Latest news with #RM90
Barnama
7 hours ago
- Barnama
Fake Currency, Crime Items Worth Over RM700,000 Disposed Of
KUALA LUMPUR, July 25 (Bernama) -- Brickfields police have disposed of case items worth RM721,239, including counterfeit US dollars linked to a foreign exchange fraud syndicate, with items dating back as far as 2017. Brickfields District Police Chief ACP Ku Mashariman Ku Mahmood said the disposal involved 124 completed criminal and commercial crime investigation papers. 'A total of 47,906 criminal case items with an estimated value of RM630,565 were disposed of, while commercial crime cases accounted for 1,325 items valued at RM90,674,' he told a press conference at the Brickfields District Police Headquarters here today. Among the items disposed of were RM9,833 in cash and large quantities of seized goods, including those linked to gambling, unlicensed entertainment outlets, prostitution and illicit massage centres. Ku Mashariman berkata antara kes itu melibatkan seorang warga asing yang terlibat dalam penipuan pertukaran wang pada tahun lepas dan suspek menggunakan USD400,000 wang palsu untuk memperdaya mangsa yang mahu menukar mata wang. Ku Mashariman said one of the more notable cases involved a foreign national who carried out a currency exchange scam last year. The suspect had attempted to deceive a victim by using USD400,000 in counterfeit currency. 'We arrested the suspect and seized USD400,000 in fake banknotes. He was charged in court, sentenced to 15 months' imprisonment, and will be deported to his home country,' he said. He added that the main purpose of the disposal exercise was to ensure that all case items are lawfully destroyed in accordance with legal provisions, to reduce storage burden and to minimise the risk of theft from long-term storage.
The Star
14 hours ago
- The Star
Over RM90,000 worth of counterfeit watches, smartphones seized in Sibu raids
SIBU: Counterfeit watches and smartphones valued at more than RM90,000 have been seized in two separate raids on business premises around Sibu. The raids, at about 11am on Thursday (July 24), were carried out by 12 enforcement officers from Domestic Trade and Cost of Living Ministry's Sibu branch with the cooperation of representatives from trademark-owning companies. Sibu Domestic Trade chief Kelyn Bolhassan said the enforcement operation resulted in the seizure of counterfeit watches worth RM48,312 and smartphones and accessories of various brands estimated at RM41,856. "This operation was carried out under Section 102(1)(c) of the Trademarks Act 2019, which prohibits the possession or control of goods bearing falsely applied trademarks for the purpose of trade," he said in a statement on Friday (July 25) He added that the ministry is committed to cracking down on counterfeit products in the market to ensure consumer rights are safeguarded. "Traders are reminded to always comply with the law. We will continue to work closely with trademark owners and other agencies to protect both consumers and intellectual property rights," Kelyn said. Under the Trademarks Act 2019, individuals found guilty may be fined up to RM10,000 for each counterfeit item, imprisoned for up to three years, or both. Companies may be fined up to RM15,000 for each wrongly trademarked item. KPDN urged the public to report any suspected business misconduct through the Ez ADU mobile app, via the website, or by contacting the Sibu branch directly through phone, email, WhatsApp, or by visiting the office in person.
The Star
4 days ago
- The Star
Sibu police nab pair responsible for series of housebreaking
SIBU: Police have arrested a 47-year-old man believed to be responsible for several shopbreaking incidents around Sibu dating back to June 2025, with damages and losses estimated at RM90,082. Investigations also led to the arrest of a second suspect, aged 53, believed to be the buyer of stolen goods. A raid on his residence resulted in the recovery of stolen items worth about RM45,000, said Sibu OCPD Asst Comm Zulkipli Suhaili in a press conference on Monday (July 21) Both men are currently in remand and are being investigated under Sections 457 and 411 of the Penal Code. Section 457, for housebreaking by night, carries a maximum sentence of 14 years' imprisonment and may include a fine or whipping. Section 411, which deals with dishonestly receiving stolen property, carries up to five years' imprisonment, a fine, or both. Preliminary findings suggest that the suspects mainly targeted offices and commercial premises, typically breaking in during the night when the buildings were unoccupied. In a separate case, police arrested a 39-year-old man on July 3, believed to be behind a string of snatch thefts involving jewellery. Zulkipli said the suspect allegedly acted alone and primarily targeted elderly women, approaching them on a motorcycle before fleeing with their jewellery. 'Following the arrest, we have successfully solved at least eight snatch theft cases. The total value of items stolen is estimated at RM10,500,' he said. The suspect is being held in remand until July 21 and is being investigated under Section 392 of the Penal Code for robbery. If convicted, he faces up to 14 years in prison and may also be fined or whipped. ACP Zulkipli praised his officers for their swift action and urged the public to assist police efforts by sharing any information related to criminal activity. "Together, we can maintain the peace and security of our district," he said.
Malaysian Reserve
5 days ago
- Business
- Malaysian Reserve
Frozen inheritance assets in Malaysia surpass RM90b
UNCLAIMED or frozen inheritance assets in Malaysia have exceeded RM90 billion, despite ongoing fiscal reforms and economic recovery efforts. This reflects serious gaps in estate planning and inheritance management, with stagnant wealth preventing asset circulation, disrupting family investments and widening the economic divide across generations. Shariah lawyer Nurul Ai Li Baharuddin told Utusan Malaysia that the unclaimed assets consist of land, savings, shares and residential properties while many of which remain tied up for years due to unresolved claims. She said a significant number of these cases involve Muslim families, where heirs often delay or avoid initiating the legal process due to family disputes, lack of documentation and uncertainty around procedures. 'Delayed distribution of inheritance directly affects family welfare. Heirs are unable to live in, sell or leverage the assets for education, investment or business,' she said. In low-income households, the situation is more pressing, with rightful beneficiaries sometimes forced to rent or vacate homes owned by deceased family members due to administrative obstacles. The lack of awareness and planning through legal instruments such as wills or 'hibah' further contributes to the growing volume of unclaimed assets, especially when individuals die without formal inheritance documentation. Citing data from the Department of Shariah Judiciary Malaysia, Nurul Ai Li said over 70,000 unresolved cases related to Islamic inheritance have been recorded in Shariah courts nationwide over the past decade. These include cases involving 'faraid' distribution, small estate claims, and delayed execution of wills or hibah, often hindered by manpower shortages in the courts, high caseloads and heirs failing to attend proceedings. She noted that many heirs mistakenly assume that being named as a nominee gives them full ownership, when in fact nominees are responsible for managing and distributing the estate according to 'faraid' or mutual agreement. To address these challenges, Nurul Ai Li proposed a series of legal and administrative reforms, including the integration of jurisdictions across the Small Estate Office, civil courts and Shariah courts, an expanded role for AmanahRaya Bhd and the adoption of digital platforms such as e-Pusaka to streamline the inheritance claim process. — TMR
New Straits Times
5 days ago
- Business
- New Straits Times
Why Malaysia's debt isn't the problem but misunderstanding it is
IN Kuala Lumpur, a quiet yet consequential shift is taking place in how Malaysia talks about its national debt. After years of loud warnings and political alarmism - much of it framed in simplistic terms about trillions of ringgit and looming bankruptcy - the government is beginning to reframe the conversation. And it's about time. Recently, Prime Minister Anwar Ibrahim made headlines by pointing out that Malaysia's new annual borrowings are actually on a declining path: RM100 billion in 2022, RM90 billion in 2023, RM85 billion in 2024 and a projected RM80 billion in 2025. To some, this might sound like spin. After all, total debt is still rising. But that misses the point. What the Prime Minister is signaling, without perhaps saying it directly—is that fiscal management is not about avoiding debt; it's about managing it smartly over time, especially in a country that has neither a retirement age, nor an expiry date. Too often, government debt is misunderstood through the lens of personal finance. The average Malaysian is familiar with home loans, car loans, and credit card debt, and when they hear that national debt has crossed RM1.25 trillion, the instinct is to panic. But a country isn't a household. It doesn't die. It doesn't retire. In fact, if managed well, a nation grows more productive and wealthier over time. That's why all modern economies carry debt - not as a sign of recklessness, but as a tool for strategic investment and long-term growth. What's dangerous isn't the size of Malaysia's debt in ringgit - it's how that number is politicised, decontextualised and misread. Remember the political storm a few years ago when critics claimed the country was heading toward bankruptcy at RM686 billion? That narrative has not stood the test of time because it was never grounded in fiscal reality to begin with. What matters more than any absolute number is Malaysia's deb-tto-GDP ratio, a metric that captures not just what is owed, but how well the country can pay it back. The post-pandemic fiscal landscape makes this all the more urgent. Like every nation, Malaysia took on extraordinary debt during the Covid-19 crisis to keep the economy alive and people afloat. Between 2009 and 2019, new borrowings averaged RM44 billion a year. By 2022, that number surged to RM100 billion. The government did what it had to do. Now, as the storm clouds begin to lift, the real work begins, not to slash debt overnight which would stall the recovery but to steer it gradually toward sustainability. This is where the Prime Minister's signal matters. Reducing new borrowings year by year is a prudent strategy, not a gimmick. It's like shifting down gears on a winding mountain road - slow, steady, and controlled. But even smart strategies need clear goals. That's why some economists are calling on Putrajaya to go one step further: announce a formal debt-to-GDP target and a timeline to get there. Better yet, pass the long-awaited Fiscal Responsibility Act to anchor future decisions in law, not just politics. According to Tan Sri Professor Noor Azlan Ghazali, who heads the Malaysian Inclusive Development and Advancement Institute (Minda-UKM), if Malaysia can maintain annual GDP growth of 5.0 per cent while reducing new borrowings by five per cent each year, projections show its debt-to-GDP ratio could fall to 54.6 per cent by 2038. That's a number the rating agencies and foreign investors would take seriously. It also gives Malaysians something to hold their leaders accountable to. After all, without targets, fiscal policy becomes just another "maybe." Noor Azlan explains that there's a broader truth hiding in plain sight here: zero debt is not the goal. In fact, for a developing country trying to climb the technological and green energy ladders, zero debt is a trap. The real question is not whether Malaysia should borrow, but what it borrows for, how it pays it back, and whether it's building a future or just patching holes. What's needed now is a new kind of fiscal literacy, one that treats national debt less like a household budget and more like what it truly is: an economic steering wheel. That means recognising that even cough syrup, if taken all at once, can be toxic. Taken properly, in measured doses and with the right guidance, it heals. So here's the challenge: Can Malaysia manage its debt like a doctor would prescribe medicine carefully, deliberately and with an eye on the long-term prognosis? If it does, it just might turn today's fiscal anxiety into tomorrow's competitive edge. *The writer is an economist, adjunct lecturer at Universiti Teknologi Petronas, international relations analyst and senior consultant with Global Asia Consulting. The views expressed here are his own.
