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The Star
27-05-2025
- Business
- The Star
MNRB Holdings posts lower net profit of RM394.2mil in FY25
KUALA LUMPUR: MNRB Holdings Bhd posted a lower net profit of RM394.20 million for the financial year ended March 31, 2025 (FY2025), compared with RM433.54 million recorded in the preceding year. However, revenue rose to RM3.63 billion in FY2025, an increase of 3.5 per cent from RM3.51 billion previously, due to the growth in insurance/takaful revenue contributed by the reinsurance and general takaful businesses. "This was offset by deterioration in the retakaful business. The increase was also attributed to better investment income. "The total revenue of this segment increased by RM98.3 million or 5.2 per cent, mainly contributed by the increase in insurance revenue from the voluntary cession and domestic treaties portfolios as well as investment income,' it said in a filing with Bursa Malaysia today. MNRB Holdings noted that the revenue of its general takaful business segment stood at RM918.2 million, representing an increase of RM74.8 million or 8.9 per cent, driven by growth in takaful revenue from the motor and fire portfolios. The family takaful business segment revenue also rose by RM1 million to RM650.50 million. For the fourth quarter ended March 31, 2025 (4Q FY2025), the group's net profit narrowed to RM93.40 million from RM237.82 million in the same quarter last year, while revenue declined to RM921.91 million from RM1.04 billion previously. On prospects, the company said that in 2025, Malaysia's takaful industry is expected to continue growing, supported by rising demand for shariah-compliant solutions and strong government initiatives. Among the key initiatives are the Financial Sector Blueprint 2022-2026, the MADANI Economy Framework and digital sandbox programmes, which promote inclusion, innovation, and environment, social and governance (ESG)-aligned offerings. "The group also remains committed to achieving a net-zero carbon status by 2050, balancing our economic performance with ESG practices. "This will be anchored by our sustainability roadmap, as well as the relevant regulatory requirements and best practices,' it added. - Bernama
New Straits Times
27-05-2025
- Business
- New Straits Times
MNRB Holdings posts lower net profit of RM394.2mil in FY25
KUALA LUMPUR: MNRB Holdings Bhd posted a lower net profit of RM394.20 million for the financial year ended March 31, 2025 (FY2025), compared with RM433.54 million recorded in the preceding year. However, revenue rose to RM3.63 billion in FY2025, an increase of 3.5 per cent from RM3.51 billion previously, due to the growth in insurance/takaful revenue contributed by the reinsurance and general takaful businesses. "This was offset by deterioration in the retakaful business. The increase was also attributed to better investment income. "The total revenue of this segment increased by RM98.3 million or 5.2 per cent, mainly contributed by the increase in insurance revenue from the voluntary cession and domestic treaties portfolios as well as investment income," it said in a filing with Bursa Malaysia today. MNRB Holdings noted that the revenue of its general takaful business segment stood at RM918.2 million, representing an increase of RM74.8 million or 8.9 per cent, driven by growth in takaful revenue from the motor and fire portfolios. The family takaful business segment revenue also rose by RM1 million to RM650.50 million. For the fourth quarter ended March 31, 2025 (4Q FY2025), the group's net profit narrowed to RM93.40 million from RM237.82 million in the same quarter last year, while revenue declined to RM921.91 million from RM1.04 billion previously. On prospects, the company said that in 2025, Malaysia's takaful industry is expected to continue growing, supported by rising demand for shariah-compliant solutions and strong government initiatives. Among the key initiatives are the Financial Sector Blueprint 2022–2026, the MADANI Economy Framework and digital sandbox programmes, which promote inclusion, innovation, and environment, social and governance (ESG)-aligned offerings. "The group also remains committed to achieving a net-zero carbon status by 2050, balancing our economic performance with ESG practices. "This will be anchored by our sustainability roadmap, as well as the relevant regulatory requirements and best practices," it added.
The Sun
03-05-2025
- Business
- The Sun
Another ‘Tan Sri' arrested over MBI Ponzi scheme
KUALA LUMPUR: Police have arrested another individual with the title 'Tan Sri' suspected of involvement in the MBI International Group Ponzi scheme investment fraud, marking the latest development in the ongoing investigation. Acting Director of Bukit Aman's Commercial Crime Investigation Department Datuk Muhammed Hasbullah Ali confirmed the 53-year-old Penang property company chairman was detained on Thursday and remanded for five days to assist investigations. 'The suspect's office, residence, and relevant documents have been searched for evidence,' he told Bernama, adding that further arrests haven't been ruled out as investigations continue, with a press conference to be held soon to provide updates. The suspect is believed to have acted as a proxy or partner in laundering illicit funds for the syndicate. This follows the April 18-21 'Op Northern Star' that saw five individuals, including another 'Tan Sri' and 'Datuk Seri', arrested across the Klang Valley and northern Malaysia. Authorities have also seized RM223.62 million worth of durian orchards (344ha in Raub, Pahang; 5.26ha in Jawi, Penang; and 13.76ha in Tasek, Kedah), frozen 299 bank accounts (RM123.61 million), and confiscated 12 luxury vehicles, a high-end watch, five mobile phones, and crucial documents. Additional seizures include a palm oil processing plant in Selama, Kedah, a hotel, and a Penang property development company, bringing total confiscations from both operations to RM3.51 billion.
The Sun
01-05-2025
- The Sun
MBI scheme: Tan Sri arrested in Penang
PETALING JAYA: An individual bearing the title of 'Tan Sri' has been arrested on suspicion of acting as a proxy for the mastermind behind the Mobility Beyond Imagination (MBI) Ponzi scheme. The 53-year-old Tan Sri was nabbed at around 2am by the side of a road in Penang, according to the New Straits Times, quoting a source. Bukit Aman Commercial Crime Investigation Department (CCID) acting director Datuk Muhammed Hasbullah Ali, confirmed the arrest and stated that investigations are ongoing. The man is believed to have assisted in money laundering activities involving proceeds from the MBI scheme. 'The man had just returned to Malaysia,' the source was quoted as saying. The suspect is currently being held at Jinjang police central lockup, and police will be seeking a remand order against him. This Tan Sri is the latest individual to be detained under Op Northern Star, an operation that commenced on April 18. Previously, five individuals — including another 'Tan Sri' and a 'Datuk Seri' — were arrested under the same operation for their alleged involvement in a Ponzi scheme operating in a neighbouring country. To date, assets worth RM3.51 billion have been seized and frozen. These include luxury vehicles, durian orchards, watches, bank accounts, and a hotel. The founder of MBI Group International, Tedy Teow, dubbed 'Jho Low 2', has been implicated in various fraudulent schemes and is wanted by authorities in Malaysia, China, and Thailand. Teow is currently in custody in China, having been extradited there after his arrest in Thailand in 2024. He is believed to have defrauded two million individuals in China, convincing them to invest billions in his scheme.
New Straits Times
01-05-2025
- New Straits Times
'Tan Sri' arrested in Penang over MBI probe
KUALA LUMPUR: A "Tan Sri" suspected of acting as a proxy to the mastermind behind the Mobility Beyond Imagination (MBI) Ponzi scheme has been arrested. The 53-year-old man was detained around 2am at the side of a road in Penang, a source confirmed. It is learned that the suspect helped launder illegal proceeds from the scheme. "The man had just returned to Malaysia," the source said, adding that police will seek a remand order against him. He is currently being held at the Jinjang lockup. Meanwhile, Commercial Crime Investigation Department acting director Datuk Muhammed Hasbullah Ali confirmed the arrest. Hasbullah said investigations are ongoing. The "Tan Sri" is the latest individual arrested under Op Northern Star, which began on April 18. The operation previously saw the arrest of five individuals, including another "Tan Sri" and a "Datuk Seri", over their alleged involvement in a Ponzi scheme in a neighbouring country. To date, RM3.51 billion worth of assets — including a hotel, durian farms, luxury vehicles, watches, and bank accounts — have been seized and frozen. The MBI Group International was founded by Tedy Teow, a businessman dubbed "Jho Low 2." Teow is infamous for schemes that have landed him in hot water with authorities in several countries, including Malaysia, Thailand, and China. He is currently in custody in China, having been extradited there last year following his arrest by Thai authorities. He is said to have deceived two million people in China into investing billions.
