Latest news with #RM3.28
Barnama
21-05-2025
- Business
- Barnama
Federal Court Dismisses Leave Application By Ex-Patimas Deputy Chairman In Insider Trading Case
PUTRAJAYA, May 21 (Bernama) – The Federal Court today unanimously dismissed an application by former Patimas Computers Bhd deputy chairman, Datuk Raymond Yap Wee Hin, for leave to appeal against his liability for insider trading offence committed in 2012. A three-member bench led by Chief Justice Tun Tengku Maimun Tuan Mat, together with Federal Court Judges Datuk Vazeer Alam Mydin Meera and Datuk Lee Swee Seng, affirmed the earlier decisions of the Court of Appeal and High Court. The court ordered him to pay RM30,000 costs to the Securities Commission (SC). Yap had sought to challenge the Court of Appeal's unanimous decision on Nov 27, 2024, which upheld the High Court's finding that he was liable for insider trading of Patimas Computers Berhad (Patimas) shares in 2012. The Securities Commission Malaysia (SC), which initiated the civil suit in 2020, alleged that Yap had breached sections 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) by disposing of 43.8 million Patimas shares held by former managing director Law Siew Ngoh, between June and July 2012. SC claimed that at the time, Yap was in possession of material, non-public information relating to audit queries and issues regarding suspicious transactions between Patimas and its top debtors. 'The matter had been raised and discussed by Patimas' external auditor during a meeting with the company's management,' the Commission said in a statement. On July 31, 2012, Patimas' Board of Directors announced to Bursa Malaysia that the company would not be able to issue the company's Annual Audited Financial Statements for the financial period from Jan 1, 2011 to March 31, 2012 due to unresolved significant audit findings/queries. The statement stated that following a full trial at the High Court, Yap was ordered to pay to the SC a disgorgement of RM3.28 million, which is equal to three times the losses avoided by Yap as a result of the breach, and a civil penalty of RM1 million.
New Straits Times
21-05-2025
- Business
- New Straits Times
Top court upholds RM4.28mil fine against ex-Patimas deputy chairman
PUTRAJAYA: Former Patimas Computers Bhd (Patimas) deputy chairman Datuk Raymond Yap Wee Hin has failed in his final attempt to set aside RM4.28 million in financial penalties imposed on him for insider trading offences. In a statement today, the Securities Commission (SC) said a panel of the Federal Court, led by Chief Justice Tun Tengku Maimun Tuan Mat, dismissed Yap's application for leave to appeal against the decision of the lower courts. Other members of the bench were Federal Court judges Datuk Vazeer Alam Mydin Meera and Datuk Lee Swee Seng. Yap had sought leave to appeal following the unanimous decision of the Court of Appeal on Nov 27 last year, which upheld the High Court's finding that he was liable for insider trading involving Patimas shares in 2012. He was ordered to pay to the SC a disgorgement of RM3.28 million — equivalent to three times the losses he avoided as a result of the breach — alongside a civil penalty of RM1 million. He was also barred from holding any directorship in a publicly listed company for a period of five years, effective from the date of the High Court ruling on April 7, 2022. The SC added that it was awarded RM30,000 in legal costs. The civil suit, filed by the SC in 2020, alleged that Yap had contravened Sections 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) by disposing of 43.82 million Patimas shares held by Law Siew Ngoh, the company's former managing director, between June and July 2012. The SC said at the time of the sale, Yap was in possession of material non-public information relating to audit queries and suspicious transactions between Patimas and its top debtors. These issues were raised by external auditors Ernst & Young (EY) Malaysia during discussions with Patimas' management. Subsequently, on July 31, 2012, Patimas' board of directors announced to Bursa Malaysia that the company would not be able to release its annual audited financial statements by the deadline, due to unresolved significant audit findings and queries. The statements were due for the financial period from Jan 1, 2011 to March 31, 2012.
The Star
09-05-2025
- Business
- The Star
LREIT posts strong Q3 rental reversions
KUALA LUMPUR: Lendlease Global Commercial REIT (LREIT) reported a positive rental reversion of 10.4 per cent for its retail portfolio in the third quarter (Q3) ended March 31, 2025, with a healthy tenant retention rate of 87.9 per cent by net lettable area (NLA), despite a softer retail climate. In a statement, LREIT said visitation declined by 0.2 per cent, and tenant sales fell 5.1 per cent year-to-date, pressured by outbound tourism and weaker demand in discretionary segments such as shoes, fashion, and sporting goods. Nonetheless, LREIT's retail assets remained resilient with a portfolio occupancy of 99.5 per cent. It also maintained a stable overall portfolio occupancy of 92.1 per cent and a long portfolio weighted average lease expiry (WALE) of 7.3 years by NLA and 4.9 years by gross rental income (GRI). The LREIT's Jem office property achieved a 13 per cent rental uplift following a rent review effective Dec 3, 2024, with the building remains fully leased to Singapore's Ministry of National Development through 2044. Office occupancy stood at 86.6 per cent as of March 31, with the segment accounting for approximately 22 per cent of total GRI. Its chief executive officer, Guy Cawthra noted the Singapore portfolio accounts for roughly 90 per cent of total valuation and continues to anchor LREIT's income, and it will assess asset recycling opportunities and outline a forward growth plan to the market. On the capital front, LREIT successfully refinanced SG$200 million in perpetual securities due April 2025, issuing SG$120 million at a lower 4.75 per cent coupon and funding the remainder through new loans. The move reduced borrowing costs and brought gearing down to 38.0 per cent. (SG$1 = RM3.28) Leasing activity remained active, highlighted by the signing of Shaw Theatres at Jem, replacing Cathay Cineplex's space, and new entrants such as lululemon, Chagee, and Japanese thrift brand 2nd Street enhancing the tenant mix. Negotiations with Cathay regarding outstanding receivables are ongoing. LREIT also continued enhancing its asset base, with the completion of ground floor lobby upgrades at Building 3 in Milan, delivering a more modern and tenant-friendly environment. Upgrades to restrooms at Jem are underway, targeting phased completion by the first quarter of 2026. Meanwhile, redevelopment of a 48,200-square-foot car park at Grange Road into a multifunctional event space is progressing on schedule, with piling works expected to complete by end-2025. - Bernama
Malay Mail
02-05-2025
- Business
- Malay Mail
Singapore court sets RM3.28m bail for suspect in alleged Nvidia server export scheme to Malaysia
SINGAPORE, May 2 — Three men allegedly linked to the export of servers from Singapore to Malaysia that may have contained high-performance Nvidia chips are now out on bail, with one potentially facing more charges as investigations continue. According to The Straits Times, Chinese national Li Ming, 51, has been released on S$1 million (RM3.28 million) bail, while Singaporeans Alan Wei Zhaolun, 48, and Aaron Woon Guo Jie, 40, were granted bail of S$800,000 and S$600,000 respectively. The trio are accused of fraud involving servers from Dell and Supermicro, which were reportedly exported to Malaysia in potential breach of US export controls. Nvidia, a major American AI chipmaker, has been at the centre of a wider controversy involving the alleged circumvention of US trade restrictions on advanced chips. At a court hearing today, Deputy Public Prosecutor Phoebe Tan sought a 12-week adjournment, citing the complexity of the case and the possibility of 'more charges' for Li. His lawyer instead requested a pre-trial conference. District Judge Ng Cheng Thiam granted an eight-week adjournment. The case will be mentioned again on June 27. Li faces two charges: one of fraud and another under the Computer Misuse Act. He is accused of deceiving Supermicro in 2023 by claiming the servers' end user would be his firm, Luxuriate Your Life. He also allegedly accessed an OCBC bank account without permission on June 19, 2024. Wei and Woon each face two fraud charges. Prosecutors say they conspired to deceive Dell and Supermicro by falsely stating the servers would not be transferred beyond authorised end users. Both worked for Aperia Cloud Services, where Wei was CEO and Woon COO. Preliminary findings suggest the servers — possibly embedded with Nvidia chips —were routed through Singapore before being shipped to Malaysia. The case surfaced after an anonymous tip-off. On March 3, Minister for Home Affairs and Law K. Shanmugam said, 'The servers most likely contained items subject to export controls by the US.' He added Singapore was investigating whether Malaysia was the final destination. 'If false representations were made in Singapore about the servers' final destination, then an offence under Singapore law has been committed,' he added.
Malay Mail
02-05-2025
- Business
- Malay Mail
Singapore court grants RM3.28m bail to suspect in alleged Nvidia server scheme to Malaysia
SINGAPORE, May 2 — Three men allegedly linked to the export of servers from Singapore to Malaysia that may have contained high-performance Nvidia chips are now out on bail, with one potentially facing more charges as investigations continue. According to The Straits Times, Chinese national Li Ming, 51, has been released on S$1 million (RM3.28 million) bail, while Singaporeans Alan Wei Zhaolun, 48, and Aaron Woon Guo Jie, 40, were granted bail of S$800,000 and S$600,000 respectively. The trio are accused of fraud involving servers from Dell and Supermicro, which were reportedly exported to Malaysia in potential breach of US export controls. Nvidia, a major American AI chipmaker, has been at the centre of a wider controversy involving the alleged circumvention of US trade restrictions on advanced chips. At a court hearing today, Deputy Public Prosecutor Phoebe Tan sought a 12-week adjournment, citing the complexity of the case and the possibility of 'more charges' for Li. His lawyer instead requested a pre-trial conference. District Judge Ng Cheng Thiam granted an eight-week adjournment. The case will be mentioned again on June 27. Li faces two charges: one of fraud and another under the Computer Misuse Act. He is accused of deceiving Supermicro in 2023 by claiming the servers' end user would be his firm, Luxuriate Your Life. He also allegedly accessed an OCBC bank account without permission on June 19, 2024. Wei and Woon each face two fraud charges. Prosecutors say they conspired to deceive Dell and Supermicro by falsely stating the servers would not be transferred beyond authorised end users. Both worked for Aperia Cloud Services, where Wei was CEO and Woon COO. Preliminary findings suggest the servers — possibly embedded with Nvidia chips —were routed through Singapore before being shipped to Malaysia. The case surfaced after an anonymous tip-off. On March 3, Minister for Home Affairs and Law K. Shanmugam said, 'The servers most likely contained items subject to export controls by the US.' He added Singapore was investigating whether Malaysia was the final destination. 'If false representations were made in Singapore about the servers' final destination, then an offence under Singapore law has been committed,' he added.
