Latest news with #RM1.69
New Straits Times
23-07-2025
- Business
- New Straits Times
Najib's bankruptcy case adjourned to Sept 8 over disorganised submissions
KUALA LUMPUR: Datuk Seri Najib Razak's bid to stay bankruptcy proceedings was postponed after the High Court raised concerns over disorganised and incomplete submissions by his legal team. Judicial commissioner Suhendran Sockanathan @ Saheran Abdullah also instructed Najib's lawyer Muhammad Farhan Shafee to refile a consolidated set of submissions after finding that key issues were either missing or scattered across documents. Farhan had earlier argued that the Inland Revenue Board's (IRB) RM1.69 billion tax claim against Najib was tied to funds allegedly received from 1Malaysia Development Bhd (1MDB), which were still the subject of ongoing criminal and civil proceedings. He submitted that there were unresolved legal issues surrounding whether the alleged proceeds of criminal activity could be taxed under Section 4 of the Income Tax Act 1967. "The IRB has treated the sums received through the appellant's personal accounts, alleged to have originated from 1MDB, as income. "These amounts do not fall within the scope of Section 4 of the Income Tax Act. Furthermore, provisions under the Anti-Money Laundering Act are also involved," he said during the proceeding today. Farhan also told the court that these matters were pending before the Special Commissioners of Income Tax, and a final ruling had yet to be made. He also raised the issue of potential double recovery by the government, saying there were attempts to penalise his client under both criminal and tax laws using the same facts. However, the court pressed Farhan repeatedly for clarity, pointing out that these central arguments were either not included in the written submissions or only briefly referenced in affidavits. "None of this is (arguments) in your submissions, you know? "At the moment, you are all over the place. "I do not want to have bits here and bits there... it is too cumbersome," Saheran said. Farhan then suggested that the court grant a short date to allow his team to update and streamline their submissions. He acknowledged that their arguments had not been presented in a structured manner and expressed his willingness to return to court with a more comprehensive and organised set of submissions. Saheran: I think yes... Farhan, I think you need to focus a bit more. Farhan: Sure. Saheran: Update the submissions and get it to us... I do not want this to be sitting on my docket. For a long period of time. How long will it take? Farhan: We can file it within the week. Saheran: Take two weeks... but do it properly. Senior federal counsel Norhisham Ahmad, who appeared for IRB, also supported the call for clearer submissions, adding that many of the appellant's arguments had not been raised in their original filings. The court then fixed Sept 8 to hear the case. Najib is appealing against two bankruptcy notices stemming from additional tax assessments amounting to RM1.46 billion, which have now ballooned with penalties and interest to RM1.69 billion. The former prime minister maintains that the tax assessments are flawed and should not proceed while related matters are being litigated in other courts. On June 25, 2019, the government, through IRB, filed the suit against Najib asking him to settle the unpaid tax with interest at five per cent, a year from the date of judgment, as well as costs and other relief deemed fit by the court. The government claimed that Najib had failed to pay his income tax from 2011 to 2017 within the stipulated 30-day period after assessment notices were issued by the IRB.
The Star
15-07-2025
- Business
- The Star
MACC raids NationGate subsidiary amid scrap metal smuggling allegations
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has conducted a raid at the premises of a subsidiary of Nationgate Holdings Bhd as part of an ongoing investigation into allegations of scrap metal smuggling, the company announced in a stock exchange filing today. It was reported earlier today that the MACC has launched a major crackdown on scrap metal smuggling syndicates in five states. These smuggling activities were reported to have resulted in an estimated tax revenue loss of over RM950mil. NationGate, a provider of electronics manufacturing services (EMS), said the MACC's raid was conducted at the premises of NationGate Solution (M) Sdn Bhd, which is a wholly-owned subsidiary of the group. "The board views these allegations with utmost seriousness and has taken proactive steps to ensure full cooperation with the MACC and to safeguard the integrity of the investigation. "Our company remains steadfast in its commitment to the highest standards of corporate governance, accountability, and transparency," it said. It assured stakeholders that "reasonable endeavours" and appropriate interim measures were put in place to ensure business operations remained unaffected. Prior to the midday break, shares in NationGate were traded eight sen or 4.97% higher at RM1.69 each, after 27.12 million shares changed hands.
The Sun
01-07-2025
- Politics
- The Sun
Academic freedom under siege
HUMANS are an incredible species, having achieved extraordinary feats, especially in the past century. We reached space just six decades after the first powered flight. Today's smartphone has thousands of times more computational power than the machine that sent a man to the moon. With techniques dating back to the 10th century, we eventually eradicated smallpox. Measles vaccination accounts for 60% of lives saved and over the past 50 years, vaccines for 14 diseases have cut infant deaths by 40% globally and over 50% in Africa. To this day, vaccination remains the only effective treatment for rabies, which has a 100% fatality rate in the unvaccinated. This progress stems from scientific and technological advancement, made possible by nations setting aside differences to pursue knowledge together. Yet, the very system behind these breakthroughs – academic freedom backed by sustained funding – is now under siege. From US funding cuts to structural constraints in Malaysia, science faces mounting political and institutional pressures. Under President Donald Trump, research funding was slashed at will – putting the global scientific community at risk and reversing years of progress. The Harvard Gazette (2025) interviewed researchers affected by the funding freeze. Some warned their work would vanish entirely without continued support, including studies on tuberculosis immunity and gut neuron ageing, with implications for neurological diseases. This affects not only research progress but also the people involved, especially emerging talents. Although the cuts mainly affect US-based universities, the impact is global. US institutions anchor countless international research efforts, especially in climate science, global health and advanced technologies. Curtailing their work may delay progress and fragment the global knowledge ecosystem. These cuts, including the US$400 million (RM1.69 billion) withdrawn from Columbia University, aim to punish institutions for their diversity, equity and inclusion programmes and positions on Palestine, where ceasefire calls are framed as support for terrorism and labelled as anti-Semitic. This politically charged culture war, driven by conservatives hostile to science that challenges their worldview, is undermining research that could benefit humanity. And when academic freedom erodes, society will pay the price. Instead of fostering an inclusive, knowledge-based future, the Trump administration is pulling funding from research on climate change, equitable society and women in society. This ideological censorship threatens entire fields, with women's health being just one stark example of the consequences. Because women were long excluded from clinical trials, critical conditions such as heart attacks are often presented differently and go unrecognised, even by trained doctors. Pregnant women remain excluded from many studies today, leaving gaps in treatment safety and efficacy. Without inclusive, well-funded and politically independent research, these blind spots will persist, with serious consequences for public health. Can the global research community fill the vacuum left by what was once the world's leading funder? The challenge highlights just how deeply global science has relied on US institutions and why countries like Malaysia must now accelerate efforts to build their own research capabilities: financially, structurally and in terms of talent. This includes tackling brain drain. As highlighted by Emir Research, misalignment between higher education, industry demand and research incentives have driven skilled Malaysians abroad, weakening our innovation ecosystem just as global research and development (R&D) leadership shifts. Emir Research has previously noted that shifting global push-and-pull dynamics are prompting Chinese nationals to return home. While US hostility towards certain sciences has played a role, equally important are China's rising R&D investments and reforms aimed at attracting and retaining talent. While the US rolls back funding for climate and green energy research, China is accelerating – most notably with the world's first operational thorium-based nuclear reactor, offering more abundant fuel and lower proliferation risks. Despite concerns over human rights and transparency, China's sustained R&D drive stands in stark contrast to recent US trends. Meanwhile, the European Union has allocated €500 million to draw global scientific talent – signalling a broader recalibration of research leadership. In this fluid and opportune moment, Malaysia must not be left behind. This recalibration is about more than funding or geography; it is about values, structures and priorities. To stay competitive, we must urgently recalibrate our ecosystem. This demands stronger government commitment and a serious rethink of how academic institutions are governed and how academic freedom is upheld. Yet, it is never simple. According to Da (2022), 'academic freedom' is among the most misunderstood concepts in academia. And in Malaysia, it has clearly been curtailed. On the surface, Malaysian public universities have gained more autonomy compared to before, with our top university – Universiti Malaya – aiming to further reduce government reliance and become fully independent in governance, admissions, finance and academics. While this addresses part of the equation, academic freedom involves far more. Da systematically identified three key impediments to academic freedom: the Statutory Bodies (Discipline and Surcharge) Act (Act 605), weak institutional autonomy and external interference. UM's efforts focus on institutional autonomy, which is commendable but not enough. The government must do more to ensure academic staff have the support and freedom needed to achieve meaningful outcomes. Instead of restricting discourse through cautious regulation or indirect pressure, the government and universities should foster open and critical engagement. This will uphold academic freedom and nurture the analytical mindset essential for innovation and nation-building. The best way to cultivate future research talents is to let students question, think and discuss – not reduce them to passive memorisation in lecture halls. However, academic freedom alone is not enough. Without a system that turns investment into real-world results, research risks becoming a numbers game. This is why Emir Research has long advocated institutionalising the input-output-outcome-impact framework across Malaysia's R&D and policy ecosystem to ensure funding and talent lead to measurable innovation and societal impact. Research strategy must go beyond volume metrics and track commercialisation, policy relevance and public value. In October 2025, the Science, Technology and Innovation Ministry projected Malaysia's gross domestic expenditure on R&D to reach 2.5% in 2025 and 3.5% by 2030. Yet, Govindaraju et al (2020) found that while additional funding boosts publications and patents, overall efficiency remains weak due to poor innovation and value creation. Non-research universities often chase revenue, whereas research universities focus on low-hanging fruits to justify funding and meet performance metrics. This may help explain why Malaysia ranks among the top countries for academic paper retractions, suggesting that institutional pressure to publish – regardless of quality – could be distorting academic priorities. Academic integrity aside, these inefficiencies raise a fundamental issue: if Malaysia aims to join the ranks of innovation-driven nations, our research must serve society, not just institutional metrics. Crucially, a world-class research system cannot stand on a weak educational base. As stressed by Emir Research, any serious innovation agenda requires overhauling how we teach, assess and prepare future researchers. The system must equip students with not just technical skills but also critical thinking, multilingual fluency and interdisciplinary agility – the foundations of innovation in the 21st century. We cannot repeat the mistakes that triggered this global shift – cuts to funding, attacks on scientific integrity and the erosion of academic freedom. Nor can we continue business as usual amid shifting global dynamics. To thrive in this new landscape, Malaysia must recalibrate urgently and deliberately. We need a research system grounded in freedom, impact and structural integrity. This is not just a scientific imperative; it is a national one.
Malaysian Reserve
20-06-2025
- Business
- Malaysian Reserve
Bursa Malaysia closes mixed, CI ekes out small gain on bargain hunting
KUALA LUMPUR — Bursa Malaysia ended the week mixed with the benchmark index climbing 0.08 per cent, as bargain hunting emerged following the recent sell-off, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.30 points to 1,502.74 from Thursday's close of 1,501.44. The benchmark index opened 0.50 of-a-point lower at 1,500.94 and moved between 1,500.04 and 1,507.97 throughout the trading session. However, the broader market was negative, with 517 decliners outpacing 319 gainers, while 505 counters were unchanged, 1,083 untraded and 25 suspended. Turnover dropped to 2.60 billion units worth RM3.37 billion compared with Thursday's 2.81 billion units valued at RM1.69 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said major regional indices namely Hong Kong's Hang Seng Index and Singapore's Straits Times Index were also in positive territory after China kept benchmark interest rates unchanged. 'Technology-driven Asian indices were the standout performers, buoyed by a rebound in investor confidence and a recovery in the sector,' he told Bernama. Thong also said United States (US) President Donald Trump has delayed his decision on potential US involvement in the Middle East conflict by two weeks, providing markets with short-term relief. 'As for the local bourse, we see that the benchmark index is well supported above the 1,500 points; however, it is not yet out of the danger zone unless it can climb above 1,515 points,' Thong said. Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI remained broadly stable throughout the trading day, marking a weekly decline of 16 points from last Friday's close of 1,518.11 points. He said the negative return reflects a volatile week shaped by rising geopolitical risks and cautious investor sentiment. 'Despite today's intraday rebound, the broader week-on-week performance underscores prevailing uncertainty in the market,' he said. On the macroeconomic front, Mohd Sedek noted that the data from the Department of Statistics showed a a month-on-month decline in both Malaysia's imports and exports in May, potentially indicating weakening global demand or ongoing supply chain disruptions. 'Notably, exports to the US fell by 2.8 per cent from RM19.2 billion to RM18.7 billion. However, this contraction was not uniform; only four of Malaysia's top ten export destinations—namely China, the European Union, Taiwan, and Vietnam—registered positive growth,' said Mohd Sedek. Among the heavyweights, Maybank rose 6.0 sen to RM9.66, Tenaga and IHH Healthcare remained unchanged at RM14.22 and RM6.85 respectively, Public Bank gained 2.0 sen to RM4.21, and CIMB advanced 7.0 sen to RM6.65. For the most active stocks, PUC and MYEG were flat each at 2.0 sen and 90.5 sen respectively, Tanco declined 1.5 sen to 94.0 sen, MR DIY slid 1.0 sen to RM1.63, and YTL Corporation dropped 4.0 sen to RM2.12. On the index board, the FBM Emas Index perked up 5.25 points to 11,228.99, the FBMT 100 Index increased 11.44 points to 11,015.45, while the FBM Emas Shariah Index declined 31.55 points to 11,201.34. The FBM 70 Index added 24.30 points to 16,117.75 and the FBM ACE Index dropped 14.20 points to 4,400.85. By sector, the Financial Services Index soared 138.24 points to 17,468.38 and the Industrial Products and Services Index slid 0.97 of-a-point to 147.27. The Plantation Index improved 1.91 points to 7,220.52 while the Energy Index eased by 3.94 points to 735.71. The Main Market volume swelled to 1.64 billion units valued at RM3.22 billion from 1.13 billion units worth RM1.45 billion registered at Thursday's close. Warrants turnover tumbled to 634.80 million units worth RM82.94 million versus 1.38 billion units worth RM164.26 million previously. The ACE Market volume expanded to 331.19 million units valued at RM73.43 million against 294.93 million units worth RM81.53 million yesterday. Consumer products and services counters accounted for 280.39 million shares traded on the Main Market, industrial products and services (230.16 million), construction (79.20 million), technology (191.47 million), SPAC (nil), financial services (131.23 million), property (166.28 million), plantation (35.12 million), REITs (78.05 million), closed end fund (7,300), energy (150.50 million), healthcare (103.21 million), telecommunications and media (79.02 million), transportation and logistics (21.27 million), utilities (95.82 million), and business trusts (66,200). — BERNAMA
New Straits Times
20-06-2025
- Business
- New Straits Times
Bursa Malaysia halts losing streak fuelled by banking heavyweights
KUALA LUMPUR: Bursa Malaysia ended its losing streak to close higher today, driven by gains in banking heavyweights. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 1.30 points or 0.09 per cent to 1,502.74 from Thursday's close of 1,501.44. The benchmark index opened 0.50 of-a-point lower at 1,500.94 and moved between 1,500.04 and 1,507.97 throughout the trading session. However, the broader market remained weak, with 518 decliners outnumbering 319 gainers, while 505 counters were unchanged, 1,057 untraded and 25 suspended. Turnover dropped to 2.60 billion units worth RM3.37 billion compared with Thursday's 2.81 billion units valued at RM1.69 billion. UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI remained broadly stable throughout the trading day. He said the negative return reflects a volatile week shaped by rising geopolitical risks and cautious investor sentiment. Volatility has increased meaningfully, with the VIX climbing three points to 20, up from 17 a week ago, highlighting global risk aversion. Despite today's intraday rebound, the broader week-on-week performance underscores prevailing uncertainty in the market. "Looking ahead, we anticipate trading to remain cautious next week as markets digest the latest signals from the Federal Open Market Committee. "The Fed's updated projection - characterised by slower growth, elevated inflation and a higher unemployment trajectory for 2025-2027 - suggest a stagflationary undertone, which could weigh on risk appetite," he said. Sedek added that growth-sensitive sectors may face headwinds as the policy outlook remains uncertain.
