Latest news with #RM2.3bil
The Star
2 days ago
- The Star
Aerotrain back on track soon
SEPANG: The bane of air travellers at the KL International Airport (KLIA) is set to be over with its broken down aerotrain to resume operations soon. The issue has been a major grouse and national embarrassment, with the facility out of service for over two years. Transport Minister Anthony Loke said the media will be invited for a test run next week before services resume for air travellers. However, he did not provide a specific date for resumption of services. 'We will ensure that the media is the first to test the aerotrain before it becomes operational,' he said after the groundbreaking ceremony of the Selangor Aero Park (SAP) here yesterday. Malaysia Airports Holdings Bhd (MAHB) missed the first deadline of getting the aerotrain ready by Jan 31, and put off the target to the second quarter of the year. Big things ahead: Loke (centre) breaking ground at the Selangor Aero Park @ KLIA Aeropolis, Sepang, flanked by Amirudin (third from left) and Malaysia Airports chairman Nungsari Ahmad Radhi (third from right) as well as other guests. — FAIHAN GHANI/The Star The RM742.95mil aerotrain replacement project was only 85% completed at the start of the year. The aerotrain service was suspended indefinitely in March 2023 after two major breakdowns. On Feb 27 that year, an aerotrain halted midway on the track from the main terminal to the satellite building. A second train which was deployed also experienced technical difficulties, forcing travellers to walk to the satellite building. On March 1, 114 passengers were stranded when the aerotrain broke down again and had to walk about 500m to the satellite building, causing 10 passengers to miss their flights. On the SAP, Loke said the concept complemented the government's aspirations to turn KLIA Aeropolis into a leading air cargo hub in the region. 'We have the recipe and pre-conditions said to be unmatched by any other country in the Asean region, as KLIA has a 10km by 10km area which spans 100sq km. 'With this space, various plans can be implemented,' he said. Loke said with three parallel runways in KLIA presently, there is potential to build up to five runways. Loke also said the SAP, a project between MAHB and Mentri Besar Selangor Incorporated (MBI), will become a specific industry zone targeting companies in the aerospace manufacturing and supply chain sector. The SAP is a key component of the Malaysian Aerospace Industry Blueprint 2030 to generate RM55.2bil in annual aerospace revenue and create over 32,000 high-income jobs by 2030. Spanning 242.8ha within the KLIA Aeropolis, the park has a potential gross development value of RM2.3bil. Selangor Mentri Besar Datuk Seri Amirudin Shari, who was present, said the SAP was already 50% booked.
The Star
3 days ago
- Business
- The Star
Lawyers for Daim's widow to challenge MACC's seizure of Ilham Tower in court
PETALING JAYA: Lawyers acting for the late Tun Daim Zainuddin's wife Na'imah Abdul Khalid will be challenging the seizure of Ilham Tower in court immediately. In a statement Thursday (June 5), lawyers Rajesh Nagarajan and Sachpreetraj Singh Sohanpal described the action by the Malaysian Anti-Corruption Commission (MACC) as contrary to the rule of law. ALSO READ: MACC seizes Ilham Tower again 'This is vindictive, unlawful, and a blatant abuse of power by the MACC. This is also the most ridiculous action yet taken by the MACC. 'The repeated seizure of Ilham Tower is pure harassment as it is yet another example of the MACC operating by the law of the jungle. 'In short, they want to keep seizing our client's property even though there's no evidence of corruption,' they said. The lawyers added that despite repeated allegations against Daim, no offence of corruption has been proven against Daim. ALSO READ: MACC gets nod to freeze assets of Daim's wife Earlier, the Deputy Public Prosecutor's office gave the MACC the go-ahead to seize Ilham Tower – owned by Daim's family – for a second time. MACC said it had since ordered the immediate seizure of the 60-storey skyscraper under Section 51(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla). ALSO READ: Daim's Ilham Tower seized by MACC Ilham Tower was first seized by MACC in December 2023 in its anti-money laundering probe involving a corporate transaction of RM2.3bil (US$500mil) in November 1997 involving public-listed Renong Bhd and United Engineers Malaysia Bhd (UEM), both linked to Umno. On May 22, MACC chief commissioner Tan Sri Azam Baki said that eight investigation papers had been opened into the assets owned by Daim, his family and proxies, which had not been declared to the MACC during its initial 2023 investigation. On Wednesday (June 4), the High Court allowed an application by MACC to freeze assets worth £132mil in London allegedly linked to Na'imah and her family.
The Star
3 days ago
- Business
- The Star
Selangor Aero Park unmatched in Asean region for space, says Loke
SEPANG: The Selangor Aero Park (SAP) will complement Malaysia's aspirations to become a leading air cargo hub in the Asean region, says Transport Minister Anthony Loke. "We have the recipe and preconditions said to be unmatched by any other country in the Asean region because KLIA spans 100 sq km. With this space, various plans can be implemented," he said. Loke said there are three parallel runways in KLIA at present, with the potential to construct up to five runways. "There are no other airports in Asean with this space and we also have very good connectivity. "We want to turn KLIA into the main air cargo hub in Asean." said Loke. Loke also said SAP, an effort between MAHB and Mentri Besar Selangor Incorporated (MBI), will become a specific industry zone that targets companies in the aerospace manufacturing and supply chain sector. "This includes the manufacturing of aircraft components and related technology, as well as maintenance, repair and overhaul (MRO) services," he said. Also present during the press conference was Selangor Mentri Besar Datuk Seri Amirudin Shari, who said that GE Aerospace would be the launch tenant at SAP after it secured 100 acres of land in its first phase. "The first day, we are booked by 50%. This is a very good sign for the future," added Amirudin. He also said several MRO companies are in talks to operate with SAP. The SAP is a key component of the Malaysian Aerospace Industry Blueprint 2030 to generate RM55.2bil in annual aerospace revenue and create over 32,000 high-income jobs by 2030. Spanning about 600 acres within the KLIA aeropolis, the park has a potential gross development value (GDV) of RM2.3bil. The first phase of the SAP spans 200 acres and approximately 400 acres will be progressively released beyond 2028 in accordance with infrastructure readiness and investor demand.
The Star
24-04-2025
- Business
- The Star
Roger Ng testifies on meeting Jho Low in 1MDB trial
PUTRAJAYA: Former Goldman Sachs banker Roger Ng Chong Wa told the High Court he first met fugitive Jho Low around 2008 or 2009. Ng, subpoenaed as the 25th defence witness at the 1Malaysia Development Berhad (1MDB) trial on Thursday (April 24), added that it was then he learned about setting up a sovereign wealth fund. However, he could not recall whether Low approached him first. Lead defence counsel Tan Sri Muhammad Shafee Abdullah asked, "Would it be correct that it was Low who approached you to get to Goldman Sachs?" Ng responded; "The process regarding client adoption within Goldman Sachs, in my recollection, involves engaging potential clients. "So, I would say we're always looking for potential clients. I can't remember who approached whom, but there was a mutual process involved." Ng said he heard rumours about setting up the Terengganu Investment Authority (TIA), which later became 1MDB. "Around that time, there were rumours about setting up a sovereign wealth fund. At that point, it was for the state of Terengganu," Ng said, adding it was his first time meeting Low. He testified before Justice Datuk Collin Lawrence Sequerah. Ng denied being charged in the US court for conspiring with Datuk Seri Najib Razak in connection with 1MDB. Muhammad Shafee asked Ng whether he or others, like Tim Leissner and Jho Low, were charged with conspiring with the former prime minister in the US. Ng replied; "I don't believe so." In 2018, Leissner, Goldman Sachs' former Southeast Asia head, pleaded guilty to conspiring with Low. Low remains a fugitive. Ng was convicted in a New York court in April 2022 for aiding in the embezzlement of 1MDB funds and faces a 10-year prison sentence. He is expected to be extradited to the US to face further charges related to the case. On October 30 last year, Justice Sequerah ordered Najib to enter his defence after ruling the prosecution had established a prima facie case against him. Najib, 71, faces 25 charges, including four counts of abusing his position to accept RM2.3bil in bribes from 1MDB funds and 21 charges of money laundering involving the same amount.
The Star
23-04-2025
- Business
- The Star
1MDB trial: Roger Ng to testify as defence witness on April 24
PUTRAJAYA: Former Goldman Sachs banker Roger Ng Chong Wa will testify as a defence witness in Datuk Seri Najib Razak's 1Malaysia Development Berhad (1MDB) trial on Thursday (April 24) morning. Najib's lead counsel Tan Sri Muhammad Shafee Abdullah informed trial judge Justice Datuk Collin Lawrence Sequerah that a recent development during an interview with Ng prompted the defence to request that his testimony be heard in court then. The prosecution did not object to the request. During Wednesday (April 23) morning's proceedings, Justice Sequerah ruled that Ng may be called to testify, notwithstanding the existence of a restrictive order issued by a US court. ALSO READ: 1MDB trial: Court clears Roger Ng to testify "This court is not prepared to wait for any variation sought. The US court order, which is a protective order, does not bind this court,' said the judge. Ng, who was convicted in New York for aiding in the embezzlement of 1MDB funds and sentenced to 10 years in prison, is represented by counsel Datuk Tan Hock Chua. He is expected to be extradited to the United States to face further charges related to the case. On Oct 30, Justice Sequerah ruled that the prosecution had established a prima facie case, and ordered Najib to enter his defence. Najib, 71, is facing a total of 25 charges, including four counts of abusing his position to accept RM2.3bil in bribes from 1MDB funds and 21 charges of money laundering involving the same amount. The hearing resumes tomorrow. – Bernama
