Latest news with #RM527
The Star
3 days ago
- Business
- The Star
Another Tan Sri linked to MBI nabbed, RM527mil seized
KUALA LUMPUR: An additional RM527.5mil in assets linked to MBI International Group have been seized and frozen by police, bringing the total value of assets recovered to RM3.8bil. Three more people, including a businessman with the Tan Sri title, are the latest ones arrested to assist in investigations into an investment fraud scheme involving MBI under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. 'The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. 'Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi scheme worth RM527,468,296.11,' he said here yesterday, Bernama reported. Big haul: Muhammed Hasbullah (second from right) showing some of the seized items, with a whiteboard showing the bigger items, during a press conference. — Bernama Among the assets and properties are four luxury yachts worth RM36.3mil, 477 properties (RM150mil), four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Muhammed Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked if any politician was involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation. Earlier this month, The Star reported that a Tan Sri was arrested for alleged involvement in the MBI investment scam. His arrest brought the total of those detained in the ongoing investigation to 14 people. The 53-year-old man, who was detained in Penang on May 1 after he returned from overseas, is believed to be either a syndicate proxy or a business partner of the suspects. The daily had also previously reported that two other prominent businessmen with Tan Sri titles and a Datuk Seri were already in custody. The arrests of the earlier 13 suspects were made between March 21 and April 21, which has seen RM3.5bil in assets including a hotel and durian plantations linked to the MBI investment scheme previously seized. Among the assets seized then were durian plantations in Pahang, Penang and Kedah worth RM223,624,167.75. An additional 299 bank accounts with RM123,614,594.35 were also frozen, he added. All these assets are believed to have been purchased or had links to the proceeds from the scheme's illegal gains.
The Star
4 days ago
- Business
- The Star
MBI scam: Tan Sri among three more arrested, RM500mil in luxury assets frozen
KUALA LUMPUR: Three more individuals, including a businessman with the title of Tan Sri, have been arrested to assist in investigations into an investment fraud scheme involving MBI International Group (MBI) under Op Northern Star. Bukit Aman Commercial Crime Investigation Department acting director Comm Datuk Seri Muhammed Hasbullah Ali said the three suspects, aged 46, 54 and 58, were arrested in Kuala Lumpur and Penang between May 1 and 17. "The three individuals acted as proxies who run various businesses to launder money accrued from the syndicate's fraud. "Police have also frozen assets and properties believed to be the proceeds illegally acquired through a Ponzi investment pyramid scheme worth RM527,468,296.11,' he told a press conference here on Friday (May 30). He said among the assets and properties were four luxury yachts worth RM36.3mil, 477 properties worth RM150mil, four condominium units (RM12mil), 37 bank accounts (RM328,088,127.11) and cash (RM283,070). With the arrests, the number of individuals detained in the MBI investment fraud case stands at 17, with total assets frozen and seized amounting to RM3.81bil. Meanwhile, Comm Hasbullah did not rule out the possibility of further arrests and asset seizures. Asked whether any politicians were involved in the syndicate, he said none had been identified so far but did not dismiss the possibility pending further investigation.- Bernama
New Straits Times
23-05-2025
- Business
- New Straits Times
CelcomDigi core earnings set to accelerate, driven by integration gains
KUALA LUMPUR: CelcomDigi Bhd's core earnings growth is expected to accelerate to 11 per cent and 25 per cent in financial year 2026 (FY26) and FY27, from four per cent in FY25. RHB Investment Bank Bhd (RHB Research) said this is driven by the tapering off of integration-related costs, the realisation of stronger synergies and improving commercial execution. The firm also noted that CelcomDigi has reaffirmed its steady-state pre-tax savings target of RM700 million to RM800 million post-FY27. For FY26, CelcomDigi expects low-single digit growth in service revenue, low-to-mid single digit earnings before interest and taxes (EBIT) growth and capital expenditure-to-sales of 14-16 per cent. "We see integration cost tailing off in FY25 with the network integration coming to a close," the firm said in a research note. "With the improvement in commercial execution and greater extraction of merger synergies, we see core earnings growing at a compound annual growth rate (CAGR) of 18 per cent for FY25-27," it added. According to RHB Research, CelcomDigi has completed about 80 per cent of its network integration as at end of first quarter of 2025 from 75 per cent in the fourth quarter of 2024. "We see some challenges in integrating the remaining 20 per cent of the sites due to extended discussions with Digital Nasional Bhd and site owners with some slippage in integration timeline to the second half (Q1) of 2025," it added. The firm said the company has booked RM300 million in integration cost since the merger started, out of the RM527 million in total integration cost including capital expenditure (capex). Meanwhile, integration cost in Q1 totaled RM63 million, of which RM41 million is operating expenditure (opex)-related and the remainder on capex (RM22 million). The firm noted that the Q1 capex of RM148 million was low, representing just 5.0 per cent of revenue, but expected to increase over the next few quarters – in line with the IT platform upgrades. RHB Research kept its 'Buy' call on CelcomDigi with a target price of RM4.40 a share.
