Latest news with #RM3mil
The Star
a day ago
- The Star
Domestic Trade Ministry seizes over 1,300 LPG cylinders in Ulu Tiram raid
JOHOR BARU: A total of 1,357 liquefied petroleum gas (LPG) cylinders were seized from a storage facility in Ulu Tiram suspected of being involved in illegal decanting activities. Johor Domestic Trade and Cost of Living Ministry director Lilis Saslinda Pornomo said the culprits are believed to have sold the LPG on the black market. 'Our officers found a tanker lorry believed to be filled with LPG, along with equipment used to transfer gas from domestic cylinders into the vehicle. 'Preliminary investigations suggest that the subsidised gas was being channelled into the lorry for unauthorised resale,' she told a press conference here on Tuesday (July 29). She said the raid was carried out by the ministry's enforcement teams from Putrajaya and Johor. 'We detained five foreign men in their 30s and 40s, believed to be workers at the facility, to assist in investigations. 'The total value of the gas cylinders seized is estimated at RM280,000,' she added. Lilis Saslinda said the case is being investigated under the Control of Supplies Act 1961. 'Individuals convicted under the Act can face a maximum fine of RM1mil or up to three years' jail, or both. Repeat offenders may be fined up to RM3mil or face five years' imprisonment. 'For companies, the offence carries a fine of up to RM2mil, and up to RM5mil for subsequent offences,' she added. Investigations are ongoing to trace the source of the LPG and identify anyone else involved in the illegal supply chain.
The Star
a day ago
- Business
- The Star
OCBC Bank named Private Wealth Bank of the Year at Asian Banking & Finance Awards 2025
OCBC Bank (M) Bhd managing director and head of consumer financial services Sammeer Sharma KUALA LUMPUR: OCBC Bank (M) Bhd has been named Malaysia's Private Wealth Bank of the Year at the Asian Banking & Finance Retail Banking Awards 2025. It also received the Branch Innovation of the Year award at the same event. The awards highlight OCBC's 18,000-square-foot Premier Private Client Centre in Bangsar, which combines luxury, privacy, and personalised wealth management in a tranquil, nature-inspired setting close to the city centre. Managing director and head of consumer financial services Sammeer Sharma said the awards reflect OCBC Group's standing as a major player across Asean and Greater China, with deep expertise in wealth management and a proven track record in serving affluent clients. 'In Malaysia, OCBC Bank is a leading bank in the affluent segment, with a strong foundation for continued growth. These awards affirm our commitment to redefining wealth management through innovation and client-centricity. 'The OCBC Premier Private Client Centre is a testament to our One Group approach, which integrates best-in-class financial solutions with bespoke experiences in a truly inspiring setting. With the strategic investments we are making and the immense growth opportunities within Malaysia, we are confident of doubling our affluent client base over the next five years,' he said in a statement. The centre serves as a strategic anchor for the Bank's high-net-worth offerings, tailored for individuals with assets under management of RM3mil and above. It offers a comprehensive range of wealth solutions across 11 major currencies, with over 80% of its product shelf linked to sustainability.
The Star
2 days ago
- Business
- The Star
Govt ensures SST exemptions for eligible construction projects
Putrajaya: The government has introduced proactive measures to refine and implement targeted exemptions from the Sales and Services Tax (SST) for selected construction projects, says Deputy Works Minister Datuk Seri Ahmad Maslan. He added these exemptions included construction services related to residential buildings and public facilities such as places of worship, public toilets and recreational parks. 'The government recognises the importance of ensuring that the construction sector is not adversely affected by the implementation of SST. 'Therefore, we have taken steps to provide exemptions for specific categories of projects deemed eligible,' he told Yusuf Abd Wahab (GPS-Tanjong Manis) who asked on the types of construction projects exempted from SST, and the ministry's approach to ensuring that ongoing development projects are not disrupted by enforcement of the tax. Ahmad added that certain business-to-business activities are subject to specific conditions, for example, while main contractors may be subject to SST, subcontractors involved in projects valued below RM1.5mil are exempt. Additionally, he said essential construction materials such as cement, gravel and sand remain zero-rated under the sales tax in order to support the sector. Ahmad also clarified that there are currently no plans to increase the SST threshold, which will remain unchanged. 'There are no discussions to raise it to RM3mil. 'Small-scale contractors such as those in categories G1, G2, G3 and G4 that do not exceed the RM1.5mil threshold are not subject to tax, as the threshold for construction works is set at RM1.5mil,' he said. On project timelines, he stressed that the ministry does not tolerate delays. 'We do not like late work. After two or three extensions of time, the companies involved will be fined on a daily basis. 'Once they are penalised, they will not be awarded future projects,' he added.
The Star
2 days ago
- Business
- The Star
Govt to ensure SST exemption for eligible construction projects
KUALA LUMPUR: The government has introduced proactive measures to fine-tune and implement targeted sales and service tax (SST) exemptions for eligible construction projects, the Dewan Rakyat was told. Deputy Works Minister Datuk Seri Ahmad Maslan ( pic ) said these exemptions include construction services related to residential buildings and public facilities such as places of worship, public toilets and recreational parks. 'The government recognises the importance of ensuring that the construction sector is not adversely affected by the implementation of SST. 'Therefore, we have taken steps to provide exemptions for specific categories of projects deemed eligible,' he said on Monday (Jul 28). Yusuf Abd Wahab (GPS-Tanjong Manis) asked about the types of construction projects that are exempt from SST, and the ministry's approach to ensure that ongoing developments are not disrupted. Ahmad said certain business-to-business (B2B) activities are subject to specific conditions. For example, while main contractors may be subject to SST, subcontractors involved in projects valued below RM1.5mil are exempt. Additionally, he said essential construction materials such as cement, gravel and sand remain zero-rated for sales tax as part of the government's effort to support the sector. He also said there are currently no plans to increase the SST threshold, which will remain unchanged. 'There have been no discussions to raise it to RM3mil,' he said. On project timelines, he stressed that the ministry does not tolerate delays. 'We do not like late work. After two or three extensions of time (EOT), the companies involved will be fined daily. 'Once they are penalised, they will not be awarded future projects,' he said.
The Star
5 days ago
- The Star
Duo linked to armed robbery syndicate shot dead
End of the road: Police surrounding the suspects' car after the shooting incident that saw two foreigners killed. KUALA LUMPUR: Two foreign men, believed to be the masterminds behind a violent armed robbery and housebreaking syndicate, were shot dead by police. The gang, which has been active since 2022 and responsible for over RM3mil in losses, also injured their victims. The suspects, who were in a car, were intercepted by a team from Bukit Aman CID and Pahang CID during a crime prevention patrol under Ops Aman 6 in Taman Pertama, Cheras, at about 3.45am yesterday. The car used by the suspects was also reported stolen in Subang Jaya in 2023. Acting Bukit Aman CID director Deputy Comm Datuk Fadil Marsus said the suspects acted aggressively when police attempted to stop the vehicle for inspection. 'They rammed into police vehicles and shot at our personnel, forcing our team to return fire. 'Both suspects were killed inside the car,' he told reporters at the scene yesterday. DCP Fadil said two firearms – a revolver and semi-automatic pistol – were recovered, as well as drugs and tools believed to have been used in house break-ins and armed robberies. 'Investigations showed the two men were key figures in a 15-member foreign gang targeting luxury homes, including bungalows and corner units in the Klang Valley, Negri Sembilan, Perak and Pahang. 'We believe they were in the midst of planning another robbery, based on the items seized such as bolt cutters, gloves, masks, firearms and drugs,' DCP Fadil said. He added that efforts are now underway to track down the remaining 13 gang members, with the mobilisation of police forces in Kuala Lumpur, Selangor, Perak, Pahang and Negri Sembilan. 'So far, the gang has been linked to over 50 cases, but police suspect there may be more victims. 'We urge them to come forward and lodge a report at the nearest police station to assist us in investigations,' he added.
