Latest news with #RM1.7mil
The Star
5 days ago
- The Star
Company manager loses over RM1.7mil to investment scam
JOHOR BARU: A 67-year-old company manager has lost more than RM1.7mil to a bogus online investment promising daily returns of up to 10%. Johor police chief Comm Datuk M. Kumar said the victim came across the scheme in April. "His mobile phone number was added to a WhatsApp group named 'C-10 Freeman Saham 17'. 'The group promoted a stock investment scheme that claimed to offer daily returns of 5% to 10%, based on market performance. "Enticed by the promise of high profits, the man began making fund transgers,' he said here on Tuesday (June 17). Comm Kumar added that from April 16 to May 30, the victim made 12 bank transfers totalling over RM1.7mil to five bank accounts believed to be controlled by a syndicate. 'However, the victim did not receive any of the promised returns. Instead, he was told to pay another RM500,000 to 'unlock' his earnings. 'The repeated requests for more payments raised the victim's suspicions. He eventually realised it was a scam and filed a police report on Thursday (June 12),' he said. Comm Kumar added that the case was being investigated under Section 420 of the Penal Code for cheating. He reminded the public to be cautious and not fall for investment offers found on social media, especially those that promise quick and guaranteed profits. 'Verify the legitimacy of investment opportunities with the relevant authorities such as Bank Negara Malaysia, the Securities Commission, or the police before making any financial transactions,' he said. Comm Kumar also urged the public to use the "Semak Mule" service, which allows users to check if a bank account or phone number has been linked to scams before proceeding with any payments. He said increased public awareness of commercial crime trends was vital to avoid falling victim. 'Stay informed about the latest scam tactics by following the official social media accounts of the police Commercial Crime Investigation Department on Facebook, Instagram and TikTok,' he added. He urged the public to take responsibility for staying alert and informed, as scammers are constantly revising their tactics.
The Star
5 days ago
- Politics
- The Star
Gerik bus tragedy: RM1.7mil raised through KPT Prihatin fund
TANJONG MALIM: The Higher Education Ministry has raised RM1.7mil through the Prihatin Fund to support the victims and families affected by the Gerik bus tragedy, which resulted in the deaths of 15 students from Universiti Pendidikan Sultan Idris (UPSI). Higher Education Minister Datuk Seri Dr Zambry Abd Kadir said the funds collected were contributions from 40 public and private higher learning institutions which included polytechnics and community colleges, as well as contributions from various other sources such as state government agencies, financial institutions and corporate bodies. He said the special fund managed by UPSI will be distributed to recipients in stages and that so far, RM371,000 from the total RM1.7mil has already been disbursed to affected students and their families. "The RM1.7mil will be given to the families of the victims, and I leave it to the secretariat led by the UPSI Vice-Chancellor (Prof Datuk Dr Md Amin Md Taff) to manage the fund. "The higher learning institutions have mobilised their students, staff, and others to contribute," he told reporters after the Tahlil Perdana ceremony for the bus tragedy victims at Dewan Tuanku Canselor UPSI here on Monday (June 16) night. Also present were Perak Menteri Besar Datuk Seri Saarani Mohamad, Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar, Deputy Higher Education Minister Datuk Mustapha Sakmud, and Perak Education, Higher Education, Youth, and Sports Committee chairman Khairudin Abu Hanipah. Zambry also donate a month's salary of his ministership to the fund, demonstrating solidarity with the compassion shown by Malaysians. Meanwhile, Md Amin said the KPT Prihatin Fund, is expected to close this Friday (June 20). "Once we conclude the donation drive, the remaining funds will be given directly to the families. Thank you to everyone for your support. We aim to finalise this process within the week," he said. UPSI's Corporate Communications Division said the Tahlil ceremony attracted some 5,000 students, staff members and residents. At the event, Zambry also received mock cheques from contributing parties, including participating universities and corporations such as Syarikat Takaful Malaysia, Malaysian Takaful Association, Lumut Port, Etiqa Takaful, Hong Leong Takaful, and several banking institutions. In the June 9 incident, 15 UPSI students were killed when a chartered bus ferrying them from Jertih, Terengganu, to their main campus in Tanjong Malim, Perak, was involved in an accident with a Perodua Alza MPV along the East-West Highway near Tasik Banding, Gerik. The crash also injured 33 others, including the bus driver and assistant, as well as the driver and three passengers of the MPV. - Bernama
The Star
04-06-2025
- Business
- The Star
Energy Commission disposes of seized goods worth over RM1.7mil
PUTRAJAYA: The Energy Commission has disposed of 2,933 seized items valued at over RM1.7mil following investigations into various offences related to electrical safety and usage. According to the commission, the disposal carried out on Tuesday (June 3) involved seizures from cases in Perlis, Kedah and Penang that led to 21 investigation papers resolved through court rulings and compounds. Of the total, 16 involved electrical accidents, four were electricity theft cases, and one was for the use of illegal electrical equipment. "The disposal process was conducted at a licensed metal disposal centre in Balakong, Selangor, and was witnessed by our Enforcement and Regional Operations director Ismail Zaili Yusop, and Investigation Unit deputy director Nik Mohd Bakhry Abu Bakar,' it said in a statement on Wednesday (June 4). It added that the disposal process was carried out according to instructions from the prosecution under Sections 406A and 413 of the Criminal Procedure Code (Act 593). The commission also stressed that the disposal was conducted in an environmentally responsible manner through the appointment of a company licensed by the Environment Department (DOE) to handle e-waste management. This process complies with the Environmental Quality Act 1974 and the Environmental Quality (Scheduled Waste) Regulations 2005, it added. "The management of seized goods also involves the separation of scheduled waste, recyclable materials and regular waste. Suitable items are sent to legitimate buyers and appropriate recovery facilities according to the waste categories,' it said. The commission said this integrated approach reflects its ongoing commitment to law enforcement while supporting environmental conservation. – Bernama
The Star
02-06-2025
- Business
- The Star
Global condom market growth lifts Karex's outlook
PETALING JAYA: Analysts expect the global condom market to grow faster than the global economy, driven by rising sexual health awareness, a shift from government to private sector procurement and greater eCommerce adoption. This is expected to bode well for condom maker Karex Bhd , said Kenanga Research. 'This trend favours large, innovative manufacturers like Karex, which is well-positioned to capture more market share, high-value condom and lubricant orders through its diverse product portfolio, regulatory reach, and strong environmental, social and governance credentials. 'While near-term sales may be affected by evolving tender commercial dynamics, the group sees medium-term growth opportunities – particularly its higher margin synthetic condoms and lubricant products, which are gaining traction in key markets.' For its third quarter of financial year ended March 31, 2025 (3Q25), Karex's net profit dipped to RM5.09mil from RM6.02mil in the previous corresponding quarter, while revenue improved to RM135.72mil from RM127.05mil a year earlier. In a filing with Bursa Malaysia, Karex said the higher revenue was primarily due to stronger sales of both condoms and personal lubricants during the quarter. 'Despite the increase in sales, the implementation of minimum wage increases in Thailand and Malaysia, heightened logistics costs stemming from trade disputes and less favourable foreign-exchange rate movements resulted in a decrease in profitability. 'As a result, the 3Q25 profit before tax of RM6.6mil represented a decrease of RM1.7mil in comparison to the corresponding quarter in the previous financial year,' it said. For the nine-month period of financial year ended March 31, 2025 (9M25), Karex's net profit dropped to RM9.67mil from RM18.6mil, while revenue fell to RM377.63mil from RM383.93mil a year ago. Kenanga Research said 9M25 net profit fell short of expectations, accounting for only 47% of its forecast and 52% of consensus estimates. 'A five sen dividend was declared for the quarter, unchanged year-on-year.' Despite the improved outlook, the research house lowered the company's financial year 2025 (FY25) and FY26 net profit forecasts by 32% and 16%, respectively, to RM14mil and RM38mil after incorporating the weak 3Q25 results. It also reduced its margin assumptions to align with the prevailing trends. Correspondingly, it lowered its target price by 16% to 90 sen from RM1.07 previously, with an unchanged targeted FY26 price-to-earnings ratio (PER) of 25 times. 'This represents a 20% premium to the average historical five-year forward PER of its international peers to reflect its dominant market position and strong growth prospects.'
The Star
07-05-2025
- The Star
Local cops foil plot to kidnap Chinese boy
Compiled by C. ARUNO, FAZLEENA AZIZ and R. ARAVINTHAN A TEENAGER from China was believed to have been kidnapped by his fellow countrymen in Malaysia but was rescued thanks to the efforts of the Malaysian police, reported China Press. The 18-year-old, whose surname is Ye, from China's Guangdong province, was reportedly studying information technology in Singapore. According to Ye's parents, for reasons unknown to them, their son had travelled to Johor Baru from Singapore on April 30 and ended up being abducted. The parents said they received a message on May 2 showing a video of their son being beaten up by a group believed to be Chinese nationals. One of the men asked them for a ransom of 500,000 yuan (RM290,000) for the safe release of their son. A few hours later, the kidnappers sent another video of Ye being beaten up again. They threatened to kill Ye and sell his organs if the parents did not pay them three million yuan (RM1.7mil). The parents, both based in Dubai, rushed to Malaysia and made a police report with the help of a local businessman. Police launched an interstate operation and arrested a 23-year-old suspect from China at the Penang International Airport departure hall. The police also managed to locate Ye in Kulim, Kedah, and rescued him. The above articles are compiled from the vernacular newspapers (Bahasa Malaysia, Chinese and Tamil dailies). As such, stories are grouped according to the respective language/medium. Where a paragraph begins with a, it denotes a separate news item.
