Latest news with #RM51
New Straits Times
5 days ago
- Business
- New Straits Times
Op Metal: MACC freezes RM332.5mil in assets, bank accounts tied to syndicate
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has seized and frozen assets and bank accounts amounting to RM332.5 million in connection with a scrap metal smuggling syndicate operating in five states. The seizures were made following raids conducted on Monday as part of investigations into the export of scrap metal using false declarations to avoid tax, Utusan Malaysia reported, citing sources. The amount includes assets and accounts belonging to individuals and companies linked to the syndicate, which is believed to have defrauded the government of over RM950 million in export duties over the past six years. A prominent businessman with a "Datuk Seri" title is among those under investigation and is expected to return to the MACC headquarters this Monday for further questioning. "The individual's statement was recorded yesterday after returning from overseas, but he was not arrested," a source was quoted as saying. The businessman is suspected of declaring scrap metal exports as other metal-based machinery and items, which are not subject to the 15 per cent export duty imposed by the government. The syndicate's operations came to light after the MACC's Special Operations Division launched Op Metal, a coordinated raid involving the Customs Department, Inland Revenue Board, and Bank Negara Malaysia. Assets seized include three bungalows, a penthouse, shop lots, plots of land, an oil palm plantation, luxury vehicles, and high-end watches, all estimated to be worth over RM183 million. In addition, authorities froze 45 corporate accounts and 82 individual bank accounts valued at approximately RM51 million. MACC chief commissioner Tan Sri Azam Baki previously confirmed the seizures, which included real estate, luxury cars, and watches. The ongoing investigation is focused on offences under Sections 16 (bribery) and 18 (false claims) of the MACC Act 2009. Authorities are also looking into potential money laundering activities, supported by investigations under the Income Tax Act 1967 and the Customs Act 1967.
Free Malaysia Today
16-07-2025
- Business
- Free Malaysia Today
3 Penang bungalows, penthouse and land seized in scrap metal probe
MACC chief commissioner Azam Baki said the agency was now identifying those who colluded with the suspected syndicates that smuggled out scrap metal and e-waste through Port Klang and Penang Port. PETALING JAYA : The Malaysian Anti-Corruption Commission (MACC) has seized assets estimated to be worth over RM183 million following raids on suspected scrap metal smuggling syndicates in five states since yesterday. An MACC source said its special operations division, in collaboration with the customs department, Inland Revenue Board and Bank Negara Malaysia, also froze 45 company accounts and 82 personal bank accounts involving a total value of about RM51 million. The seized assets include eight properties in Penang: three bungalows in Batu Maung, a penthouse in Tanjung Tokong, a shoplot in Bayan Lepas, 31 acres of land in Nibong Tebal, 7.1 acres in Batu Uban, 5.6 acres in Juru, as well as more than 1,960 acres of oil palm plantation land in Kuala Krai, Kelantan. 'MACC also seized six luxury vehicles comprising a Porsche Cayenne, Range Rover, BMW, Volvo, Toyota Land Cruiser, and Toyota Alphard – altogether valued at over RM1.9 million,' said the source, according to Bernama. 'MACC confiscated five branded watches, namely a Patek Philippe, Tag Heuer, Rolex, Omega Speedmaster and Omega Seamaster, valued at more than RM740,000.' It is understood that most of the seized assets, luxury vehicles and branded watches belong to a foreigner who owns a scrap metal company and resides in an upscale neighbourhood in Batu Maung, which was raided during Op Metal yesterday. The individual, who holds a 'Datuk' title, was not at home during the raid, and is believed to be abroad on business. He is expected to return tomorrow. MACC chief commissioner Azam Baki confirmed the freezing of the bank accounts as well as the seizure of the properties, luxury vehicles and branded watches. He said MACC also conducted further raids today at 13 new locations in Penang, Kedah, Johor and the Klang Valley. 'MACC is now identifying people who colluded with the syndicates that smuggled out scrap metal and e-waste through Port Klang and Penang Port, causing an estimated RM950 million in lost tax revenue over the past six years. 'The focus of the investigation is on offences under Sections 16 and 18 of the MACC Act 2009. It also involves analysis and identification of other criminal elements under money laundering offences, as well as investigations under the Income Tax Act 1967 and the Customs Act 1967 by other participating agencies,' he said. Earlier, Bernama reported that MACC raided suspected scrap metal smuggling syndicates in five states believed to have bribed enforcement officers, resulting in the government losing hundreds of millions in export tax revenue.
New Straits Times
16-07-2025
- Business
- New Straits Times
Bursa Malaysia's Q2 net profit seen at lower end of FY25 forecasts, says CIMB
KUALA LUMPUR: Bursa Malaysia's net profit for the second quarter of 2025 (2Q25) is expected to come in at the lower end of both CIMB Securities Sdn Bhd's and consensus full-year 2025 (FY25) projections. In its latest note, CIMB Securities estimates that the exchange operator's quarterly net profit will likely account for between 44.7 per cent and 47.3 per cent of its own full-year forecast of RM265.2 million, and about 43 per cent to 45.5 per cent of the market's consensus estimate of RM275.7 million. Based on the firm's estimates, Bursa Malaysia is likely to report a 2Q25 net profit of RM51–58 million, reflecting a quarter-on-quarter (QoQ) decline of 14.0–24.4 per cent and a year-on-year (YoY) drop of 27.8–36.6 per cent. This would bring the cumulative first half of 2025 (1H25) net profit to RM118.5–125.6 million, marking a YoY decline of 19.2–23.8 per cent. "Although the results may appear to fall short of our and consensus estimates, they are broadly in line with our expectations, as we had already anticipated a weaker 2Q25 net profit due to lower trading activity driven by cautious market sentiment following the US tariff announcements. "We continue to expect a better 2H25, supported by a recovery in average daily trading value (ADV) as market uncertainty eases with greater policy clarity on US tariffs. "Our 2Q25 forecast assumes a higher cost-to-income ratio of 54–57 per cent, exceeding Bursa Malaysia's 50 per cent target, due to lower revenue and higher IT and maintenance costs," it noted. Meanwhile, CIMB Securities said Bursa Malaysia's operating revenue is projected to decline to between RM153.4 million and RM162.9 million in 2Q25, marking a QoQ drop of 8.3–13.7 per cent and a YoY contraction of 16.0–20.8 per cent. The decline is mainly attributed to lower trading revenue contributions from the securities and derivatives segments. "We expect securities ADV to moderate to RM2.4 billion in 2Q25, down significantly from RM3.9 billion in 2Q24 and RM2.8 billion in 1Q25. "The drop in trading activity largely reflects heightened risk aversion among investors amid market uncertainty. "Investor caution was further amplified following the Trump administration's announcement of reciprocal tariff measures on April 2, intensifying concerns over escalating trade tensions and their potential impact on global economic growth," it added. In the derivatives segment, CIMB Securities said average daily contracts (ADCs) in 2Q25 are projected to decline by 11.3 per cent QoQ but rise 5.9 per cent YoY to 90,669 contracts, compared with 102,184 contracts in 1Q25 and 85,644 contracts in 2Q24. The QoQ decline is primarily driven by reduced trading activity in Crude Palm Oil Futures (down 10.1 per cent QoQ) and FTSE Bursa Malaysia KLCI Futures (down 12.7 per cent QoQ). CIMB Securities also noted that the overall slowdown in trading reflects a more cautious stance among traders amid elevated market volatility. It added that sharp swings in commodity and equity markets, along with uncertainty stemming from US trade tariffs, have dampened speculative interest and curbed hedging activity. Overall, CIMB Securities has maintained a "Hold" rating on Bursa Malaysia, with an unchanged target price of RM7.40. The firm also projects a 14.5 per cent YoY decline in earnings per share (EPS) for FY25, followed by YoY growth of 0.5 per cent in FY26 and 0.8 per cent in FY27. It said these projections are based on ADV targets of RM2.7 billion for FY25, RM2.8 billion for FY26, and RM2.9 billion for FY27. CIMB Securities also noted that at the current share price, Bursa Malaysia is trading at an FY25 price-to-earnings (P/E.) ratio of 24.0 times, which is one standard deviation above its 10-year average of 18.1 times. "We expect the share price to be supported by a dividend yield of 4.0 per cent," it said.
The Sun
15-07-2025
- Business
- The Sun
MACC seizes RM183m in assets, freezes RM51m accounts in Op Metal
GEORGE TOWN: The Malaysian Anti-Corruption Commission (MACC) has seized assets worth over RM183 million and frozen bank accounts totaling RM51 million in a crackdown on scrap metal smuggling syndicates. The operation, codenamed Op Metal, targeted networks across five states, uncovering illicit activities linked to tax evasion and corruption. Authorities confiscated eight high-value properties in Penang, including bungalows in Batu Maung, a penthouse in Tanjung Tokong, and commercial land in Bayan Lepas. Over 1,960 acres of oil palm plantation land in Kuala Krai, Kelantan, were also seized. Among the luxury items recovered were six high-end vehicles—a Porsche Cayenne, Range Rover, BMW, Volvo, Toyota Land Cruiser, and Toyota Alphard—valued at RM1.9 million. Five luxury watches, including a Patek Philippe, Rolex, and Omega models, worth RM740,000 were also confiscated. A source revealed that most assets belonged to a foreign businessman with a 'Datuk' title, who operates a scrap metal firm and resides in Batu Maung. The suspect was abroad during the raids but is expected to return soon. MACC Chief Commissioner Tan Sri Azam Baki confirmed the seizures and stated that 45 company and 82 personal bank accounts were frozen. Further raids were conducted at 13 locations in Penang, Kedah, Johor, and the Klang Valley. Investigations focus on violations under the MACC Act 2009, money laundering, and tax offences. The syndicates allegedly smuggled scrap metal and e-waste through Port Klang and Penang Port, costing Malaysia RM950 million in lost tax revenue over six years. The operation involved collaboration with the Royal Malaysian Customs Department, Inland Revenue Board, and Bank Negara Malaysia. – Bernama
Barnama
15-07-2025
- Business
- Barnama
Op Metal: MACC Seizes Over RM183 Million In Assets, Freezes Bank Accounts Worth Over RM51 Million
CRIME & COURTS GEORGE TOWN, July 15 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) has seized various assets estimated to be worth over RM183 million following raids on scrap metal smuggling syndicates in five states since yesterday. According to sources, the operation, carried out by the MACC's Special Operations Division in collaboration with the Royal Malaysian Customs Department (JKDM), Inland Revenue Board (LHDN), and Bank Negara Malaysia (BNM) under the Multi-Agency Task Force (MATF) via Op Metal, also froze 45 company accounts and 82 personal bank accounts involving a total value of about RM51 million. The seized assets include eight properties in Penang, namely three bungalows in Batu Maung, a penthouse in Tanjung Tokong, a shop lot in Bayan Lepas, 31 acres of land in Nibong Tebal, 7.1 acres in Batu Uban, and 5.6 acres in Juru, as well as more than 1,960 acres of oil palm plantation land in Kuala Krai, Kelantan. 'MACC also seized six luxury vehicles comprising a Porsche Cayenne, Range Rover, BMW, Volvo, Toyota Land Cruiser, and Toyota Alphard—altogether valued at over RM1.9 million. 'During the raid, MACC also confiscated five branded watches, namely a Patek Philippe, Tag Heuer, Rolex, Omega Speedmaster, and Omega Seamaster, valued at more than RM740,000,' the source said in a statement today. It is understood that most of the seized assets, luxury vehicles, and branded watches belonged to a foreign man who owns a scrap metal company and resides in an upscale neighbourhood in Batu Maung, which was raided during Op Metal yesterday. During the raid, the individual, who holds a 'Datuk' title, was not at home and is believed to be abroad on business. He is expected to return tomorrow. Meanwhile, MACC Chief Commissioner Tan Sri Azam Baki, when contacted, confirmed the freezing of the bank accounts as well as the seizure of the properties, luxury vehicles, and branded watches. Following Monday's operation, he said the MACC also conducted further raids today at 13 new locations in Penang, Kedah, Johor, and the Klang Valley.
