Latest news with #RM170
The Sun
5 days ago
- Business
- The Sun
MACC: RM177m seizure among largest in Azam Baki's career
PETALING JAYA: The Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), Tan Sri Azam Baki, recently confirmed that the RM177 million cash seizure in an investigation involving Malaysia's ninth Prime Minister is among the largest he has encountered in his entire career. Azam added that the RM53.3 million in cash found during the 2016 investigation into the Sabah State Water Department scandal is a close second—ranking among the largest amounts of cash seized during his 42-year tenure with the anti-graft agency. While he did not explicitly name Datuk Seri Ismail Sabri Yaakob in reference to the probe, he stated that the volume of cash seized was so substantial that it produced what he referred to as the 'scent of money', as quoted from Harian Metro. 'Money is like a magnetic force that can cause a person to lose their moral compass and integrity, because when given a choice, they will always choose money. 'I still remember during a press conference in October 2016, I saw so much cash placed in a room at the MACC office in Sabah. Even if there had been faeces there, it wouldn't have had a smell, because the scent that filled the room was the 'fragrant smell of money',' he was quoted as saying. Azam also addressed allegations of 'selective investigations', which were raised during a press conference in March regarding the Ismail Sabri case. 'I responded: just look at the cash laid out on the table—does this look like a selective investigation?' Azam was quoted as saying. At the press conference, the MACC displayed around RM170 million in cash in various international currencies, along with 16 kilogrammes of pure gold bars worth nearly RM7 million. The items were displayed following the MACC's disclosure that hundreds of millions in cash and valuables had been seized from three premises, including a 'safehouse', in connection with a corruption and money laundering case reportedly involving Ismail Sabri. The seized cash included various currencies, such as Baht, Riyal, Pound Sterling, Won, Euro, Swiss Franc, and Yuan. Azam also commented on the recent meeting of the Special Committee on Corruption (JKMR), where he acknowledged being questioned about allegations of systemic corruption in Malaysia. 'They asked me, and I responded — the corruption we are seeing today stems from past influences, such as upbringing by family members, personal attitudes, and the environments in which we were educated. In the past, we had leaders with the will to fight corruption, which led to the formation of the Anti-Corruption Agency (ACA). 'But once the national economy began to boom, and many people became wealthy through gains from the stock market, the pursuit of material wealth intensified. 'That was when integrity became a secondary concern. We also started teaching our children to chase success and wealth, rather than encouraging them to become responsible and principled individuals,' he was quoted as saying.
The Sun
5 days ago
- Business
- The Sun
RM177m seized in PM9's case was the largest amount in career, says Azam Baki
PETALING JAYA: The Chief Commissioner of the Malaysian Anti-Corruption Commission (MACC), Tan Sri Azam Baki, recently confirmed that the RM177 million cash seizure in an investigation involving Malaysia's ninth Prime Minister is among the largest he has encountered in his entire career. Azam added that the RM53.3 million in cash found during the 2016 investigation into the Sabah State Water Department scandal is a close second—ranking among the largest amounts of cash seized during his 42-year tenure with the anti-graft agency. While he did not explicitly name Datuk Seri Ismail Sabri Yaakob in reference to the probe, he stated that the volume of cash seized was so substantial that it produced what he referred to as the 'scent of money', as quoted from Harian Metro. 'Money is like a magnetic force that can cause a person to lose their moral compass and integrity, because when given a choice, they will always choose money. 'I still remember during a press conference in October 2016, I saw so much cash placed in a room at the MACC office in Sabah. Even if there had been faeces there, it wouldn't have had a smell, because the scent that filled the room was the 'fragrant smell of money',' he was quoted as saying. Azam also addressed allegations of 'selective investigations', which were raised during a press conference in March regarding the Ismail Sabri case. 'I responded: just look at the cash laid out on the table—does this look like a selective investigation?' Azam was quoted as saying. At the press conference, the MACC displayed around RM170 million in cash in various international currencies, along with 16 kilogrammes of pure gold bars worth nearly RM7 million. The items were displayed following the MACC's disclosure that hundreds of millions in cash and valuables had been seized from three premises, including a 'safehouse', in connection with a corruption and money laundering case reportedly involving Ismail Sabri. The seized cash included various currencies, such as Baht, Riyal, Pound Sterling, Won, Euro, Swiss Franc, and Yuan. Azam also commented on the recent meeting of the Special Committee on Corruption (JKMR), where he acknowledged being questioned about allegations of systemic corruption in Malaysia. 'They asked me, and I responded — the corruption we are seeing today stems from past influences, such as upbringing by family members, personal attitudes, and the environments in which we were educated. In the past, we had leaders with the will to fight corruption, which led to the formation of the Anti-Corruption Agency (ACA). 'But once the national economy began to boom, and many people became wealthy through gains from the stock market, the pursuit of material wealth intensified. 'That was when integrity became a secondary concern. We also started teaching our children to chase success and wealth, rather than encouraging them to become responsible and principled individuals,' he was quoted as saying.
New Straits Times
5 days ago
- Business
- New Straits Times
RM177mil cash seizure among largest in agency's history
KAJANG: Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki revealed today the RM177 million seized in a case linked to the ninth prime minister is one of the largest sums he has seen in his 42-year career. He said the only comparable case was the RM53.3 million found during the 2016 Sabah Water Department scandal, previously the biggest in his experience. Azam made the remarks, without specifically naming Datuk Seri Ismail Sabri Yaakob, while launching Universiti Islam Selangor's (UIS) integrity policy. He said the massive amount of cash had a strong "scent of money." "I remember holding a press conference in October 2016 where I saw mountains of cash stacked in an MACC room in Sabah. Even if there had been faeces in that room, you wouldn't have smelled it because the only smell was that of money, sweet, tempting. At a March 3 press conference, the MACC displayed nearly RM170 million in foreign currencies and 16kg of gold bars worth almost RM7 million. The items were seized from three locations, including a "safe house", in a corruption and money laundering probe involving Ismail Sabri, according to the MACC. The cash was in currencies including Baht, Riyal, Pound, Won, Euro, Swiss Franc, and Yuan. Azam also addressed claims of selective prosecution made earlier this year. "I responded: just look at the money on the table, does this look like a case of selective prosecution?" he said. He said members of the Special Committee on Corruption recently questioned him about claims of systemic corruption in Malaysia. "I told them, the corruption we're seeing today stems from the values instilled in us by our families, our own attitudes, and the environments where we were educated. "We once had leaders determined to combat corruption, which led to the formation of the Anti-Corruption Agency (BPR). "But after the economy began to boom and more people amassed wealth from the share market, society began chasing material wealth. Integrity took a backseat. We even began raising our children to chase success and money rather than teaching them to be good and useful people," he said.
The Sun
6 days ago
- Business
- The Sun
Petronas Gas reports higher Q1 net profit of RM468.8m, declares 16 sen dividend
KUALA LUMPUR: Petronas Gas Bhd's net profit for the first quarter of 2025 (Q1'25) rose to RM468.80 million from RM456.65 million a year earlier. Revenue declined to RM1.59 billion from RM1.62 billion previously, mainly attributable to lower revenue from gas transportation and regasification segments following downward tariff adjustment arising from the sharing factor for the prior year's lower internal gas consumption. In a Bursa Malaysia filing today, the group said its overall performance for the financial year 2025 is expected to remain resilient and stable, notwithstanding the operational disruption caused by the pipeline fire incident in Putra Heights in April 2025. 'All core business segments are anticipated to maintain their strength and continue contributing positively to the group's earnings,' it said. Petronas Gas said that based on current site conditions and the extent of asset damage – pending the outcome of official investigations – the total financial impact from repair and restoration works is estimated at approximately RM170 million. 'A substantial portion of this expenditure will be capitalised as part of the company's capital expenditure, with partial cost recovery expected from the insurance claim. 'Revenue loss attributable to the temporary service interruption is projected to be minimal at approximately RM20 million, driven by close collaboration with regulatory authorities, gas shippers, and distributors that enabled the swift restoration of pipeline services and stabilisation of supply.' It said the total estimated profit impact from both asset restoration and revenue loss is projected to be around RM60 million for the year. In response to the incident, Petronas Gas said the group is intensifying its focus on robust risk management, operational resilience, and proactive mitigation measures. 'We remain firmly committed to maintaining the highest standards of safety and operational excellence, while continuing to pursue disciplined cost management and long-term strategic growth to ensure business continuity and sustainability,' it added. Directors of the company have approved a first interim dividend of 16 sen per ordinary share, amounting to RM316.6 million in respect of the financial year ending Dec 31, 2025, payable on June 24. – Bernama
New Straits Times
7 days ago
- Business
- New Straits Times
Petronas Gas expects RM60mil profit impact in FY2025 following Putra Heights inferno
KUALA LUMPUR: Petronas Gas Bhd (PGB) is currently estimated to have a total profit impact of RM60 million for the financial year 2025 (FY2025). This figure combines repair costs and revenue loss resulting from a fire incident at PGB's main pipeline near Putra Heights in Puchong, Selangor, on April 1, 2025, said the natural gas transmission company in a Bursa Malaysia filing today. PGB said revenue loss due to service interruption is projected to be minimal at approximately RM20 million, owing to proactive collaboration between PGB, the authorities, gas shippers, and distributors in rapidly restoring pipeline services and stabilising supply. The group also said that the financial impact of repair works and asset restoration is estimated to be approximately RM170 million, subject to the investigation's final findings, and based on the current site conditions and the extent of asset damage. "A significant portion of this amount is expected to be capitalised under the company's capital expenditure, with partial recovery anticipated through insurance claims," it said. PGB said it continues to work closely and transparently with the authorities to determine the incident's root cause and identify contributing factors. An independent task force was also established to provide strategic oversight of the post-incident investigation, recovery and restoration activities, the safety of gas transportation infrastructure, and other related matters.
