Latest news with #RM150mil
The Star
4 days ago
- Business
- The Star
MBI scam: Tan Sri among three more arrested, RM500mil in luxury assets frozen
KUALA LUMPUR: Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Comm Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. "The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. "Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi investment pyramid scheme worth RM527,468,296.11,' he told a press conference here on Friday (May 30). He said among the assets and properties were four luxury yachts worth RM36.3mil, 477 properties worth RM150mil, four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Meanwhile, Comm Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked whether any politicians were involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation.- Bernama
The Star
22-05-2025
- Politics
- The Star
Bung Moktar, wife's final bid fails
PUTRAJAYA: Kinabatangan MP Datuk Seri Bung Moktar Radin and his wife Datin Seri Zizie Izette Abdul Samad failed in their final attempt to challenge the Court of Appeal's decision ordering them to enter their defence on three corruption charges involving RM2.8mil. As a result, Bung Moktar and Zizie Izette are scheduled to enter their defence on corruption charges before Sessions Court judge Rosli Ahmad on Aug 18. A three-member panel of the Court of Appeal, led by Justice Che Mohd Ruzima Ghazali, unanimously dismissed the couple's application yesterday stating that they had failed to demonstrate exceptional circumstances or a miscarriage of justice that would justify a review of the call for defence ruling. Justice Che Mohd Ruzima sat with Court of Appeal judges Justices Azizul Azmi Adnan and Datuk Ahmad Kamal Md Shahid. On Nov 18 last year, a Court of Appeal panel led by Justice Ahmad Zaidi Ibrahim allowed the prosecution's appeal and overturned the High Court's decision to acquit Bung Moktar and Zizie Izette, and ordered both to enter their defence. Justice Che Mohd Ruzima said the Court of Appeal has always exercised caution when invoking its power to review earlier decisions, as such a review, on the face of it, runs contrary to the principle of finality, Bernama reported. The judge said that when counsel for Bung Moktar and Zizie Izette submitted that there had been an injustice in the case, the court observed that the couple had an alternative remedy. 'The point raised before us can be canvassed in an appeal from the Sessions Court, should a conviction subsequently be recorded. 'We are of the view that the threshold requirements for leave to review the prior decision of this court have not been met. 'We are also of the view that this is a point that may validly be raised at the end of the defence case. 'For these reasons, we find that the threshold requirement for leave to review this court's previous decision has not been fulfilled. 'Therefore, this application is dismissed,' he said. In September 2022, the Sessions Court ordered the couple to enter their defence. The couple succeeded in overturning the ruling through revision applications they then filed at the High Court. This prompted the prosecution to appeal to the Court of Appeal. Bung Moktar, 65, who was then the non-executive chairman of Felcra Bhd, was charged on May 3, 2019, with two charges of accepting bribes of RM2.2mil and RM262,500 as an inducement to obtain Felcra's approval for a RM150mil investment in Public Mutual unit trusts. He was alleged to have accepted the bribes from Public Mutual Bhd's investment agent Madhi Abdul Hamid through Zizie Izette, 46, at Public Bank Taman Melawati Branch, Kuala Lumpur, between 12.30pm and 5pm on June 12, 2015. Bung Moktar was also charged with receiving RM337,500 in cash from Unit Amanah consultant, Norhaili Ahmad Mokhtar, under the name of Zizie Izette for the same reason and place on June 19, 2015, while Zizie Izette was charged with three counts of abetting her husband over the matter at the same place, date and time. On April 9, this year, the Sessions Court allowed the couple's application to stay the defence proceedings pending the outcome of the review application.
The Star
07-05-2025
- Business
- The Star
Boost Bank achieves close to RM150mil in SME loans
Boost Bank CEO Fozia Amanulla. PETALING JAYA: Boost Bank, the fintech arm of Axiata Group Bhd and RHB Banking Group, has disbursed close to RM150mil in financing to small and medium enterprises (SMEs) since its launch last June. The country's first homegrown digital bank said in a statement that the achievement reaffirmed its strong support for driving financial inclusion and empowering underserved small businesses. 'With typical loan sizes around RM300,000, this momentum is driven by Boost Bank's core financing solutions, term loan and revolving credit facilities, which are designed to meet the diverse needs of SMEs with minimal documentation requirements, fast loan processing, and flexible repayment options. 'Hundreds of SMEs have benefited from these solutions, including businesses from the wholesale sector, manufacturing, retail, construction, food and beverage, and more to meet day-to-day needs, manage cash flows, and expand with fewer hurdles and more flexibility,' the bank said. Boost Bank chief executive officer Fozia Amanulla noted that SMEs were at the heart of Malaysia's economy. 'They create jobs, spark innovation, and keep our communities vibrant.' Trading ideas: Capital A, FGV, Malakoff, LFE, Hektar REIT, Favelle Favco, Life Water, Ivory, Masteel, Ygl, Jetson, Hartalega, Heineken, UOA REIT, Dufu
The Star
06-05-2025
- Business
- The Star
Boost Bank hits RM150mil SME financing milestone
Boost Bank CEO Fozia Amanulla KUALA LUMPUR: Boost Bank has announced it has disbursed nearly RM150mil in small and medium enterprise (SME) financing to hundreds of SMEs across the country. In a statement, the digital bank said the disbursements - in typical tranches of RM300,000 - were driven by its core financing solutions of terms loan and revolving credit facilitieis. Boost Bank CEO Fozia Amanulla said the milestone was representative of how fast digital solutions are reshaping the way businesses operate. "At Boost Bank, we're committed to supporting SMEs not just with financing, but also with the right tools and services to help them run and grow their businesses confidently in the digital age.' She added that Boost Bank will soon introduce a new digital platform designed especially for SMEs. "It will go beyond financing to help small businesses manage their money, payments, and operations all in one place, and making it easier for entrepreneurs to focus on what matters most – growing their business," she said.
The Star
29-04-2025
- Business
- The Star
Diversification paying dividends
PETALING JAYA: Integrated plantation companies in Malaysia are poised to record more non-plantation related earnings moving forward, given the emergence of new earnings drivers, analysts say. According to Kenanga Research, PPB Bhd, SD Guthrie Bhd and Genting Plantations Bhd are among the planters that are already seeing early non-plantation earnings for 2025 and 2026. In recent years, many large integrated planters had been getting involved in sectors such as renewable energy (RE), industrial parks, real estate, fast-moving consumer goods (FMCG) and net-zero bio-products as part of efforts to diversify earnings. 'While still early (and small), non-plantation earnings are set to grow, especially among larger planters. 'This could enhance and sustain longer-term earnings growth, thus helping preserve the sector's defensive cash flows and balance sheets,' said the research house in a report yesterday. Kenanga Research also highlighted that SD Guthrie's two new segments – development of industrial parks and renewable energy – were underpinned mostly by having well located land, established business connections and access to financing if required. In real estate, Sime Darby Bhd and IOI Corp Bhd started developing townships back in the 1970s and 1980s that have grown to such a size that their property arms are now separately listed. The current focus is on industrial parks in the case of SD Guthrie and Kuala Lumpur Kepong Bhd , while Genting Plantations just opened another premium outlet and is venturing into residential developments in Greater Jakarta, Indonesia, the research house said. Meanwhile, solar power started to gain traction a decade ago with planters such as SD Guthrie, which leased out unproductive land to solar farms in 2017. In the FMCG sector, Kenanga Research said larger planters have invested downstream into the manufacture of rubber products, edible oil refining and oleochemicals. PPB and FGV Holdings Bhd , for example, ventured into food-related FMCG products such as cooking oil, margarine and even bread production. While FGV is Malaysia-centric, PPB and its associate Wilmar International Ltd have a sizeable Asia-Pacific presence. Wilmar's Arawana and Fortune brands are among the leading edible-oil names in China and India, while PPB is Malaysia's largest flour miller and Massimo is the country's number two bread brand. As for net-zero bio-products, IOI's investments of about RM150mil in IOI Palm Wood Sdn Bhd and estimated RM250mil in a joint venture with Nextgreen Global Bhd resembles the direction undertaken by Stora Enso, Borregaard or Metsa in Scandinavia. 'Essentially, we suspect IOI is seeking to maximise value from oil palms beyond just extracting and selling the crude palm oil (CPO) and palm kernel, while keeping its additional environmental footprint to the minimum to ensure long-term sustainability for its entire oil palm operations,' the research house added. Commenting on CPO prices, Kenanga Research said it expects the near term outlook for this year and next is for prices to hold relatively stable. The year-to-date, CPO prices have eased from their elevated position in the fourth quarter of last year, with premiums over soybean oil having disappeared. Overall, a supply deficit remains likely this year with inventory levels expected to drop year-on-year hence, prices are likely to stay firm between RM4,000 to RM4,500 per tonne. Kenanga Research, which maintained an 'overweight' rating on the sector, said: 'Amid current trade tension, tariff uncertainty and economic slowdowns, we like plantations for their defensive earnings.' Its top sector picks are skewed towards larger integrated planters such as IOI with a target price of RM4.30 for its stronger upstream performance, turnaround in downstream margins and net-zero ventures in the longer term.
