Latest news with #RM6.6bil
The Star
14 hours ago
- Politics
- The Star
'Inexcusable': AGC must answer for repeated DNAAs in high-profile corruption cases, says C4
PETALING JAYA: The Attorney General's Chambers (AGC) must be held accountable for its repeated failures in a number of high-profile court cases that have ended in a discharge not amounting to an acquittal (DNAA), says the Centre to Combat Corruption and Cronyism (C4). It said the recent pattern of flawed prosecutions involving political figures that ended in a DNAA showcased a possible significant deep-rooted institutional incompetence within the prosecutorial office. 'These are not normal criminal cases; they implicate corruption involving some of the most powerful political figures in the country, and as such, should be treated with the highest priority. 'It is inexcusable that DNAAs keep being granted on the basis that the AGC had failed to adhere to basic procedures, which are part of any criminal prosecution. 'Not only were they simply not prepared for this case that has been in progress for 6 years, they did not even object to the DNAA,' it said in a press statement on Friday (June 20). This comes after former prime minister Datuk Seri Najib Razak was granted a DNAA for three counts of money laundering involving RM27mil linked to SRC International Sdn Bhd by the High Court on Friday (June 20). C4 said Najib's newest DNAA joins a long list of recent similar failures by the AGC in court, including Najib and former treasury secretary-general Tan Sri Mohd Irwan Serigar Abdullah being granted a DNAA in the RM6.6bil criminal breach of trust case linked to payments to the International Petroleum Investment Company (Ipic) in November last year. Another recent high-profile case involved Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, who was granted a DNAA for all 47 graft charges involving Yayasan Akalbudi funds on Sept 4, 2023. C4 also questioned the lack of any attempts by the AGC to publicly address its repeated failures in high-profile court cases, adding that it was sowing public distrust in the government and judiciary. 'Why have there been no public attempts to remedy this or address these prosecutorial failures? 'This lack of accountability only serves to deepen public distrust, erode confidence in the rule of law, and reinforce the perception that justice in Malaysia is neither independent nor equal,' it added. It also called on the AGC to publicly commit to refiling the charges for all cases where political figures have received a DNAA as soon as possible.
The Star
20-05-2025
- Business
- The Star
SunCon posts stellar quarterly showing
SunCon said the earnings growth was driven mainly by the construction segment's accelerated execution of DC projects. KUALA LUMPUR: Sunway Construction Group Bhd (SunCon) more than doubled its revenue and net profit in its first quarter (1Q25), driven by strong momentum in data centre (DC) and infrastructure projects, and expects sustained growth for the full year. Backed by a RM6.6bil order book and an active tender pipeline, SunCon remains confident, especially in the advanced technology facilities segment. The group has completed one DC project and is managing five ongoing projects for major multinational clients. 'While recent reports have highlighted that several global technology firms are scaling back or deferring certain DC investments across various regions, including Asean, we are pleased to report that progress at our project sites remains robust,' it noted in a recent filling. 'Likewise, our DC tender pipeline remains healthy, with several new bids released in recent weeks.' Furthermore, it said 'recent indications from the US administration to potentially revoke or revise earlier AI chip export restrictions are expected to improve market sentiment and support continued infrastructure investments'. Still, the group said it is not overly reliant on DCs, with ongoing bids in public and private sectors – including the Penang Light Rail Transit (LRT), Penang International Airport expansion, and industrial facilities – along with a steady pipeline of in-house jobs from parent Sunway Bhd . In Singapore, where over 90% of its precast sales are tied to Housing Development Board (HDB) projects, SunCon said demand remains solid. It said the HDB is targeting over 50,000 build-to-order (BTO) flat launches from 2025 to 2027. Beyond HDB developments, SunCon said its precast division has also secured two DC jobs and is expanding into industrial builds. 'Barring unforeseen circumstances, including material price fluctuations, the group is optimistic of registering positive growth for financial year 2025 based on our existing order book,' SunCon said. For 1Q25, SunCon's revenue more than doubled to RM1.4bil from RM604.8mil a year earlier. Net profit also surged, rising over two-fold to RM75.72mil from RM32.4mil in 1Q24, translating to an earnings per share of 5.87 sen versus 2.51 sen previously. SunCon said the earnings growth was driven mainly by the construction segment's accelerated execution of DC projects. It said the precast segment saw revenue and profits moderate, reflecting prior year peak deliveries and ongoing project transitions. SunCon has declared a first interim single-tier dividend of five sen per share, payable on June 25. Meanwhile, in a separate filing, SunCon said its wholly-owned subsidiary Sunway Construction Sdn Bhd (SCSB) had entered into a sales and purchase agreement with Sunway Enterprise (1988) Sdn Bhd – an indirect wholly-owned subsidiary of Sunway Bhd – to dispose of construction machinery and equipment for RM8.68mil. SunCon said the proposed disposal is part of a strategic initiative to refocus on high-value project delivery and core construction competencies. SunCon said the disposal is expected to result in a gain of about RM1.3mil, with net proceeds to be used for the group's general working capital. Separately, SunCon also announced that its subsidiary, SCSB, had accepted a letter of award from K2 Strategic Infrastructure Malaysia Sdn Bhd for the final stage of a DC development project in Johor. The Stage 3 general contractor package, valued at RM260mil, brings the total contract sum for the project to RM392.7mil.
The Star
20-05-2025
- Business
- The Star
Eversendai secures RM1.3bil in contracts
KUALA LUMPUR: Eversendai Corp Bhd has secured three projects in UAE, India and Singapore with a combined value of RM1.3bil, it announced to the stock exchange today. With the inclusion of these projects, the group's oustanding order book has risen to a record RM6.6bil. In the UAE, Eversendai Offshore has secured a project from Dragados Offshore S.A.U., Spain, for the fabrication of structural steel for the offshore converter blocks (topside) for the LanWin2, BalWin3 and LanWin4 offshore grid connection projects in Germany. The offshore grid connection systems LanWin2, BalWin3 and LanWin4 are part of TenneT's 2GW programme, which sets new standards in offshore grid infrastructure and doubles the existing transmission capacity of offshore grid connection systems. Eversendai said the blocks for the three topsides - which will be executed at the fabrication facility in Ras Al Khaimah in the UAE - will be delivered progressively by December 2027. Meanwhile, Eversendai in India has secured the Chennai International Airport's Phase II modernisation project, focused on significantly expanding the airport's capacity. It said the terminal 2 extension will add around 1.2 million square feet of space to the terminal buildings. Lastly, Eversendai has secured a contract for the construction of the New Science Centre in Singapore, with the composite building consisting of truss, columns, and beams from Level 2 to roof. "The scope for all these projects includes engineering, connection design, shop drawings, steel material supply, fabrication, delivery, erection of structural steel work," said the group.
