Latest news with #RM416
New Straits Times
22-05-2025
- New Straits Times
MACC probes MEX II project over false claims, bribery
PUTRAJAYA: Three investigation papers involving the Maju Expressway Extension (MEX II) project have been opened. Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki said they have arrested nine individuals and recorded statements from 31 people to assist in the investigation. "The first investigation paper involves false claims amounting to RM361 million, which came from sukuk funds. "The second case concerns false disclosures involving RM416 million in sukuk funds and RM50 million in bank loans. "The third case involves certain parties who allegedly solicited and received bribes amounting to around RM12 million," he said.
![[UPDATED] RM416mil false claims: Ex-Maju Holdings executive remanded](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FMEXX_1746419424.jpg&w=3840&q=100)
New Straits Times
05-05-2025
- Business
- New Straits Times
[UPDATED] RM416mil false claims: Ex-Maju Holdings executive remanded
PUTRAJAYA: The former head of finance at Maju Holdings has been remanded over the alleged submission of false claims amounting to RM416 million, linked to funds from a RM1.3 billion sukuk issuance for the 18km extension of the Maju Expressway (MEX II). Assistant Registrar Siti Roslizawati Mohd Zanin granted a five-day detention for the suspect, after the Malaysian Anti-Corruption Commission (MACC) had applied for a seven-day remand. Another man, the owner of the subcontractor company involved in the MEX II project, who was previously arrested and released, has been rearrested by the MACC over a separate allegation of submitting false claims. He will be in the commission's custody for two days. The sukuk, issued by MEX II Sdn Bhd, was owned by Maju Holdings Sdn Bhd. Maju Holdings also owns Maju Expressway Sdn Bhd, the operator of the 26km highway commonly known as MEX, connecting Putrajaya and Cyberjaya with Kuala Lumpur. The duo are being investigated under Section 18 of the MACC Act 2009 for intending to deceive by making false claims. The 18km MEX II expressway was initially scheduled to be completed in October 2019. However, in December, the project missed its original completion target due to cash flow issues and a stop-work order on key structures. Between 2020 and 2021, the delays worsened, sukuk payments were deferred, and the project's bond ratings were downgraded. Last week, four individuals, including a "Datuk Seri", were remanded in connection with the alleged submission of false claims amounting to RM360 million between 2016 to 2017. On May 3, a former chief executive officer was also remanded for three days. Earlier this month, Works Minister Datuk Seri Alexander Nanta Linggi said the government was actively engaging with stakeholders to resolve the prolonged delays in the MEX II project.
New Straits Times
05-05-2025
- Business
- New Straits Times
RM416mil false claims: Ex-Maju Holdings executive remanded
PUTRAJAYA: The former head of finance at Maju Holdings has been remanded over the alleged submission of false claims amounting to RM416 million, linked to funds from a RM1.3 billion sukuk issuance for the 18km extension of the Maju Expressway (MEX II). Assistant Registrar Siti Roslizawati Mohd Zanin granted a five-day detention for the suspect, after the Malaysian Anti-Corruption Commission (MACC) had applied for a seven-day remand. Another man, the owner of the subcontractor company involved in the MEX II project — who was previously arrested and released — has been rearrested by the MACC over a separate allegation of submitting false claims.
New Straits Times
02-05-2025
- Business
- New Straits Times
MARKET PULSE PM MAY 2, 2025 [WATCH]
KUALA LUMPUR: News on the latest moves on the stock and crypto markets. Bursa Malaysia closed on a positive note Friday, buoyed by the return of foreign investors and continued upward momentum, with key counters such as Sunway and IHH Healthcare lifting the index. The benchmark index edged up by two points to settle at the 1,542 level. Reach Ten remained the most actively traded stock, ending at 54 sen, up from its opening of 52 sen, with 133 million shares traded. Meanwhile, the ringgit strengthened against the US dollar, ending the day at 4.2700. In the cryptocurrency space, Bitcoin traded at RM416,434, while Ethereum dipped to RM7,852. That's it for Market Pulse.
