Latest news with #RM173
Barnama
2 days ago
- Business
- Barnama
Over 16,000 Cooperatives Incorporated In Various Sectors, With 7.2 Mln Members
MELAKA, July 27 (Bernama) -- More than 16,000 cooperatives nationwide have been incorporated in various economic sectors, with a total membership of 7.2 million. The Malaysia Cooperatives Commission (SKM) said the achievement showed that nearly one-fifth of the country's population are cooperative members. "The contribution of the cooperative sector's revenue, which reached RM68 billion, reflects the community's trust and acceptance of the cooperative model as an inclusive economic development platform. "In addition, the total accumulated assets of cooperatives have reached RM173 billion, resulting from the mobilisation of share capital or membership fees amounting to RM18.3 billion in 2024,' the SKM said in a statement issued in conjunction with the three-day 2025 National Cooperative Day (HKN) at the Melaka International Trade Centre (MITC), which ended today. It also said that various programmes were organised to attract visitors, and a total of 242 exhibition booths from various ministries and Federal and state agencies were involved in HKN 2025 In addition, the MADANI Cooperative and Entrepreneur Mega Sales Programme (JMKU), which offers up to 30 per cent discounts for daily necessities, was also held. SKM said that at today's HKN 2025 closing ceremony, the government, through the Ministry of Entrepreneur Development and Cooperatives (KUSKOP), presented awards to 10 cooperatives that demonstrated excellent performance in recognition of the cooperative movement. The award comprised the 2025 Best Malaysian Cooperative Award, 2025 Cooperative Activity Award, 2025 Most Promising Cooperative Award and 2025 Premier Cooperative Award. The closing ceremony of HKN 2025, themed 'Cooperatives Empower Communities, Building a MADANI Nation', was officiated by Melaka Chief Minister Datuk Seri Ab Rauf Yusof and was also attended by Minister of Entrepreneur Development and Cooperatives Datuk Ewon Benedick.
Daily Express
05-06-2025
- Business
- Daily Express
Man jailed for concealing over RM480,000 in Facebook investment scam proceeds
Man jailed for concealing over RM480,000 in Facebook investment scam proceeds KUALA LUMPUR: A man was sentenced to one year imprisonment by the Sessions Court today after pleading guilty to transferring and concealing RM487,790 belonging to two women in connection with a fraudulent investment scheme advertised on Facebook last year. Judge Azrul Darus sentenced Marchell Jeff Lee Sin Ket, 39, to one year in prison for assisting in concealing RM314,790 belonging to Ong Boon Ian, 59, an investment company owner, in his bank account at a condominium unit in Bandar Menjalara, Sentul, between Nov 18 and Dec 12 last year. Advertisement Separately, before Judge Hamidah Mohamed Deril, he was sentenced to eight months imprisonment for concealing RM173,000 belonging to Chin Lit Teng, 49, a health products company account executive, in his bank account at a condominium unit off Jalan Kuching, Taman Sri Kuching, Sentul, between Nov 7 and Dec 9 last year. He was charged under Section 424 of the Penal Code, which carries a maximum sentence of five years imprisonment, a fine, or both upon conviction. Both sentences are to run concurrently from today. SPONSORED CONTENT According to the statement of facts, the victim had come across a stock investment advertisement while browsing Facebook and proceeded to register for the purported investment scheme. Subsequently, the victim transferred funds in stages into a bank account under the name Marchell Jeff Interior Design Haus Sdn Bhd. The scheme was later discovered to be fraudulent when the promised returns failed to materialise. Advertisement Deputy public prosecutors M Saravanan and Raihanah Abd Razak appeared for the prosecution, while Lee was unrepresented.
Sinar Daily
05-06-2025
- Sinar Daily
Homeless man sentenced to a year's jail for hiding over RM480,000 cash
The sentence was handed down to Marchell Jeff Lee Sin Ket, 39, after he pleaded guilty to two charges before judges Azrul Darus and Hamidah Mat Deril. A homeless man was sentenced to one year in prison by two Sessions Courts here today for hiding more than RM480,000 in cash belonging to two women, last year. KUALA LUMPUR – A homeless man was sentenced to one year in prison by two Sessions Courts here today for hiding more than RM480,000 in cash belonging to two women, last year. The sentence was handed down to Marchell Jeff Lee Sin Ket, 39, after he pleaded guilty to two charges before judges Azrul Darus and Hamidah Mat Deril. Azrul sentenced the accused to a year's jail on the first count while Hamidah sentenced him to eight months jail for the second count. Both courts ordered the jail term to run from today. A homeless man was sentenced to one year in prison by two Sessions Courts here today for hiding more than RM480,000 in cash belonging to two women, last year. According to the first charge, Lee was accused of helping to conceal RM314,790 belonging to a 59-year-old investment company owner, which he knew did not belong to him and was used for fraudulent purposes at a condominium unit in Sentul between Nov 18, 2024 and Dec 12, the same year. For the second charge, he was accused of transferring or concealing RM173,000 belonging to a 49-year-old health product company accounts executive at another condominium unit in Sentul, between Nov 7 and Dec 9, the same year. Both charges were framed under Section 424 of the Penal Code, which carries a maximum sentence of five years' imprisonment, or a fine, or both, upon conviction. Deputy public prosecutors M. Saravanan and Raihanah Abd Razak handled the prosecution while the accused was unrepresented.
Malay Mail
01-05-2025
- Business
- Malay Mail
Anwar's political savvy as Asean chair navigates US tariff challenges and economic growth
KUALA LUMPUR, May 1 — Prime Minister Datuk Seri Anwar Ibrahim has displayed acute political acumen as chair of Asean in navigating challenges confronting the region, some of which no one would have guessed when he received the baton of the Asean chairmanship from Laos in October last year. Foremost is America's debilitating and unexpected tariffs which threw the global trading arena into disarray and markets into chaos, forcing some developed economies to take on a retaliatory and protective stance with many Global South nations distressed and unsure what to do next. However, one good thing that stands out is Malaysia's strong bilateral trade and long-term economic ties with the United States which includes its critical role in the global semiconductor supply chain. These attributes coupled with Anwar's persona in maintaining cordial ties with both friend and foe have positioned it advantageously in tariff negotiations and putting forward South-east Asia's economic interests as the regional group's chair. Economic growth and investment Deputy vice-chancellor of Research, Community Networking and Industry, Selangor Islamic University, Dr Latifa Bibi Musafar Hameed concurs that Malaysia's trade relationship with the US has remained robust since independence and continues to drive economic growth and investment. From January to October 2024, Malaysia-US trade rose 29.1 per cent to RM264.28 billion, up from RM204.78 billion the previous year, while 1,321 projects worth US$39 billion (RM173 billion) have been implemented and are ready for management, reflecting strong investment ties with the US, she told Bernama. 'The strong bilateral relationship between Malaysia and the US plays a crucial role in facilitating tariff negotiations,' she said, alluding to American trade officials acknowledging Putrajaya's strategic economic importance to Washington. Against such a backdrop, it is clear then that Anwar's approach has been consistent in urging member countries to avoid retaliation but be proactive in negotiating the import levies to protect their economic interests. Analysts agree that Anwar's long years of dealing with political challenges and difficulties have obviously benefitted Asean as his chairmanship led to South-east Asia reaching consensus and emphasising on free trade and multilateralism against President Donald Trump's debilitating tariffs imposed on 168 countries. The tariffs have now been paused for 90 days for a majority of the countries with Asean countries including Malaysia involved in brisk negotiations to churn out better trade deals. Strongly believing in Asean's inner strength, the Prime Minister has pushed for greater intra-Asean trade and supply chain resilience as the antidote against disruptions to the world trading order. Experts reckon that this has bolstered Putrajaya's position in discharging its duties as Asean chair against a backdrop of tough US import levies. Negotiation and leverage Geostrategist Prof Dr Azmi Hassan said Malaysia's pivotal role in the US semiconductor supply chain, acknowledged even by Trump through tariff exemptions, gives the country valuable leverage in trade negotiations. Azmi said Malaysia's diplomatic weight this year is its chairmanship of Asean, which comes with the opportunity to represent a regional market of over 600 million consumers — a major draw for American businesses. 'As Asean chair, Malaysia can leverage its position to show its importance to the US in global tariff talks,' he said. Prof Dr Barjoyai Bardai, economist with Universiti Sains dan Teknologi Malaysia, said that with over RM190 billion in exports to the US annually, Malaysia is Washington's third-largest export source, further strengthening its negotiating position. Barjoyai also urged Malaysia to maintain its non-aligned trade stance while continuing to champion products it excels in — especially semiconductors, electronics and palm oil. Analysts are also of the opinion that Anwar has dealt with the ensuing increased superpower economic rivalry between the United States and China in a balanced manner by clamouring for greater integration via increased trade and investment linkages among member states without taking sides. This was all the more evident when Chinese President Xi Jinping visited Malaysia recently when the Prime Minister — despite China having significant trade and investment ties with South-east Asia, called for multilateralism to be the order of the day. Judging from what Anwar has said so far, the Asean chairman has exemplified skilful diplomacy in exhorting the voice of the Global South without confronting the superpowers and the North. In the process, he has consistently shored up the Asean region not only as a lucrative export market but attractive destination for semiconductor investments. Analysts also said Malaysia's chairmanship of Asean under Anwar has been critical in ensuring a fairer global order amidst protectionist tendencies and nationalistic ideals triggered by Washington's tariff war. Even in the polemics surrounding Malaysia joining Brics, the group of emerging economies comprising Brazil, Russia, India, China, South Africa and several African, Middle Eastern and Asian countries, Anwar pointed out that it was not a geopolitical rival to the West. Instead, he framed Brics as an additional platform for cooperation and that it was not about taking sides. It complements Asean's multilateral character in terms of increased market opportunities and greater economic partnership. Senior economic advisor at KSI Strategic Institute for Asia Pacific and Economic Club Kuala Lumpur, Dr Anthony Dass said that Malaysia, in holding the Asean chairmanship in 2025, should look at Brics and Asean in a 'rational manner as an expanding platform and not as replacing partners'. In a fragmented world, where trust in traditional institutions is fraying, he said Malaysia's Asean chairmanship comes at a critical time, by offering an opportunity to shape how the region positions itself: not as a bystander, nor as a pawn, but as a proactive and confident voice for a fairer global order. 'Engaging with Brics is not about choosing sides. It's about Asean — and Malaysia — choosing to lead. 'Malaysia as the Asean chair has the opportunity to frame Brics not as a geopolitical rival to the West, but as an additional platform for cooperation — one that complements Asean's multilateral character. It is not about taking sides,' he said. Anthony said Malaysia could also help shape the narrative that Brics is 'not a rejection of the West, but a broader avenue — one where Asean, and by extension Malaysia, could engage with emerging powers across Latin America, the Middle East and Africa. 'For a trade-oriented region like Asean, this means more markets, more partnerships, and greater resilience. 'With Brics exploring local currency trade mechanisms, development financing, and new trade corridors, Asean's participation could unlock new tools to strengthen our own economies without abandoning ties with traditional partners in the US, European Union (EU), Japan or Australia. It's not about reducing dependency — it's about expanding choice,' said Anthony. Walk a careful line However, deeper engagement with Brics is not without its challenges. 'We must walk a careful line, ensuring Asean unity is not undermined, even as the bloc engages with BRICS. And communication and 'buying-in' is important that this engagement is driven not by bloc politics, but by economic pragmatism — focusing on development, trade facilitation, digital access, and sustainable finance, all of which Brics is increasingly prioritising,' he stressed. Under Malaysia's chairmanship, he said Asean could strengthen its role as a stabilising and forward-looking bloc in the Global South. He said Malaysia could push for stronger intra-Asean trade and supply chain resilience; greater use of local currencies in cross-border trade, platforms for joint Asean-Brics projects in energy, climate and health; and more equitable terms in EU market access, particularly for commodities like palm oil and rubber. 'The broader vision here is to ensure Asean does not get caught in great power rivalries. Malaysia's message should be clear: Asean engages with all, aligns with none and speaks with one voice for its own future,' Anthony said. He added that with Malaysia at the helm, Asean could work with Brics to promote reforms in global governance — without burning bridges with the West. It could also serve as a model of how regional cooperation can advance the interests of developing nations while remaining open, dynamic and principled. Principal adviser at the Pacific Research Centre of Malaysia, Dr Oh Ei Sun said Malaysia should also focus on becoming a full member of Brics. 'Now that Trump is back in charge in the US, we should adopt a more reconciliatory tone when dealing with a resurgent West, trying to integrate Asean more with the West. 'We cannot afford not to choose sides, or sides will be chosen for us. And choosing the wrong side will have dire consequences,' said Oh. Under Malaysia's chairmanship, Anwar has made it clear that Asean can strengthen its role as a stabilising and forward-looking bloc in the Global South without what he regarded as 'burning bridges with the West'. — Bernama
