Latest news with #RM7.5
Hype Malaysia
5 days ago
- General
- Hype Malaysia
Remaining Highland Towers To Be Demolished For Up To RM7 Million?
One of Malaysia's most haunting landmarks may finally meet its end, over three decades after tragedy struck. The notorious and tragic Highland Towers in Hulu Keang, Selangor. Known for the collapse of Tower Block 1 in the heavy rain, which took 48 lives in 1993. Once a symbol of upscale living, the now-abandoned complex has long stood as a ghostly reminder of the past, drawing concern from nearby residents and urban explorers alike. Over the years, safety risks and community complaints have reignited calls for its demolition, raising the question: what should become of this scarred site? A decision on whether the two remaining Highland Towers blocks can be demolished is expected in two months, with the Ampang Magistrate Court scheduled to deliver its verdict on July 25. The Ampang Jaya Municipal Council (MPAJ), which filed for a court order last year, has been actively pursuing the clearance of the abandoned structures after years of inaction and public concern. According to MPAJ deputy president Hasrolnizam Shaari, the council must wait for the court's ruling before proceeding with any demolition work. 'Once the court delivers its verdict, MPAJ has to inform the state government. Only after receiving the state government's input can MPAJ move forward,' he said during the council's monthly full board meeting held at Menara MPAJ, Pandan Indah. In light of the repeated complaints from nearby residents, the council began the process of demolishing the remaining blocks. MPAJ president Dr Ani Ahmad had stated that demolition notices would be issued to the property owners and that the process would follow Sections 87, 88, and 89 of the Street, Drainage and Building Act 1974 (Act 133) — laws that relate to public nuisances and buildings unfit for habitation. While the cost of demolition would cost a pretty penny of RM6 million and RM7 million, the abandoned blocks could be transformed into a public recreational park, according to stalled plans from 2018 by then Housing and Local Government Minister Zuraida Kamaruddin. Should the court grant approval and the Selangor state government give the green light, MPAJ will finally be able to proceed with the long-delayed demolition. What comes after remains unclear, but residents and urban planners alike hope it will bring closure and new opportunities for the community. If the court and state government approve, MPAJ can finally proceed with demolishing the long-abandoned Highland Towers blocks — a move many hope will bring closure and spark new possibilities for the site. At the same time, the council is advancing wider urban upgrades with RM7.5 million allocated for local infrastructure and an additional RM25 million from state and federal sources to support roadworks, public amenities, and pedestrian-friendly projects, reflecting a broader push for people-focused development in the area. What would you do with the Highland Towers? Source: The Star Gan contributed to this article. What's your Reaction? +1 0 +1 0 +1 0 +1 0 +1 0 +1 0
Borneo Post
7 days ago
- Business
- Borneo Post
Sarawak allocates RM13.5 bln to Regional Development Agencies for 1,571 projects
Uggah says that as of April 2025, 82 projects or nine per cent had been completed and that the remaining 819 projects or 91 per cent were in various stages of implementation. – Ukas photo KUCHING (May 28): Sarawak has provided an allocation of RM13.5 billion to all nine Regional Development Agencies in the state with each agency receiving an allocation of RM1.5 billion, said Deputy Premier Datuk Amar Douglas Uggah Embas. The State Minister of Finance and New Economy II said of the RM13.5 billion, RM7.5 billion was allocated under Sarawak's annual budget to finance the implementation of 901 development projects under the supervision of the five Regional Development Agencies. 'Among them are the Sri Aman Development Agency (SADA), Betong Division Development Agency (BDDA), Rajang Delta Development Agency (RADDA), Greater Kuching Development Coordinated Agency (GKCDA), and Mid Rajang Regional Development Agency (MiRRDA). 'Of the total, 894 projects are physical projects, while seven are non-physical projects,' he added when delivering his winding-up speech for the ministry at the State Legislative Assembly sitting, today. He said that as of April 2025, 82 projects or nine per cent had been completed and that the remaining 819 projects or 91 per cent were in various stages of implementation. In addition, he also said RM6.0 billion has been allocated under Alternative Financing for projects under the supervision of regional development agencies. 'These include the Northern Regional Development Agency (NRDA), the Highland Development Agency (HDA), the Upper Rajang Development Agency (URDA), and the Integrated Samarahan Regional Development Agency (IRSDA). 'To date, a total of RM3.19 billion has been spent with 601 projects completed,' he said. Uggah said Sarawak had established various Regional Development Agencies to bridge the development gap between urban and rural areas and accelerate infrastructure development throughout Sarawak. The initiative, he said, was implemented through a bottom-up approach in project planning and implementation. Regarding the performance of project implementation under Alternative Financing, Uggah said that this year the Sarawak Government had allocated a total of RM8.12 billion for the implementation of 1,571 projects. 'As of April 2025, a total of RM1.11 billion or 14 per cent of the total allocation has been spent,' he said. He said that of the total, 1,514 projects were categorised as physical projects while 57 projects were non-physical. 'To date, 974 projects or 61 per cent have been completed, while the remaining 597 projects or 39 per cent are in various stages of implementation,' he said. Uggah said in total, a total of RM16.0 billion has been spent until April 2025 for the implementation of major development projects throughout Sarawak. douglas uggah DUN regional development agencies
Malaysiakini
26-05-2025
- Business
- Malaysiakini
Unaddressed subsidy leakages could result in significant economic liabilities, says economist
Subsidy leakages severely undermine economic efficiency and fiscal discipline, potentially leading to major liabilities if not addressed, according to an Lim Thye of Universiti Malaya noted that in the short term, these leakages can cause direct revenue losses, weakened impact of fiscal transfers and a decline in credibility in public spending. 'In the long-run, these leakages create systemic distortions: they entrench rent-seeking behaviour, reduce incentives for energy efficiency, and delay the necessary shift towards a more targeted, sustainable subsidy framework. 'Without reform, subsidies risk becoming politically entrenched fiscal liabilities rather than tools for equitable development,' he told FMT. Leakages erode trust and widen inequality Another economist, Madeline Berma of Institut Masa Depan Malaysia, said leakages also fuel public distrust, particularly when unqualified recipients benefit from government subsidies. 'Subsidy leakages can also potentially exacerbate income inequality which also creates opportunities for corruption and rent-seeking behaviour,' she added. She said that while reforms have been implemented, Malaysia is still grappling with leakages and has yet to entirely eliminate them. However, she noted that the government's move to rationalise diesel subsidies in June last year had led to significant decrease in leakages. Rationalisation efforts show promising results Earlier this month, the government ended price controls on eggs and reduced subsidies from 10 sen to 5 sen per egg, with full removal set for Aug 1. The agriculture and food security ministry said prolonged price controls and subsidies were unsustainable in the long term for both local egg producers and the country's fiscal health. It said rationalising subsidies was the fairer approach, as subsidies are currently also enjoyed by foreign nationals and high-income groups. 'By resetting the system and using technology to monitor eligible recipients, the government has saved RM7.5 billion without harming those genuinely in need of subsidised diesel,' said economist Geoffrey Williams. He said success in tackling leakages not only saves money for more meaningful public spending, but also eliminates the broader disadvantages of subsidy-related corruption. The funds saved could be redirected to for health services, education, and social protection, encouraging a return of public trust 'It cuts out all the disadvantages of subsidies and removes market distortions, creating a more competitive, agile and efficient system,' he said. The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini. Interested in having your press releases, exclusive interviews, or branded content articles on Malaysiakini? For more information, contact [email protected] or [email protected]
New Straits Times
23-05-2025
- Business
- New Straits Times
Barakah Offshore shares crash over 80pct after delisting notice
KUALA LUMPUR: Shares of Barakah Offshore Petroleum Bhd plunged more than 80 per cent to rock bottom, following news that the financially troubled oil and gas services firm faces a trading suspension and potential delisting from Bursa Malaysia. The counter opened at two sen before collapsing 83.33 per cent to half a sen by 9.20am, with 13.4 million shares traded, its highest volume in at least six months. The sell-off came after Barakah announced yesterday that Bursa Malaysia had rejected its application for more time to submit a regularisation plan under the Practice Note 17 (PN17) classification. Barakah has been classified as a PN17 company since 2019, after defaulting on payments to EXIM Bank related to a pipelay vessel. The company has now been given until May 30 for the trading suspension to take effect, with its securities set to be delisted on June 4 unless an appeal is submitted and approved by Bursa. In October 2024, Barakah had proposed a regularisation plan involving a RM195 million capital reduction, a three-into-one share consolidation and a private placement of 62.5 million new shares to its executive chairman to raise RM7.5 million. However, the plan was later withdrawn following a RM78.8 million adjudication award in Barakah's favour, prompting a reassessment of its restructuring strategy. Despite the award, the group remains in a precarious financial position. For the financial year ended June 30, 2024, Barakah reported accumulated losses of RM133.76 million, short-term borrowings of RM52.05 million, and a negative operating cash flow of RM13.36 million.
Borneo Post
19-05-2025
- Politics
- Borneo Post
Nizam rebukes Suhaimi over emotional rhetoric and unanswered RM7.5 billion question
Nizam KOTA KINABALU (May 19): Assistant Minister to the Chief Minister of Sabah, Datuk Haji Nizam Abu Bakar Titingan, has issued a firm rebuttal to recent comments by Libaran member of parliament Datuk Suhaimi Nasir, accusing him of being overly emotional and ignoring key issues of public accountability. Nizam thanked Suhaimi for what he described as 'closely monitoring' his actions, suggesting that his name still held enough influence to provoke strong reactions. 'Clearly, my name carries enough weight to elicit an angry and emotional tone — a sign that the truth, however bitter, unsettles those with vested interests,' said Nizam. In response to Suhaimi's remark urging him to 'look into the mirror,' Nizam retorted, 'Sometimes the mirror itself is cracked, and what one sees is merely the shadow of unresolved political grudges. Perhaps that is why he fails to distinguish between fact and sentiment.' The Apas assemblyman acknowledged his past involvement in government but dismissed any accusation of hypocrisy. 'I do not deny once being part of the government, and I do not hide my record. The difference is, I did not reappear after two decades of silence pretending to be as pure as a white cloth. I continued to serve and stay with the people — not just re-emerge to shape perceptions,' he said. Nizam also took issue with Suhaimi's reference to being 'grateful to Umno,' calling such a mindset outdated. 'I am unsure if he is still trapped in 1990s-style politics, where positions were seen as party gifts instead of a mandate from the people. I wish him a speedy recovery from that nostalgic delusion,' he added. He criticised Suhaimi for indirectly casting aspersions on current Sabah cabinet members, who he said were working together to rectify mistakes made by previous leaders, including those from Umno. 'This is a textbook example of spitting into the wind,' Nizam remarked. Central to Nizam's response was a demand for accountability regarding the RM7.5 billion in federal funding for basic infrastructure projects during the Umno-led administration. 'My question remains unanswered: What happened to the RM7.5 billion in basic infrastructure funds during the Umno era? So far, it has only been met with emotion, not data.' Nizam concluded by calling for mature leadership and constructive contributions. 'Sabah does not need politicians who get offended when criticized. Sabah needs those who can accept criticism, work quietly, and deliver results — not long essays filled with metaphors, sarcasm, and nostalgia for lost seats.' 'If Datuk Suhaimi and the current Sabah Umno leadership truly wish to change and leave behind the burdens of the past, then start by contributing — not attacking. And if dramatics are necessary, at least ensure the script is logical and the characters are not contradictory.' Nizam currently serves as the Information Chief of Parti Gagasan Rakyat Sabah, a component of the Gabungan Rakyat Sabah government.
