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New Straits Times
7 days ago
- Business
- New Straits Times
Magma's losses widen, revenue falls in Q1
KUALA LUMPUR: Magma Group Bhd's net loss widened in the first quarter (Q1) ended March 31, 2025 due to higher corporate-related and capital restructuring expenses. The company recorded a net loss of RM6.9 million for the quarter, compared to RM4.27 million in the same period last year, as revenue declined 8.5 per cent to RM6.3 million from RM6.9 million, according to a bourse filing. Its revenue from the hotel operation segment amounted to RM5.73 million, lower than RM6.29 million a year earlier. Meanwhile, the hotel management segment posted revenue of RM609,000, down from RM636,000 previously. In a statement, Magma said it has completed the acquisition of a 0.9-hectare plot in Mont Kiara valued at RM80 million and balance sheet restructuring. The land is slated for future commercial development and positions Magma for long-term growth in the urban property segment. The company also entered into a joint venture with Chagee (M) Sdn Bhd that will spearhead the expansion of Chagee's retail presence nationwide while introducing curated tea experiences that align with evolving consumer trends. Magma group managing director cum group chief executive officer Datuk Seri Thomas Liang Chee Fong said while Q1 results reflect transitional headwinds, the completion of land acquisition and strategic partnership with Chagee mark a meaningful shift in corporate narrative. "We are repositioning Magma as a forward-looking hospitality and lifestyle group, leveraging our core strengths to unlock new revenue streams, strengthen brand equity and align with the evolving Malaysian consumer. "With a stronger foundation now in place, we see compelling opportunities to scale recurring income across hospitality, food and beverage and property in a sustainable and value-accretive manner," he added.
The Sun
27-05-2025
- Politics
- The Sun
Key witness in Lim Guan Eng's corruption trial says he only spoke the truth
KUALA LUMPUR: A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful? Zarul Ahmad: I am indebted to him and followed his instructions, as he was serving as the Finance Minister at the time. According to the amended first charge, Lim, 64, is accused, in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3 million to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10 percent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The solicitation allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30 am and 2.00 am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8 million, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017. The trial before Judge Azura Alwi is scheduled to resume on June 24.
The Sun
27-05-2025
- Politics
- The Sun
Key witness in Lim Guan Eng trial says he told the truth
KUALA LUMPUR: A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful? Zarul Ahmad: I am indebted to him and followed his instructions, as he was serving as the Finance Minister at the time. According to the amended first charge, Lim, 64, is accused, in his capacity as the then chief minister of Penang, of abusing his position to receive a bribe of RM3.3 million to assist a company owned by Zarul Ahmad in securing the Major Roads and Undersea Tunnel Construction Project in Penang, valued at RM6,341,383,702. The offence allegedly took place between January 2011 and August 2017 at the Chief Minister's Office in Penang. Under the amended second charge, Lim is accused of soliciting a 10 percent bribe out of the project's future profits from Zarul Ahmad for assisting his company in securing the same project. The solicitation allegedly took place near The Gardens Hotel, Lingkaran Syed Putra, Mid Valley City, between 12.30 am and 2.00 am in March 2011. Additionally, Lim faces two charges of disposing of a couple of state-owned lots of land in Penang, valued at RM208.8 million, to a developer linked to the undersea tunnel project. These offences were allegedly committed at the Penang Land and Mines Office, Komtar, on Feb 17, 2015, and March 22, 2017. The trial before Judge Azura Alwi is scheduled to resume on June 24.
Barnama
27-05-2025
- Politics
- Barnama
Key Witness In Lim Guan Eng's Corruption Trial Says He Only Spoke The Truth
KUALA LUMPUR, May 27 (Bernama) -- A key witness in former chief minister Lim Guan Eng's corruption trial testified at the Sessions Court today that he spoke only the truth regarding the alleged bribery in the major roads and undersea tunnel project in Penang. Datuk Zarul Ahmad Mohd Zulkifli, 66, former director of Consortium Zenith Construction Sdn Bhd (CZCSB), stated that the corruption did occur, supported by the substantial evidence and documents presented by the Malaysian Anti-Corruption Commission (MACC) during investigations. 'I was compelled to tell the truth. If I were to follow my heart, I would wish for YB Lim Guan Eng to win in this case, as I owe him a debt of gratitude. 'However, upon reviewing the evidence and documents, I could not deny that the offence indeed took place,' said the 23rd prosecution witness. He made this statement during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin in the RM6.3 billion corruption case involving Lim Guan Eng. Wan Shaharuddin: You informed the court that you were instructed to issue a press statement regarding the project, and that the contents of that statement were untrue, yet you proceeded to issue it. Is that correct? Zarul Ahmad: I did so to protect my project, to avoid escalating tensions with the then Chief Minister of Penang, Lim Guan Eng, and to safeguard his interests. Zarul Ahmad acknowledged that in the statement, he claimed the project was obtained transparently and without any criminal wrongdoing, which he admitted was false. Wan Shaharuddin: So you deliberately misled the people of Penang to protect Lim Guan Eng's image despite knowing your statement was untruthful?
New Straits Times
27-05-2025
- Politics
- New Straits Times
Penang undersea tunnel trial witness admits to lying to protect Guan Eng
KUALA LUMPUR: A key witness in Lim Guan Eng's corruption trial reiterated that he was simply telling the truth in court and was indifferent to whether the former Penang chief minister was guilty or not. Former Consortium Zenith Construction Sdn Bhd (CZCSB) director Datuk Zarul Ahmad Mohd Zulkifli said the bribes indeed took place as there was a lot of evidence and documents submitted by the Malaysian Anti-Corruption Commission (MACC) during its probe. "I had to speak the truth. If I followed my heart, I would want him (Lim) to win this case because I owe him a debt of gratitude. "However, during the investigation, I saw a lot of evidence and documents, and I could not deny that the incident actually happened," he said when testifying as the 23rd prosecution witness today. He said this during re-examination by deputy public prosecutor Datuk Wan Shaharuddin Wan Ladin at the trial involving the RM6.3 billion major roads and undersea tunnel construction project in Penang linked to Lim. Wan Shaharuddin: You told the court that you were asked to make a press statement (prior to the trial), and you said the contents of the statement were untrue, yet you still gave the statement. Zarul: I did it to protect my project because I did not want to worsen the situation with Lim at the time, and I wanted to protect him. According to Zarul, what was said in the press statement claimed the project was obtained transparently and with no criminal elements, but that was not true. Wan Shaharuddin: What you said at the time was not true and you lied to the people of Penang, yet you still wanted to protect Lim's image? Zarul: I truly owed him a debt of gratitude, and I followed his instructions because at that time he was serving as the finance minister. Lim is facing four charges of using his position as the then Penang chief minister to help Zarul's company secure the undersea tunnel project in return for gratification. He was accused of seeking 10 per cent of the profit to be made by the company. He was also accused of receiving RM3.3 million for himself and causing two plots of land belonging to the state government to be disposed of to two companies linked to the undersea tunnel project. The trial before Sessions Court judge Azura Alwi will resume on June 24.
