System Link project, as well as the positive growth effects from the possible resuscitation of the High Speed Rail project. 'Premised on the expected demand, the group will continue to launch its properties at strategic locations across the Klang Valley, Genting Highlands, Northern and Southern Regions,' Tropicana said in the notes accompanying its financial results. In the first quarter ended March 31, Tropicana posted a net profit of RM1.3mil, or earnings per share 0.05 sen, compared with a net loss of RM9.08mil, or loss per share of 0.40 sen. Revenue for the quarter stood at RM260.4mil, down 10.6% from RM291.3mil. Tropicana said it will continue to leverage on its various sales initiatives and marketing campaigns to secure more sales and therefore remaining positive and confident on the long-term prospects of its property development business. In addition, the group will continue to develop and market its properties located at various strategic locations, which will in turn, translates to higher sales and positive contributions to the future earnings of the group. Tropicana's current landbank stood at 1,336.1 acres, with a total potential gross development value (GDV) of RM168.4bil.
The Star
16-05-2025
- Business
- The Star
Mineral licence approval now takes one week instead of 61 days, says ministry
PUTRAJAYA: The Natural Resources and Environmental Sustainability Ministry (NRES), through the National Minerals and Geoscience Department (JMG), has successfully reduced the approval time for the Mineral Licence (Without Storage Premises) from 61 days to just seven days under its Bureaucratic Red Tape Reform (RKB) project. According to NRES, the reform is expected to lower compliance costs for mineral trading companies by up to 20 per cent, boosting both domestic and international trade and generating an estimated RM1.3mil in annual revenue for the government. "This initiative reflects NRES' ongoing commitment to streamlining industry operations and enhancing the efficiency of public service delivery,' the ministry said in a statement on Friday (May 16). In recognition of this achievement, JMG received a Certificate of Appreciation presented by Chief Secretary to the Government, Tan Sri Shamsul Azri Abu Bakar, to NRES secretary-general, Datuk Dr Ching Thoo a/l Kim, on April 10. The RKB project is part of the Special Task Force on Agency Reform (STAR), chaired by the Chief Secretary, and aims to expedite regulatory processes while reducing compliance costs for businesses and the public. This move also supports the Public Service Reform Agenda 2024-2030 and the Malaysia Madani vision, which seeks to improve government efficiency, drive productivity, and enhance public well-being. Additionally, the reform helps accelerate administrative processes, strengthen industrial competitiveness, and promote sustainable mineral exports. - Bernama
The Star
30-04-2025
- The Star
70-year-old in Penang loses nearly RM1.4mil to online stock investment scam
GEORGE TOWN: A senior citizen lost more than RM1.3mil after being duped by an app-based online investment scam. State police chief Comm Datuk Hamzah Ahmad said the 70-year-old victim saw an investment advertisement based on stock trading that was circulated via WhatsApp around December last year. "The investment promised a return of between 8% to 15% of the invested capital within a period of two months," he said. Comm Hamzah said the victim was asked to download the "BIONM" app and register as a member before investing through the application. He said a total of 14 transactions were conducted by the victim into four different bank accounts. Comm Hamzah said the victim began to realise that he had been deceived when he was asked to make an additional payment of RM1mil as a commission to BIONM for the purpose of withdrawing the so-called accumulated profit of RM11mil in the application. "The victim lost RM1.36mil in total," he said. Comm Hamzah said the victim then lodged a police report on April 28. Comm Hamzah urged the public to be wary of investment offers advertised on social media sites, especially those that offer outrageous returns.
The Star
24-04-2025
- The Star
Court remands six suspects in RM15mil false claim investigation by MACC
KUALA LUMPUR: A seven-day remand was given for six individuals detained for allegedly conspiring to make a false claim worth RM15mil. The six detained, including a company director, a chief financial officer and two police officers, are suspects in making the false claim involving the procurement of a service contract to maintain a command & control, communication & computer integration (C4i) system. They were brought to the Putrajaya Magistrate's Court on Thursday (April 24), where Magistrate Fadzlan Mohd Noor granted a seven-day remand order until April 30. Sources said the suspects - five men and a woman - aged between 30 and their 50s - were detained at 8pm on Wednesday after having their statements recorded at the Malaysian Anti-Corruption Commission (MACC) headquarters. "Initial investigation revealed that all suspects were believed to have committed the offence between 2022 and 2025. "They had conspired to make a false claim worth RM15mil, where some of the work did not meet the requirements of the contract. "The project, with an overall value of RM70mil, was given to the police by the Home Ministry," the source said. Sources added that raids and seizures were conducted at 15 locations, including at the Home Ministry and several companies in Johor, Selangor, Putrajaya and Kuala Lumpur. The MACC seized four luxury vehicles worth RM1.3mil and froze 51 bank accounts with RM3.5mil in funds. "The operation was conducted with the cooperation of the police. "The MACC also seized cash of different denominations and nine mobile phones," the source said. Meanwhile, MACC senior director (Special Operation) Datuk Mohamad Zamri Zainul Abidin confirmed the detention of the suspects. "We are investigating under Section 18 of the MACC Act 2009 and Section 4(1) of the Anti-Money Laundering (AMLA) Act," he said when contacted.
The Star
24-04-2025
- Business
- The Star
Sabah graft court discharges three in gold mine case
KOTA KINABALU: The Special Corruption Court here has discharged, but not acquitted, three family members facing charges linked to a gold mine operation in Bukit Mantiri, Tawau, on Thursday (Apr 24). The accused are former Wullersdorf Resources Sdn Bhd chief executive officer Datuk Lo Fui Ming, his son, Lo Teck Yong, a former director of the same company, and daughter, Lo Choon Fung, a director of Southsea Gold Sdn Bhd. Judge Jason Juga ordered all three to be released from their respective charges. In the same case, Fui Ming, 69, faces 24 charges under Section 418 of the Penal Code for allegedly committing fraud while knowing it could result in undue loss to an interested party. His son, Teck Yong, 43, has been charged with 24 counts under Section 109 of the Penal Code for abetting the offence. They were accused of deceiving the Sabah state government, particularly the Lands and Surveys Department, by omitting the actual quantity of gold bars in invoices and production reports. The gold was allegedly sold illegally to another company, resulting in losses exceeding RM1.3mil to the state. If convicted, they could face imprisonment of up to seven years, a fine, or both. Meanwhile, Fui Ming and Choon Fung also face four charges for using false documents as genuine. According to the charge sheet, the two are accused of jointly using four forged letters under the name of Southsea Gold Sdn Bhd titled 'Unauthorised Occupation of Southsea Gold Lease Land for Mining Operations' dated March 3, 2020, December 10, 2020, October 13, 2021, and January 3, 2022.
