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New Straits Times
14-06-2025
- Business
- New Straits Times
Unexplained Covid-era spending raises question marks among rugby affiliates
KUALA LUMPUR: Malaysia Rugby (MR) affiliates have requested the national body conduct an internal audit on MR's financial report for 2023. The MR exco presented the 2023 accounts during its annual general meeting in Kuala Lumpur today (June 14) but was not approved by the majority of the 15 affiliates that attended. The heated AGM, which also discussed issues relating to national team programmes and domestic competitions, lasted almost five hours. Selangor Rugby Union (SRU) president Lim Yi Wei said the financial report for 2023 lacked detail and showed poor accounting practices. "The financial report has to be more detailed and must be substantiated with supporting documents," said Yi Wei. "They should explain in more detail, for example there are delayed payments made in 2023 for team (programmes) done in 2020 and 2021. "These were the Covid-19 years so we want to know what programmes these were. "I am hoping for an internal audit to be conducted so we can at least get some answers. Hopefully they can initiate the internal audit process soon within the next one or two months. "I am also hoping the financial report for 2024 will be much better as it (2024) falls under the current exco." MR rugby lost millions in an embezzlement case that occurred between 2019-2022. The Kuala Lumpur High Court recently ordered a former MR employee to pay the national body RM4.9 million in damages. The investigation into the case delayed the presentation of MR's financial reports from 2020 to 2023. The 2024 financial report can only be tabled once the 2023 report is approved. The current MR rugby exco was elected in December 2023. MR president Amir Amri Mohamad said the internal audit will be conducted once necessary information has been obtained. An extraordinary general meeting will be held to approve the financial report if the affiliates are satisfied with the findings from the internal audit. "Our treasurer Che Zulkarnain Abd Wahab will be speaking to the former treasurer and secretary to obtain more information about the accounts for 2023," said Amir. Che Zulkarnain said that retrieving detailed documentation regarding 2023 spending has been challenging and urged all parties to give their full cooperation.
Borneo Post
14-06-2025
- General
- Borneo Post
RM4.9 mln agricultural road project to improve access in Kpg Krusen Kranji, says Tebedu rep
Dr Sinang symbolically crosses the traditional Bidayuh bamboo bridge during the Gawai Nyisan Bunos at Awah Gawai N'Tangan Biriyak, Kampung Krusen Kranji on Friday. – Photo from Ukas SERIAN (June 14): A RM4.9 million agricultural road project will soon be implemented in Kampung Krusen Kranji, announced Tebedu assemblyman Dr Simon Sinang Bada. According to a Sarawak Public Communications Unit (Ukas) report, Dr Sinang said the new road will not only connect Kampung Krusen Kranji to the neighbouring villages of Krusen Siu and Krusen Mawang, but also provide much-needed access to farms and idle land previously difficult to reach. 'This project will provide road connectivity to farms and vacant land, as well as providing convenience to all landowners in the area. 'When ready, the Serian Resident's Office will be responsible for opening the tender,' he said at the 'Gawai Nyisan Bunos' (Gawai closing) at Awah Gawai N'Tangan Biriyak, Kampung Krusen Kranji on Friday. During the event, Dr Sinang also announced a government allocation of RM10,000 for the construction of a new public toilet at Awah Gawai N'Tangan Biriyak, which will support upcoming community programmes in the area. agricultural road project Dr Simon Sinang Bada Kampung Krusen Kranji
New Straits Times
12-06-2025
- Business
- New Straits Times
MR says High Court ruling is a relief after lengthy trial
KUALA LUMPUR: Former Malaysia Rugby (MR) staff member Murni Azlina Yurdeksi has been ordered by the High Court to pay RM4.9 million in damages to the national body. In its ruling on March 4, the court found Murni Azlina liable for breach of trust, fraud and conversion, and ordered her to pay RM4,923,468.07 within 14 days. An annual interest of five per cent was to apply from March 13, 2023, until the full amount is paid. The court also dismissed a counterclaim filed by Murni Azlina and ordered her to pay RM30,000 in legal costs. MR honorary secretary Fahmy Jalil said the decision brought relief after a lengthy trial and that the union could now focus on its administrative affairs. "The civil suit is over, but the criminal suit is still ongoing. We are glad the civil case is settled and hope to recover the funds, though it will be tough if she is declared bankrupt," said Fahmy. "The new MR executive committee has moved on from the missing funds. It was tough to run programmes without the money, but we have managed to raise funds and continued with what we had." In 2022, MR discovered that a substantial sum of money was allegedly siphoned from its bank account by an administrative staff member. It is alleged that the staff member, who handled MR's accounts, had forged the signatures of both the MR president and treasurer to make cash withdrawals dating back to 2019. Fahmy said MR had since strengthened its financial procedures to prevent similar incidents. "We used to have four bank accounts, but we've closed three and now only maintain one. We've also reduced cheque usage and switched to online banking, which allows for better monitoring of our funds," he said.
Barnama
29-05-2025
- Business
- Barnama
Ekuinas Committed Direct Investments Rose To RM4.9 Bln In FY2024
BUSINESS KUALA LUMPUR, May 29 (Bernama) -- Ekuiti Nasional Bhd's (Ekuinas) cumulative committed direct investment rose to RM4.9 billion in financial year 2024 (FY2024) from RM4.5 billion a year ago, with total economic capital deployed is RM5.6 billion. In a statement today, the government-linked private equity company said funds under management (FUM) increased by 19 per cent to RM5 billion. Its operating expenditure (OPEX)-to-FuM ratio remained steady at 1.1 per cent. The government-linked private equity company said the gross internal rate of return (GIRR) for Ekuinas Direct Tranche IV Fund was 38.9 per cent, while Tranche II Fund was 12.0 per cent. "Ekuinas Direct (Tranche III) Fund showed modest improvement with a GIRR of 1.6 per cent. Meanwhile, its outsourced programme reported GIRRs of 3.8 per cent (Tranche I) and -6.9 per cent (Tranche II)," it said. The earnings before interest, tax, depreciation and amortisation (Ebitda) of portfolio companies under Ekuinas Direct Funds grew by 3.3 per cent, rebounding from a 7 per cent contraction in 2023. UNITAR Education group recorded a soaring Ebitda of 77.2 per cent while Medispec (M) Sdn Bhd and Exabytes Capital Group achieved 48.7 per cent and 30.9 per cent Ebitda growth, respectively. "Ekuinas' headline achievement in FY2024 was the strategic divestment of a 50.2 per cent stake in ICON Offshore Bhd in March 2024. "Another key highlight was the roll-out of Ekuinas' RM800 million Private Credit Fund in November 2024 to provide shariah-compliant, highly bespoke and innovative financing to underserved mid-market businesses," it said. Chief executive officer Aliff Omar Mohamad Omar said the company sharpened its investment focus and unlocked meaningful value across portfolios.
New Straits Times
29-05-2025
- Business
- New Straits Times
Ekuinas posts solid FY2024 results, highlights strategic growth and impact
KUALA LUMPUR: Ekuiti Nasional Bhd (Ekuinas) reported a strong performance for the financial year ended Dec 31, 2024 (FY2024), underpinned by resilient portfolio growth, disciplined investment strategies, and impactful capital deployment. The firm's cumulative committed direct investments rose to RM4.9 billion, up from RM4.5 billion the previous year, while total economic capital deployed increased to RM5.6 billion. Funds under Management (FuM) grew by 19 per cent to RM5 billion, maintaining an efficient OPEX-to-FuM ratio of 1.1 per cent. "In a year marked by global economic headwinds, Ekuinas portfolio companies demonstrated resilience and growth. Despite ongoing volatility in global markets, we remained focused on disciplined execution and long-term value creation," said chief executive officer Aliff Omar Mohamad Omar. EBITDA for Ekuinas' Direct Funds portfolio rose 3.3 per cent in FY2024, recovering from a 7 per cent contraction in 2023. Among the top performers were UNITAR Education Group, which saw its EBITDA surge 77.2 per cent, fuelled by digital initiatives and higher international student intake; Medispec (M) Sdn Bhd, which recorded 48.7 per cent growth from strategic expansion; and Exabytes Capital Group, which achieved 30.9 per cent growth amid increased SME demand for cloud services. Fund performance remained solid, with Ekuinas Direct Tranche IV delivering a Gross IRR (GIRR) of 38.9 per cent, Tranche II at 12 per cent, and Tranche III showing modest improvement at 1.6 per cent. "FY2024 was a transformational year for Ekuinas. Against a volatile backdrop, we sharpened our investment focus and unlocked meaningful value across our portfolios. Our pivot into healthcare and pharmaceuticals reflects our confidence in resilient, high-growth sectors, as seen in our investment in Symbiotica," Aliff Omar said in a statement. A major milestone in FY2024 was the profitable divestment of its 50.2 per cent stake in ICON Offshore Bhd, realising over RM500 million in cumulative gains during its decade-long holding, one of the few profitable institutional exits in the volatile oil & gas sector. Ekuinas also broadened its portfolio with strategic investments in Symbiotica Speciality Ingredients (April 2024) and Mizou Holdings. In November 2024, the company launched an RM800 million private credit fund to provide Shariah-compliant, tailored financing solutions for underserved mid-market companies. The fund completed its first transaction in early 2025, further positioning Ekuinas as a multi-asset investor. Aliff Omar said Ekuinas sees strong potential in highly niche and innovative enterprises such as Mizou, with their proprietary technology supporting the palm oil sector, which is vital to the Malaysian economy. He added that with the new Private Credit Fund, the firm is now even better positioned to catalyse growth in Malaysia's dynamic mid-market segment. Meanwhile, Ekuinas delivered tangible social impact. As of Dec 31, 2024, the firm generated RM6.9 billion in Bumiputera equity creation (1.6x capital invested) and RM8.8 billion in total shareholders' value (2.0x capital invested). Additionally, portfolio companies saw a 28.4 per cent increase in Bumiputera management representation and a 13.2 per cent rise in Bumiputera employment across portfolio companies. Through its ILTIZAM CSR platform, Ekuinas disbursed RM15.3 million in 2024 for entrepreneurship, education, and community programmes, reaching over 17,000 beneficiaries nationwide.
