Latest news with #RM910
The Star
6 days ago
- Politics
- The Star
No credible proof of Jho Low's location or passport use, says Home Minister
KUALA LUMPUR: There is no credible proof supporting a report that fugitive financier Low Taek Jho, also known as Jho Low, is in China or using an Australian passport, according to Home Minister Datuk Seri Saifuddin Nasution Ismail. He stated that the report about Low's location and the passport he allegedly used is not backed by credible evidence or facts. "The Home Ministry, through the police, is cooperating closely and continuously with our foreign counterparts and international authorities to track down Low. "So far, the report alleging where he is and the passport he is supposedly using are not supported by credible proof. It remains only a report by the portal," he told reporters after visiting the National Scam Response Centre (NSRC) on Thursday (July 24). He was commenting on a report by investigative outlet Brazen, which claimed that Low is reportedly living in China using a forged Australian passport under a Greek alias. The publication, co-founded by former Wall Street Journal reporters Bradley Hope and Tom Wright, claims Low is residing in a luxury neighbourhood in Shanghai under the name "Constantinos Achilles Veis" on the fraudulent passport. In response to the report, Australia's Foreign Affairs and Trade Department (FATD) issued a statement warning that passport fraud is a serious offence under Australian law. "The Australian Passport Office specialist investigators and intelligence officers assess every allegation of fraudulent use of Australian passports," a FATD spokesman said. The use of a false Australian passport is an offence under the country's passport legislation, with convicted offenders facing up to 10 years in jail, a fine of up to A$330,000 (about RM910,500), or both. FATD added that it could not comment on individual cases because of privacy laws. Low, who has consistently denied wrongdoing, is wanted by multiple jurisdictions, including Malaysia, the United States, and Singapore, for his role in siphoning an estimated US$4.5bil (RM21bil) from the sovereign fund. Former prime minister Datuk Seri Najib Razak has been in prison since 2022 after being convicted of corruption and money laundering linked to the scandal. Prime Minister Datuk Seri Anwar Ibrahim responded cautiously to the latest claims, saying, "We have no information, we are yet to receive anything." "Let me check. I've read the media reports. I need to verify with the home minister,' he was quoted as saying by Bernama. The Brazen report also comes amid long-standing international efforts to bring Low to justice.
The Star
22-07-2025
- Politics
- The Star
Bringing 'Achilles' to heel: Portal claims Jho Low in China under fake Aussie passport, Greek alias
KUALA LUMPUR: Fugitive Malaysian financier Jho Low, the alleged mastermind behind the multibillion-ringgit 1Malaysia Development Berhad (1MDB) scandal, is reportedly living in China using a forged Australian passport under a Greek alias, according to investigative outlet Brazen. He is said to be using the name "Constantinos Achilles Veis" on the fraudulent passport. The publication, co-founded by former Wall Street Journal reporters Bradley Hope and Tom Wright, who were pivotal in uncovering the 1MDB corruption network, claims Low is residing in a luxury neighbourhood in Shanghai. Responding to the report, Australia's Department of Foreign Affairs and Trade (DFAT) issued a statement warning that passport fraud is a serious offence under Australian law. 'The Australian Passport Office specialist investigators and intelligence officers assess every allegation of fraudulent use of Australian passports,' a DFAT spokesman said. The use of a false Australian passport is an offence under that country's passport legislation, with convicted offenders facing up to 10 years' jail, or a fine of up to A$330,000 (about RM910,500), or both. DFAT added that it could not comment on individual cases because of privacy laws. Low, who has consistently denied wrongdoing, is wanted by multiple jurisdictions, including Malaysia, the United States and Singapore, for his role in siphoning an estimated US$4.5bil (RM21bil) from the sovereign wealth fund. Former prime minister Datuk Seri Najib Razak has been in prison since 2022 after being convicted of corruption and money laundering linked to the scandal. Prime Minister Datuk Seri Anwar Ibrahim responded cautiously to the latest claims, saying he "we have no information, we are yet to receive anything." "Let me check. I've read [the media reports]. I need to verify with the home minister,' he was quoted as saying by Bernama. The Brazen report also comes amid long-standing international efforts to bring Low to justice. In 2019, the US Department of Justice reached a settlement with him to recover US$1bil, but he remains a wanted man. Authorities previously seized the superyacht Equanimity, which was allegedly purchased with stolen 1MDB funds. The vessel was later sold for US$126mil, and the proceeds returned to Malaysia. The use of forged Australian passports has raised concerns in the past. In 2010, Australia expelled an Israeli diplomat after Mossad agents used fake Australian documents in an assassination operation. To enhance document security, Australia introduced the R Series passport in 2023, which DFAT says has advanced security features to deter counterfeiting and forgery.
The Sun
29-05-2025
- Business
- The Sun
Life Water diversifies beyond beverages with acquisition of sauce and condiment maker Twinine
PETALING JAYA: Life Water Bhd, a Sabah-based beverage manufacturer, has signed an agreement to acquire 100% equity interest in Twinine Sdn Bhd, a well-established sauce and condiment manufacturer, for RM10.5 million. The acquisition marks Life Water's first major diversification beyond beverages, strengthening its footprint in the broader fast-moving consumer goods (FMCG) sector. Founded over 35 years ago, Twinine has established a strong presence on the west coast of Sabah, part of Sarawak and in Brunei, with a consistent financial track record. The company recorded revenues of RM8.6 million in both FY22 and FY23, as well as an unaudited revenue of RM8.5 million in FY24, alongside a three-year average net profit of RM910,000. The strategic move enables Life Water to leverage its existing logistics and distribution network, thereby accelerating market penetration for Twinine's products. 'This acquisition is a natural extension of our FMCG portfolio. With overlapping distribution touchpoints and similar consumer demographics, we see significant cross-selling opportunities and operating synergies. More importantly, our network gives us the ability to broaden Twinine's reach across Sabah, especially into the east coast region, further strengthening its market presence,' Life Water managing director Liaw Hen Kong said in a statement. Growth plans include introducing two production shifts at Twinine's facility to boost output in line with demand, as well as exploring a new manufacturing site at Kota Kinabalu Industrial Park to support long-term expansion in East Malaysia. Twinine's founder will remain with the company for a two-year transition period to ensure continuity and provide guidance on growth strategies, including the development of the new facility. The acquisition is expected to contribute positively to Life Water's earnings. The acquisition coincides with the release of Life Water's third-quarter ended March 31, 2025 (Q3'25), in which it reported a net profit of RM6.48 million. The group recorded RM43.12 million in revenue, a 0.95% increase from the preceding quarter, supported by seasonal demand for carbonated and fruit drinks. The drinking water segment remained the largest contributor, accounting for 82.6% of total revenue. Life Water posted a gross profit of RM19.52 million, with a margin of 45.3%, while profit before tax stood at RM8.11 million, reflecting a margin of 18.8%. While margins moderated quarter-on-quarter due to the implementation of the minimum wage policy and temporary operational inefficiencies from expansion initiatives, the group remains confident in its long-term earnings resilience. For the nine months, Life Water reported revenue of RM128.42 million and a net profit of RM20.97 million, translating to a 16.3% margin. The group's new Keningau plant commenced operations in early 2025, adding 59 million litres of annual production capacity and bringing total drinking water capacity to 448 million litres per annum. The Sandakan Sibuga Plant 1 is commissioning a new manufacturing line, expected to begin operations in the second half of 2025, which will add 178 million litres of capacity and increase total annual production to 626 million litres, representing a 40% increase. Life Water continues to pursue a two-pronged strategy of organic expansion and strategic diversification. With the Twinine acquisition, Life Water is now well positioned to capture synergies across multiple FMCG segments, while reinforcing its core strength in beverage manufacturing. As Sabah's consumer landscape continues to evolve, Life Water remains optimistic about its growth trajectory in the current financial year and beyond.
New Straits Times
29-05-2025
- Business
- New Straits Times
Life Water buys Sabah's Twinine for RM10.5mil in FMCG expansion
KUALA LUMPUR: Beverage manufacturer Life Water Bhd is acquiring Sabah-based sauces and condiments maker Twinnie Sdn Bhd for RM10.5 million, as it seeks to expand its portfolio in the fast-moving consumer goods (FMCG) sector. The group has entered into a share sale agreement to acquire 100 per cent equity interest in Twinine via cash. This marks its first major diversification beyond beverages and is expected to contribute positively to group earnings. Founded over 35 years ago, Twinine has a strong presence in the West Coast of Sabah, parts of Sarawak, and Brunei. It recorded audited revenue of RM8.6 million in 2022 and 2023, and unaudited revenue of RM8.5 million for 2024, with a three-year average profit after tax of RM910,000. Managing director Liaw Hen Kong said that with overlapping distribution touchpoints and similar consumer demographics, the group sees significant cross-selling opportunities and operational synergies. "This acquisition is a natural extension of our FMCG portfolio. Our network gives us the ability to broaden Twinine's reach across Sabah, especially into the East Coast region, further strengthening its market presence," he said in a statement. Life Water plans to introduce two production shifts at Twinine's facility to boost output in line with demand, and is exploring a new manufacturing site at Kota Kinabalu Industrial Park to support long-term expansion. Twinine's founder will remain with the company for a two-year transition period. For the third quarter ended March 31, 2025, Life Water recorded a net profit of RM6.48 million on revenue of RM43.12 million. Cumulatively, the group posted RM20.97 million in net profit and RM128.42 million in revenue for the nine-month period. There were no year-on-year comparisons provided, as this is the group's third interim financial report following its listing on the Main Market of Bursa Malaysia. Life Water said its production capacity expanded in early 2025 with the commissioning of its new Keningau plant, adding 59 million litres to its annual output. This brought total drinking water capacity to 448 million litres per year. Another facility, the Sandakan Sibuga Plant 1, is expected to add 178 million litres by end-2025, raising capacity to 626 million litres — a 40 per cent increase. The group said it remains optimistic about its growth prospects in the current financial year and beyond, as it continues to pursue both organic expansion and strategic diversification.
The Star
28-05-2025
- Business
- The Star
Sedania returns to the black in 3Q on all-time high revenue of RM22.57bil
Sedania Innovator managing director and founder Datuk Azrin Mohd Noor KUALA LUMPUR: Sedania Innovator Bhd is focusing on its sustainable FMCG and sustainable consumer technology segments to close the gap towards achieving its full-year financial targets. The group swung to the black in its third financial quarter ended March 31, 2025, with a net profit of RM135,000. This compares to a net loss of RM2.7mil in the year-ago quarter. It posted its highest-ever quarterly revenue of RM22.57mil compared to RM14.71mil in the previous corresponding quarter. Over the nine months period, Sedania's net loss widened to RM910,000 from a net loss of RM546,000 in 9MFY24. Revenue rose to RM60.23mil in 9MFY25 from RM40.31mil over the same period in the previous year. "We are entering an inflection point in our growth journey,' said Sedania managing director and founder of Datuk Azrin Mohd Noor in a statement. 'This quarter's performance reflects not just tactical execution, but the deep-rooted trust we are building with conscious consumers across the globe. "It reaffirms that our decision to prioritise our key revenue driver, our sustainable FMCG arm — with sustainability, wellness and focused brand-building efforts at the core — is resonating well with the market.'
