Latest news with #RM268
Yahoo
20-05-2025
- Business
- Yahoo
Penang posts RM65m Q1 surplus for 2025 amid new revenue push
GEORGE TOWN, May 19 — The Penang state government recorded a surplus of RM65.3 million for the first quarter ending March 31, 2025, attributed to new revenue streams and expenditure cuts, the state legislative assembly was told today. Penang Chief Minister Chow Kon Yeow announced that the state registered revenue totalling RM268,463,025.36 against an expenditure of RM203,189,122.16 as at March 31. 'This resulted in a surplus of RM65,273,903.20 for the state's finances as at March 31, 2025,' he said in reply to a question from Goh Choon Aik (PKR-Bukit Tambun). Chow attributed this positive outcome to several initiatives undertaken by the state finance department to identify new revenue streams for 2025. He detailed that as at March 31, 2025, the state's Consolidated Fund stood at RM1.535 billion, comprising a Consolidated Revenue Account of RM199.22 million and a Consolidated Trust Account of RM1.33578 billion. Providing context from the previous year, Chow said the state's unaudited financial statement for the year ending 2024 showed the Consolidated Fund at RM1.38474 billion, compared to RM1.46604 billion in 2023. This comprised a Consolidated Revenue Account of RM155.94 million and a Consolidated Trust Account of RM1.22880 billion. For 2024, the Consolidated Revenue Account decreased by RM174.09 million compared to 2023, while the Consolidated Trust Account increased by RM92.79 million, Chow noted. 'The state government concluded the 2024 financial year with a deficit totalling RM174.09 million, which is lower compared to the 2023 deficit of RM358.8 million,' he stated. Chow explained that while revenue collected in 2024 reached RM810.46 million, the deficit arose from operating expenditure of RM719.55 million and transfers to the Development Fund totalling RM265 million. 'The state received an advance of RM100 million from the federal government to cover cash flow, which, among other things, contributed to the increase in the Consolidated Trust Account,' he added. Responding to an additional question on strategies to increase revenue, Chow outlined nine approaches. These include selling more state land, collecting an estimated RM6 million in quit rent arrears, and reviewing land title conversion processes. Chow added that the state is also considering a review of liquor licence fees, entertainment duty, and hotel room fees. 'We are also looking at reducing our expenditure, but it keeps increasing each year due to salary realignments, which impacts emoluments,' he said, also noting that expenditure for the i-Sejahtera social welfare aid programme has risen as more people qualify. Chow clarified that billions in foreign investments do not directly translate into state revenue, except through land sales. 'The benefits from investments manifest as job opportunities and a trickle-down effect for local suppliers,' he explained, adding that investors and suppliers pay taxes directly to the federal government. 'These are our limitations; we do not have natural resources to generate more state revenue,' he said. Regarding the RM100 million advance from the federal government, Chow said the state applied for it as a standby fund in case of a deficit. 'The projected deficit of more than RM500 million (for 2024) did not materialise, as we managed to increase our revenue and lower the deficit to about RM100 million,' he said, referencing the RM1.047 billion budget for 2024 tabled in November 2023. He confirmed the RM100 million fund remains available, but must eventually be returned to the federal government.
Malaysian Reserve
14-05-2025
- Business
- Malaysian Reserve
MACC arrests three bank officers over RM21m loan fraud, graft
KUALA LUMPUR — The Malaysian Anti-Corruption Commission (MACC) has arrested three bank officers from two financial institutions in the federal capital for alleged involvement in money laundering and corruption linked to loan applications exceeding RM21 million. According to a source, the male suspects — a business manager, a department head, and a branch manager, aged between 30 and 40, were detained between 4 pm and 5 pm yesterday at the MACC headquarters in Putrajaya while giving their statements. 'Preliminary investigations suggest the trio were involved in acquiring, transferring, and using illicit funds received as bribes from three companies in 2024. 'One of them, a department head, is believed to have solicited and accepted over RM170,000 from the companies as a reward for processing and approving five loan applications totalling more than RM21 million,' the source said. The MACC also froze four bank accounts belonging to the suspects, involving around RM268,000, and seized three mobile devices and a laptop. All three have been remanded for five days starting today, following approval by Magistrate Mohd Dinie Shazwan Ab Shukor at the Putrajaya Sessions Court. In a separate case, three individuals, including a former company executive director, were also remanded for five days beginning today over alleged conspiracy to use falsified documents in claims worth about RM2.5 million. The suspects – a man and two women aged between 30 and 40, were arrested yesterday between 4pm and 7pm while giving their statements at the MACC headquarters. 'They are believed to have committed the offences between 2022 and 2024, involving reimbursement and bonus payment claims totalling approximately RM2.5 million,' the source added. MACC Anti-Money Laundering Division director Norhaizam Muhammad confirmed the arrests in both cases, adding that investigations are being conducted under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), and Section 18 of the MACC Act 2009 for abetment. — BERNAMA
The Sun
14-05-2025
- Business
- The Sun
MACC nabs three bank officers over RM21mil loan fraud
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has arrested three bank officers from two financial institutions in the federal capital for alleged involvement in money laundering and corruption linked to loan applications exceeding RM21 million. According to a source, the male suspects - a business manager, a department head, and a branch manager, aged between 30 and 40, were detained between 4 pm and 5 pm yesterday at the MACC headquarters in Putrajaya while giving their statements. 'Preliminary investigations suggest the trio were involved in acquiring, transferring, and using illicit funds received as bribes from three companies in 2024. 'One of them, a department head, is believed to have solicited and accepted over RM170,000 from the companies as a reward for processing and approving five loan applications totalling more than RM21 million,' the source said. The MACC also froze four bank accounts belonging to the suspects, involving around RM268,000, and seized three mobile devices and a laptop. All three have been remanded for five days starting today, following approval by Magistrate Mohd Dinie Shazwan Ab Shukor at the Putrajaya Sessions Court. In a separate case, three individuals, including a former company executive director, were also remanded for five days beginning today over alleged conspiracy to use falsified documents in claims worth about RM2.5 million. The suspects - a man and two women aged between 30 and 40, were arrested yesterday between 4 pm and 7 pm while giving their statements at the MACC headquarters. 'They are believed to have committed the offences between 2022 and 2024, involving reimbursement and bonus payment claims totalling approximately RM2.5 million,' the source added. MACC Anti-Money Laundering Division director Norhaizam Muhammad confirmed the arrests in both cases, adding that investigations are being conducted under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), and Section 18 of the MACC Act 2009 for abetment.
The Sun
14-05-2025
- Business
- The Sun
MACC arrests three bank officers over RM21 million loan fraud, graft
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has arrested three bank officers from two financial institutions in the federal capital for alleged involvement in money laundering and corruption linked to loan applications exceeding RM21 million. According to a source, the male suspects - a business manager, a department head, and a branch manager, aged between 30 and 40, were detained between 4 pm and 5 pm yesterday at the MACC headquarters in Putrajaya while giving their statements. 'Preliminary investigations suggest the trio were involved in acquiring, transferring, and using illicit funds received as bribes from three companies in 2024. 'One of them, a department head, is believed to have solicited and accepted over RM170,000 from the companies as a reward for processing and approving five loan applications totalling more than RM21 million,' the source said. The MACC also froze four bank accounts belonging to the suspects, involving around RM268,000, and seized three mobile devices and a laptop. All three have been remanded for five days starting today, following approval by Magistrate Mohd Dinie Shazwan Ab Shukor at the Putrajaya Sessions Court. In a separate case, three individuals, including a former company executive director, were also remanded for five days beginning today over alleged conspiracy to use falsified documents in claims worth about RM2.5 million. The suspects - a man and two women aged between 30 and 40, were arrested yesterday between 4 pm and 7 pm while giving their statements at the MACC headquarters. 'They are believed to have committed the offences between 2022 and 2024, involving reimbursement and bonus payment claims totalling approximately RM2.5 million,' the source added. MACC Anti-Money Laundering Division director Norhaizam Muhammad confirmed the arrests in both cases, adding that investigations are being conducted under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), and Section 18 of the MACC Act 2009 for abetment.
The Star
14-05-2025
- The Star
Bank officers remanded five days in money laundering, bribery case
PETALING JAYA: The three bank officers caught for alleged money laundering and corruption have been remanded for five days. The three suspects were remanded at the Putrajaya Sessions Court on Wednesday (May 14). According to sources, the three were believed to have used, possessed and laundered funds from bribe payments received from three companies in 2024. "Based on early investigations, one of the three was a department head who had received bribes of over RM170,000 from three companies that had applied for five loans worth RM21mil. "The money was payment for processing and approving the loans," the source said. Four bank accounts, totalling RM268,000 have also been frozen. Several items including a laptop were also seized. Malaysian Anti-Corruption Commission (MACC) money laundering prevention division director Norhaizam Muhammad confirmed the remand. The case is being investigated under Section 41(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
