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New Straits Times
3 days ago
- Business
- New Straits Times
[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star
KUALA LUMPUR: Three more individuals, including a "Tan Sri" linked to a major real estate developer, were arrested to assist police investigations into a Ponzi-style investment scam under Op Northern Star. Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the trio were arrested between May 1 and May 17, following new information obtained during the course of investigations. "As of now, the information gathered found no links to any politician. "To date, a total of 17 individuals were arrested. "The arrests were made around Kuala Lumpur and Penang," he told a press conference here today. The three suspects were remanded for between five and nine days, and were subsequently released on police bail. Police have confiscated 477 properties valued at an estimated RM150 million, four condominium units worth around RM12 million, and RM326,088,127.11 from 37 bank accounts. Additionally, four yachts and three passenger boats valued at RM36.3 million, three luxury vehicles amounting to RM637,100, and two watches worth a total of RM160,000 were also seized. Police further recovered over RM283,000 in cash and five mobile phones, bringing the total value of items seized since the operation began to over RM3.8 billion. Bukit Aman's Anti-Money Laundering Crime Investigation (AMLA) Unit also seized five businesses, including a durian farm, a real estate development company, and a hotel — bringing the total number of businesses seized to eight. "Some of these companies are publicly listed, some are private companies which are operating legally even," he explained. Op Northern Star is an investigation into a Ponzi-type investment scam linked to Mobility Beyond Imagination (MBI). On 22 April, police seized and froze more than RM338.53 million in assets related to the case. On 11 April, four men with "Datuk" titles, including two lawyers, were among eight people arrested in the same probe
New Straits Times
30-04-2025
- Business
- New Straits Times
South Korea's SIMMTECH completes RM326mil second plant in Batu Kawan
KUALA LUMPUR: Sustio Sdn Bhd, a subsidiary of South Korea's SIMMTECH Group, has completed its RM326 million second manufacturing facility in Batu Kawan, Penang, under Phase 2 of its expansion project. The new facility brings Sustio's total investment in Malaysia to RM750 million since its establishment in May 2022, according to the Malaysian Investment Development Authority (MIDA). The company, which manufactures printed circuit boards and substrates for the semiconductor industry, now operates the first advanced facility of its kind in Southeast Asia. "Sustio is not just growing its business, it is helping to energise and elevate our entire semiconductor ecosystem," said MIDA deputy chief executive officer Zalina Zainol in a joint statement with InvestPenang and Sustio. SIMMTECH Co Ltd chief executive officer Jeffery Chun said the company is confident in Malaysia's talent, infrastructure and strategic position within the semiconductor industry. He added that SIMMTECH plans further expansion, with designs for a third facility, dubbed 'Sustio Building 3' and a fourth on a newly acquired 10-acre site. Penang Chief Minister Chow Kon Yeow said the group's long-term commitment signals a promising future for Batu Kawan as a hub for advanced electronics manufacturing. "As Penang continues to strengthen its position as the 'Silicon Valley of the East,' the state government remains committed to enhancing infrastructure that supports and complements investor needs," he added. The launch ceremony was attended by representatives from MIDA, InvestPenang, the Penang Development Corporation and industry players including Micron and SanDisk.
