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Business Times
2 days ago
- Business
- Business Times
Stonepeak said to be in exclusive talks for RM9 billion buyout of Yinson
STONEPEAK Partners is in exclusive talks for a buyout of Yinson Holdings that may value the firm at as much as RM9 billion (S$2.73 billion), according to people with knowledge of the matter, in what could be one of the biggest deals in Malaysia this year. New York-based Stonepeak is teaming up with the Lim family, Yinson's founder and biggest shareholder, to take the Kuala-Lumpur-listed energy infrastructure company private, said the people, asking not to be identified because the discussions aren't public. The Lim family owned 26.6 per cent of Yinson as at May 30. Considerations are ongoing and there is no certainty a deal will be reached, the people said. Yinson's shares jumped as much as 14 per cent following the Bloomberg News report on the talks, the biggest intraday gain since June 2019. That cut the year-to-date loss from 20 per cent as at Thursday's close and lifted Yinson's market value to about RM6.5 billion. Representatives for the Lim family and Yinson declined to comment. Stonepeak didn't immediately respond to requests for comment. Founded in the 1980s as a transport and logistics firm, Yinson has since diversified into energy infrastructure, renewables and technology, its website shows. The company signed an agreement with a consortium of investors in January for a US$1 billion funding round for a unit that makes vessels used by the offshore oil and gas industry, Bloomberg News reported at the time. BLOOMBERG
The Sun
15-05-2025
- Politics
- The Sun
Rosmah's lawyer argues trial judge erred in refusing to recuse himself
PUTRAJAYA: The Court of Appeal was told today that the High Court Judge had erred in refusing to recuse himself from presiding over Datin Seri Rosmah Mansor's corruption trial involving the RM1.25 billion solar hybrid project in Sarawak. Counsel for Rosmah, Datuk Jagjit Singh, submitted that the then High Court Judge, Datuk Mohamed Zaini Mazlan (now elevated to the Court of Appeal), ought to have disqualified himself from hearing the case after he allegedly instructed the court's Research Unit to prepare a draft judgment prior to the delivery of his decision. 'The judge erred in dismissing the recusal application on the basis that the 71-page document or the two purported judgments were merely opinions by the Research Unit. 'The Research Unit would not have prepared the draft opinions if instructions were not specifically given. The research unit would not venture on a frolic of its own without instructions and directions,' he submitted before a three-member panel chaired by Justice Datuk Ahmad Zaidi Ibrahim, sitting with Justices Datuk Azman Abdullah and Datuk Noorin Badaruddin. Jagjit further submitted that the delegation of the preparation of a written judgment, whether in draft or final form, to the court's Research Unit on behalf of the judge was improper, unacceptable and gravely prejudiced his client. 'Therefore, the appellant (Rosmah) did not get a fair trial when her constitutional rights and liberty had been violated, thus resulting in a serious miscarriage of justice,' he said at the hearing of Rosmah's appeal to recuse Judge Mohamed Zaini from presiding over her solar case. On Sept 1, 2022, Rosmah Mansor, 73, failed in her bid to recuse Judge Mohamed Zaini Mazlan from presiding over her corruption trial, following allegations that a draft judgment in her case, purportedly prepared by a third party, had been leaked before its official delivery. On the same day, Rosmah was convicted on three charges of corruption in connection with the RM1.25 billion hybrid solar project in Sarawak. She was sentenced to 10 years imprisonment and a fine of RM970 million, in default 30 years in prison. However, she was granted a stay of execution on both the custodial sentence and the fine, pending the disposal of her appeal before the Court of Appeal. Rosmah was charged with one count of soliciting RM187.5 million and two counts of receiving RM6.5 million in bribes from former Jepak Holdings Sdn Bhd managing director, Saidi Abang Samsudin. The hearing is scheduled to resume on June 25.
The Sun
15-05-2025
- Politics
- The Sun
Rosmah's lawyer says judge erred by not recusing himself
PUTRAJAYA: The Court of Appeal was told today that the High Court Judge had erred in refusing to recuse himself from presiding over Datin Seri Rosmah Mansor's corruption trial involving the RM1.25 billion solar hybrid project in Sarawak. Counsel for Rosmah, Datuk Jagjit Singh, submitted that the then High Court Judge, Datuk Mohamed Zaini Mazlan (now elevated to the Court of Appeal), ought to have disqualified himself from hearing the case after he allegedly instructed the court's Research Unit to prepare a draft judgment prior to the delivery of his decision. 'The judge erred in dismissing the recusal application on the basis that the 71-page document or the two purported judgments were merely opinions by the Research Unit. 'The Research Unit would not have prepared the draft opinions if instructions were not specifically given. The research unit would not venture on a frolic of its own without instructions and directions,' he submitted before a three-member panel chaired by Justice Datuk Ahmad Zaidi Ibrahim, sitting with Justices Datuk Azman Abdullah and Datuk Noorin Badaruddin. Jagjit further submitted that the delegation of the preparation of a written judgment, whether in draft or final form, to the court's Research Unit on behalf of the judge was improper, unacceptable and gravely prejudiced his client. 'Therefore, the appellant (Rosmah) did not get a fair trial when her constitutional rights and liberty had been violated, thus resulting in a serious miscarriage of justice,' he said at the hearing of Rosmah's appeal to recuse Judge Mohamed Zaini from presiding over her solar case. On Sept 1, 2022, Rosmah Mansor, 73, failed in her bid to recuse Judge Mohamed Zaini Mazlan from presiding over her corruption trial, following allegations that a draft judgment in her case, purportedly prepared by a third party, had been leaked before its official delivery. On the same day, Rosmah was convicted on three charges of corruption in connection with the RM1.25 billion hybrid solar project in Sarawak. She was sentenced to 10 years imprisonment and a fine of RM970 million, in default 30 years in prison. However, she was granted a stay of execution on both the custodial sentence and the fine, pending the disposal of her appeal before the Court of Appeal. Rosmah was charged with one count of soliciting RM187.5 million and two counts of receiving RM6.5 million in bribes from former Jepak Holdings Sdn Bhd managing director, Saidi Abang Samsudin. The hearing is scheduled to resume on June 25.
New Straits Times
15-05-2025
- Politics
- New Straits Times
Draft judgment leak sparks bias claims in Rosmah case, says lawyer
PUTRAJAYA: All judgments must be written by the presiding judge and not by their research officers as this could undermine the integrity and independence of the judicial process, the Court of Appeal heard. Senior lawyer Datuk Jagjit Singh, who appeared for Datin Seri Rosmah Mansor, said this in his submissions to recuse a trial judge who convicted her in the case involving a RM1.25 billion solar energy project. Rosmah filed the application in 2022 to recuse then High Court judge Datuk Mohamed Zaini Mazlan who presided over her graft trial following the alleged leak of a draft judgment in the case. Jagjit, at the outset of today's hearing, argued that the draft of the written judgment was clearly prepared for the trial judge's reference. The senior lawyer said there was nothing wrong with judges having research officers but stressed that the judgment must ultimately be written by the judge, as it reflects his or her own reasoning and conclusions. "Once the conduct of any member of the judiciary is challenged, it becomes a grave matter of public concern. "During the course of the trial, two officers from the Research Unit were strategically located next to the defence counsel and taking down notes. "Why were they present? Who gave instructions for them to be present?" he said before a three-member panel led by judge Datuk Ahmad Zaidi Ibrahim. Other members of the bench were Datuk Azman Abdullah and Datuk Noorin Badaruddin. Jagjit said the Research Unit would not have prepared the draft opinions, if instructions were not specifically given. "The conduct of the trial judge created a scenario where there was a real danger of bias. The core value is that a judge must write their own judgment," he added. The hearing continues June 25. On Sept 1, 2022, Rosmah failed in her last ditch attempt to disqualify Zaini from presiding over her corruption trial. She had filed the recusal appeal application over the publication of a purported leak in judgment on her case. She was sentenced to 10 years' jail on each of the three corruption charges involving the RM1.25 billion project to supply solar hybrid energy to rural schools in Sarawak. Zaini also ordered Rosmah to pay a fine of RM970 million, in default 10 years' jail. She was ordered to serve the sentences concurrently. However, Rosmah was granted a stay of execution pending her appeal. Rosmah was charged with soliciting RM187.5 million from former Jepak Holdings Sdn Bhd managing director Saidi Abang Samsudin, through her then aide Rizal Mansor, as an inducement to help the company secure the project. She was also accused of two counts of receiving bribes amounting to RM6.5 million from Saidi between 2016 and 2017. Her trial started in 2020 and was held over 42 days of hearing, with 23 prosecution and two defence witnesses, including Rosmah herself. Rosmah's case started on Feb 5, 2020, and Zaini ordered her to enter her defence on Feb 18, 2021. The defence closed its case on Feb 23, 2021. The prosecution was led by the late lead prosecutor Datuk Seri Gopal Sri Ram, assisted by deputy public prosecutors Ahmad Akram Gharib, Mohamad Mustafa P. Kunyalam and Poh Yin Tinn.
Malaysian Reserve
07-05-2025
- Automotive
- Malaysian Reserve
Malaysia's general insurance grew 6.9% in 2024
THE nation's general insurance (GI) industry posted a commendable 6.9% year-on-year (YoY) growth in gross written premiums (GWP) in 2024, reaching RM23.1 billion. The growth was primarily driven by a recovery in vehicle sales and sustained activity in infrastructure-related projects. However, rising claims and cost pressures eroded profitability, with underwriting profit declining by 11%. Despite ongoing global economic headwinds — including persistent trade tensions and inflationary pressures — the local insurance sector demonstrated resilience. According to the General Insurance Association of Malaysia (PIAM), growth was particularly strong in the motor, fire, marine, aviation and transit (MAT) segments, supported by renewed domestic demand and industrial expansion aligned with the national economic framework. Motor, Fire Lead, Profitability Under Pressure Motor insurance continued to dominate the GI market, registering a 6.7% increase in premiums, equivalent to RM651.1 million in new business. This was bolstered by a 2.1% rise in new vehicle registrations in 2024, according to the Malaysian Automotive Association (MAA). However, profitability in the segment was squeezed by higher repair costs, increased Sales and Service Tax (SST), and a spike in accident claims. Net claims incurred in the motor segment rose by 18.8% over five years to RM6.5 billion in 2024. Fire insurance, the second-largest premium contributor, expanded by 5.8% or RM258.5 million. The increase was attributed to a 4.9% rise in average premiums, reflecting higher material and reconstruction costs. Despite mounting reinsurance expenses and a rise in weather-related incidents, Fire remained profitable, with a Net Claims Incurred Ratio (NCIR) of 34.1%. Health Insurance Grows Medical and Health Insurance (MHI) saw a 10% jump in premiums last year, even as average premium levels dropped by 12.5%. However, the NCIR in this segment remained elevated at 68.3%, underlining the persistent challenge of medical cost inflation. 'If premium levels are not managed moving forward through industry-wide initiatives, the industry could face future headwinds in sustaining profitability and managing risks within this class,' PIAM said in the statement. Other standout performers included personal accident insurance (+14.8%) and MAT (+14.2%), while the liabilities segment also grew 8.1% due to expanding public and business liability exposures. Notably, the contractor's all-risk and engineering (CARE) segment under the miscellaneous class surged 141.6% over five years, reflecting renewed momentum in infrastructure projects nationwide. Investment Income Cushions Profitability The industry's NCIR rose from 53.7% in 2022 to 57.6% in 2024, largely due to deteriorating motor claims, which made up 60.9% of 2024's net earned premium. Nevertheless, the industry maintained a healthy combined ratio of 93.4%, suggesting continued operational efficiency. Investment income proved crucial, contributing 60% of total operating profits, while net commission ratios stayed stable at 10.4%. Looking ahead, PIAM projects a sustained growth trajectory in 2025, anchored by Malaysia's solid economic fundamentals. 'GI industry remains on a steady growth path,' the statement said, with strategic focus shifting toward sustainable underwriting, electric vehicle (EV) insurance innovation and building resilience against climate-related risks. Bank Negara Malaysia (BNM) has forecast continued GDP growth through 2026, supported by consumer spending, investment and export recovery. However, insurers will need to contend with rising inflation, driven by fuel subsidy reforms and SST expansion, and an expected increase in medical cost inflation from 15% in 2024 to 16.4% in 2025 — significantly above the Asia-Pacific average of 10%. — TMR
