Latest news with #GRS
Yahoo
a day ago
- Business
- Yahoo
Eurofins Assurance India achieves sustainable textiles accreditation
Eurofins Assurance India's certifications focus on the verification of organic and recycled content in textiles, enhancing supply chain transparency, and supporting community development initiatives. The IOAS, after a thorough evaluation process, has endorsed several Eurofins Assurance locations for their compliance with GOTS and Textile Exchange standards. The Indian office is now among those authorised to certify textiles under these globally recognised programmes, which aim to enhance sustainable practices, ensure traceability of organic and recycled materials, promote transparency, and support community development. Eurofins Assurance is set to offer certifications for various standards in Asia and Europe, including GOTS and Textile Exchange's Global Recycled Standard (GRS), Organic Content Standard (OCS), Recycled Claim Standard (RCS), and Content Claim Standard (CCS). The firm also has plans to expand its coverage area in the future. Last month, nonprofit Global Standard, which manages GOTS, disclosed a 5.2% growth in the number of certified facilities during 2024. By the end of that year, there were 15,441 facilities across 87 countries holding a GOTS certification, with oversight from 26 authorised certification bodies. In light of the recent roll-out of Version 7.0 of the standard, efforts have commenced to develop GOTS Version 8.0. A Standard Revision Committee has been formed to guide this process. The upcoming version is currently undergoing its initial public consultation phase. Clients worldwide will benefit from its upcoming digital platform, Impact Trace, said Eurofins Assurance. This tool is designed to simplify the certification process by allowing customers to manage bookings, upload documents, track certification status, and access audit reports and Transaction Certificates all in one centralised location. Eurofins Assurance serves a global clientele that includes brands, retailers, suppliers, and corporations from various sectors such as fashion, consumer goods and cosmetics. It provides services ranging from audits and certifications to inspections and tailored solutions. In 2023, the Eurofins Assurance network was also designated as a Higg Facility Environmental Module (FEM) Trainer Body by the Sustainable Apparel Coalition (SAC), further solidifying its role in promoting environmental stewardship within the apparel industry. "Eurofins Assurance India achieves sustainable textiles accreditation" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Focus Malaysia
a day ago
- Business
- Focus Malaysia
Sabah's GRS gov't steps up accountability with RM1.97b lawsuit against global audit giant EY
THE Sabah state government under Gabungan Rakyat Sabah (GRS) is continuing to signal a firmer commitment towards transparency and accountability in managing state institutions. Towards this end, the Sabah Development Bank (SDB), one of the state's most important financial institutions, has filed a RM1.97 bil lawsuit against global audit giant Ernst & Young (EY), alleging negligence in its audit work between 2017 to 2022, sources told FocusM. According to court documents sighted by FocusM, EY is accused of failing to detect serious financial irregularities during its audits, contributing to the accumulation of more than RM2.2 bil in non-performing loans (NPLs) and substantial losses for SDB. Initiated after an internal review under the Sabah leadership, the lawsuit marks a decisive step by the GRS administration to address long-standing financial problems at the bank. The case also represents a broader effort to safeguard public funds and reinforce integrity across government-linked institutions. In its statement of claim, SDB outlined 17 key points of alleged audit negligence by EY, including: Failure to detect over RM2.2 bil in NPLs Weak internal controls and failure to identify credit risks Reliance on outdated collateral valuation reports which lead to asset misstatements Audits conducted without professional scepticism Use of 'creative accounting' to mask financial weaknesses through loan 'evergreening' practices EY is also accused of having been aware of the true extent of asset impairments since 2017 but failing to advise SDB to make appropriate provisions, allegedly to maintain a positive financial image for the bank in order to support its bond and market borrowings. Clamping down on mismanagement On July 10 last year, State Finance Minister Datuk Masidi Manjun disclosed in the State Legislative Assembly that as of May 2023, a staggering 75% of SDB's RM6.6 bil loan portfolio had turned non-performing or impaired. He revealed that the former management had engaged in 'creative accounting' whereby new loans were issued to delinquent borrowers to repay old debts, thus masking the true extent of the NPL problem. Between 2017 and 2022 alone, the previous leadership allegedly 'fabricated' RM580 mil in book profits by recycling credit and recording unpaid interest as paper gains. Worse, many loans were approved without proper due diligence, allowing unqualified borrowers to tap into public funds. The bank's bond-driven funding model also worsened its liabilities as repayments fell short of bond maturities, thus forcing SDB to borrow further just to stay afloat. While financial mismanagement of this scale would once have been quietly buried, the present administration has chosen transparency. 'Cleaning up the dirt' The move comes as part of a wider approach under Chief Minister Datuk Seri Hajiji Noor's leadership. Based on new report, several individuals, including GRS assemblymen, are expected to be charged in court soon over alleged misconduct involving state-issued mining licenses. Throughout that investigation, the Sabah state government has publicly committed to giving full cooperation to the Malaysian Anti-Corruption Commission (MACC) with no political interference. The MACC has since clarified that the Chief Minister was not among those under investigation, and enforcement officials acknowledged the state's openness during the probe. Together, these developments point to a shift in Sabah's political and administrative culture that prioritises public accountability over political convenience. In SDB's case, EY was continuously appointed as external auditor by the previous state governments. However, it was only after the GRS government took over the state administration and new management was appointed at SDB that the true scale of the losses was uncovered. Since assuming oversight of SDB in mid-2023, the GRS administration has taken steps to overhaul the bank's governance. The bank was formally placed under the Chief Minister's Incorporation and the State Treasury with the new board launching sweeping reforms. These include a full internal audit, re-classification of loans in line with Bank Negara Malaysia (BNM) standards and legal action against 43 NPL borrowers. Professional recovery agencies have been engaged with the board targeting the recovery of RM1 bil in NPLs annually over three years. In the first year alone, SDB recovered RM1.9 bil in legacy loans from government-linked companies (GLCs) while reducing the bank's bond obligations from RM5 bill to RM3.3 bil. In early 2024, SDB rejected RM1.5 bil worth of new loan applications after stricter credit reviews, signalling a renewed focus on financial discipline. Very broadly, this lawsuit sends a clear message that even large corporate players will be held accountable if public interests are harmed. It also underscores the expectation that auditors, banks and other state-linked entities must meet higher governance standards going forward. Looking ahead, the GRS-led government is expected to pursue further improvements to financial oversight across state agencies and government-linked companies. The ultimate aim is to prevent a repeat of past failings, ensure stronger protections for public funds and build public confidence in Sabah's key institutions. As the state continues to focus on economic development, job creation and investor confidence, this latest move shows that governance reforms remain a key part of the agenda. – June 19, 2025 Main image credit: Sabah Development Bank's website
The Star
a day ago
- Politics
- The Star
Sabah polls: BN's central, state leaders in sync, says Zahid
BANGI: Barisan Nasional chairman Datuk Seri Dr Ahmad Zahid Hamidi has dismissed claims by certain quarters that there is discord between the central and state BN leadership ahead of the upcoming Sabah state election. The Deputy Prime Minister said the leaderships remained aligned in principle and were merely conducting coordination efforts in preparation for the state polls. "Upon review, I found that sometimes statements (by central and state BN leaders) are taken out of context. There are no differences in principle between the state's stance, especially Umno and BN, and the central leadership's position. "We frequently hold negotiations and discussions (regarding preparations for the Sabah state election)," he said at a press conference after officiating the National Community Development Department (Kemas) Educators' Day at the national level here Thursday (June 19). Meanwhile, Ahmad Zahid, who is also Umno president, said that Pakatan Harapan need not act as a "bridge" to connect BN and Gabungan Rakyat Sabah (GRS) for the upcoming state election. "This is because BN and PH are in agreement. Our decision is to open doors to other parties and coalitions (for cooperation). "This matter is currently in the pipeline. I don't think a bridge or any other channel is necessary, God willing, we will engage in broader negotiations beyond GRS," he said. - Bernama
Malay Mail
a day ago
- Politics
- Malay Mail
Sabah MP warns against ‘local vs national' rhetoric, calls for focus on results ahead of state polls
KOTA KINABALU, June 19 — Sabah DAP MP Datuk Chan Foong Hin has cautioned against the rising political rhetoric that divides parties into "local" and "national" blocs, calling it a 'false dichotomy' that oversimplifies Sabah's political dynamics as the 17th state election (PRN17) approaches. Chan noted that localism has always been a key element of Sabah's political identity, but one that has coexisted with national coalitions over time. 'It's not fair to divide parties as either 'local' or 'national.' Leaders from so-called national parties are Sabahans too. They've been here, working on local issues and championing rights under the Malaysia Agreement 1963 (MA63),' he said. His comments come as Gabungan Rakyat Sabah (GRS) mulls its election strategy amid tensions with Pakatan Harapan (PH) and Barisan Nasional (BN) and growing sentiment that Sabah should be led by a purely local bloc. 'Pakatan Harapan has UPKO, a local party. BN has PBRS. These are Sabah-rooted organisations. And many of us in DAP and PKR are Sabahans ourselves. So how do we say what's 'local' and what's not?' Chan reflected on his decision to join politics in 2007 when most local parties were under the BN coalition. 'I believed in reform and in fighting for justice across Malaysia. That's why I joined DAP. We've stood up for Sabah in Parliament many times. You can't lump all national parties into one box and call them oppressors,' he said. He warned that using the 'Sabah for Sabahans' narrative as a political campaign tool risks dividing communities and misrepresenting governance structures. 'This sentiment is stirred up for political reasons. But the truth is, even local parties like GRS and Warisan compete with each other. It's not a clear-cut local vs national fight — it's about delivery, not slogans,' he said. Chan added that no party, whether local or national, can effectively fight for Sabah's rights without maintaining a cooperative relationship with the federal government. 'With Pakatan in the state government now, we've resolved 13 MA63 issues so far. Only four remain: the 40% net revenue return, the Continental Shelf Act, one-third parliamentary representation, and stamp duty revenue rights. 'All of these are complex and require meaningful negotiation with the federal level. That doesn't change no matter who wins the election,' he said. Chan also pointed out that civil servants handle the technical groundwork while politicians set policy directions, underscoring the need for collaboration. 'People forget that. These documents and discussions are handled by the bureaucracy. Politicians come and go, but the federal system remains. If you're serious about Sabah's rights, you work with it — not against it,' he said. While acknowledging perceptions that Sarawak has been more successful in securing federal concessions, Chan said this was not due to a stronger local identity but rather effective strategy and communication. 'One example is Sabah's longstanding control over its ports, which has been preserved and recognised. Sarawak, on the other hand, recently 'regained' control over theirs. 'Sarawak always tells a good story. They're very public about their achievements. Sabah takes a softer approach. That doesn't mean we've done less,' he said. Chan concluded that the focus should be on results, not labels. 'At the end of the day, what matters is who gets the job done,' he said.
Daily Express
a day ago
- Business
- Daily Express
PBS confident of retaining Matunggong for GRS
Published on: Thursday, June 19, 2025 Published on: Thu, Jun 19, 2025 Text Size: Julitah posing for a photo with Dr Joachim and other leaders at the event. MATUNGGONG: Matunggong Parti Bersatu Sabah (PBS) is confident of defending its constituency in the coming 17th state election, with party machinery and members remaining united and prepared for any eventuality. Matunggong PBS Division Chief Datuk Julita Majungki, who is also PBS Secretary-General cum Assistant Finance Minister I, expressed confidence that the party and Gabungan Rakyat Sabah (GRS) coalition can retain the seat if they remain united. Advertisement 'Elections can happen anytime within the next three to four months. If we stay united and prepared, I believe we can maintain our victory,' she said in her policy speech at the PBS Matunggong PBS Division's 40th annual general meeting held at Dewan Terbuka Pekan Matunggong, recently. The meeting was officiated by PBS Acting President Datuk Seri Dr Joachim Gunsalam. Julita said PBS's struggle remains relevant and based on its original principles. She said as a 40-year-old local party, PBS continues to champion the rights of Sabah's people and the state, particularly through the Malaysia Agreement 1963 (MA63) framework. 'We must remember that the spirit of demanding MA63 rights, which was once seen as an act of defiance, has now become the main agenda of many parties, including those who once opposed this effort,' she said. She urged the public to be wise in their assessment and not be deceived by those who are eloquent speakers but have a record of betrayal. Julita regards GRS as the best platform for Sabahans, reflecting the State's political maturity in forming a local coalition that no longer depends entirely on external powers. She pointed out the State's economic achievements under GRS, with State revenue jumping to RM6.4 billion in 2023 compared to RM4.4 billion in 2021 - a 44-per cent increase resulting from policies implemented under the Sabah Maju Jaya (SMJ) roadmap. Key GRS initiatives include the SMJ Rumah Mesra Programme, Sentuhan Kasih Rakyat (Syukur) and the Sabah People's Insurance Scheme, with 80 SMJ houses allocated to Matunggong. Under the Syukur scheme, RM300 monthly assistance has been distributed to selected families since early this year, while the Sabah People's Insurance Scheme offers protection to all Sabah MyKad holders for injuries and permanent disabilities due to accidents. Julita detailed PBS Matunggong's achievements based on five main pillars implemented since the 16th State Election, namely education, infrastructure, economy, socio-culture and inter-racial relations. She said a total of RM475,000 was allocated for student development through excellence incentives and school assistance. Three new kindergartens built in Kg. Panikuan, Tuid and Lotong, with air conditioning installed in three school halls. 'Two new longhouse blocks completed in Kg Toporoi, 60 SMJ houses handed over to residents with 20 more in progress. 'Over 200 village road and agricultural road construction and upgrade projects implemented since 2023 with more than RM43 million allocation through State and Federal government cooperation,' she said. Additional projects include construction of 10 shop units, Matunggong town community hall, and implementation of Indarason Pata-Rondomon and Teringai road projects by the Public Works Department. A total of 281 land grants issued in 2022, while the 2,169.7-hectare Safoda land issue is being resolved through cooperation with LUC and related agencies. Julita dismissed allegations that she sold Safoda land as cheap slander, saying that resolution is ongoing for the people's benefit. She also noted that the study to upgrade Matunggong sub-district to full district status has been completed, including the master plan for Matunggong town development. PBS Matunggong has also helped build and repair non-Islamic places of worship through Adun allocations and special State Government provisions. She expressed appreciation for Dr Joachim's attendance despite his busy schedule, describing his presence as great moral support for grassroots party members. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
