Latest news with #RM6mil
The Star
a day ago
- Business
- The Star
Highway graft probe: MACC records Tan Sri's statement for over seven hours
KUALA LUMPUR: A Malaysian Anti-Corruption Commission (MACC) investigation team vehicle was seen leaving the residence of a businessman with the title Tan Sri after recording his statement for more than seven hours, Sinar Harian reports. The Malay language daily reported that MACC recorded the individual's statement to assist in investigations related to the misappropriation of funds from a sukuk for a highway project. A car carrying two investigation officers was seen departing from the location at approximately 4:30pm Thursday (June 19). Earlier, the MACC investigation team arrived at the residence at around 9:10am to record the individual's statement. Observations revealed that the residence area was still under tight security by auxiliary police officers, including the installation of barricade cones to prevent the public from approaching the location. On Monday (June 16), MACC chief commissioner Tan Sri Azam Baki reported that the recording of the individual's statement under investigation would continue Thursday. This is the third time the investigation team has taken statements, following similar actions on June 11 and 12. Previously, the MACC seized domestic assets totaling RM141mil and is currently tracing overseas assets worth RM15mil linked to the misappropriation of funds from the highway construction project's sukuk. The seized assets include individual accounts amounting to RM4.5mil, company accounts totaling RM33mil, luxury condominiums and land valued at RM24.5mil, luxury watches worth RM26mil, nine luxury cars valued at RM7.65mil, and jewellery and diamonds worth RM10mil. Other seized items include luxury handbags valued at RM6mil, gold bars, statues, and coins estimated at RM3mil, and four horses valued at RM400,000.
The Star
2 days ago
- Business
- The Star
LGMS seeks to transfer listing to Main Market
PETALING JAYA: LGMS Bhd is seeking a transfer of its shares to the Main Market of Bursa Malaysia from the ACE Market. The cybersecurity services provider, which has a market capitalisation of around RM66mil, said it has met the requirements of the profit test pursuant to Paragraph 5.02(a) of Bursa's Equity Guidelines. "LGMS Group has achieved an audited consolidated net profits of approximately RM12.34mil for the most recent financial year ended Dec 31, and an aggregate consolidated net profit of approximately RM35.11mil for the past three audited financial years from 2022 to 2024," it said in a statement to Bursa Malaysia. The guidelines by Bursa requires the group to achieve an aggregate audited net profit of at least RM20mil for three to five full financial years and a net profit for the most recent financial year of at least RM6mil, it said. "The proposed transfer signifies the growth, profitability and financial strength of the group as it has met the profit track record requirements for a transfer to the Main Market of Bursa Malaysia," LGMS said. The transfer is expected to be completed by the fourth quarter of 2025.
The Star
05-06-2025
- The Star
QuickCheck: Has coffee vending machine fraud led to over RM6mil in losses?
In the frothy world of coffee investments, not all brews promise a rich return. Recently, it was claimed that some investors found themselves in hot water after pouring their savings into a scheme involving coffee vending machines. Is it true that coffee vending machine fraud has led to over RM6mil in losses? VERDICT: TRUE This is in fact true, with Selangor police chief Comm Datuk Hussein Omar Khan saying that police in the state have received 101 reports related to coffee vending machine investment fraud cases involving total losses amounting to RM6.7mil from January to April this year. He said that the initial investigations found that the victims were enticed by detailed explanations and representations about the vending machine investment offered by the suspect, which allegedly promised high returns. Comm Hussein added that those who were convinced by the scheme proceeded to join the investment programme and made payments into bank accounts provided by the suspect. "The victims were unsure whether the investment was legitimate. Initially, they received some returns, but over time, the payments stopped," he said in a statement on Thursday (June 5). The cases are being investigated under Section 420 of the Penal Code for cheating. Comm Hussein said the investigation papers had been referred to the Deputy Public Prosecutor's Office, which decided that no charges would be filed under fraud-related offences. In light of this, he advised the complainants to pursue civil action to contest any breach of the contract agreement signed with the investment company and to recover their investments. He also reminded the public to be cautious of investment schemes promising unrealistic returns, especially those promoted through financial apps or platforms not approved by Bank Negara Malaysia or the Securities Commission Malaysia. For verification, advice, or to lodge a complaint, the public can contact the National Scam Response Centre (NSRC) at 997.
The Star
27-05-2025
- General
- The Star
MPAJ awaits green light to demolish Highland Towers
An aerial view of Highland Towers in Hulu Kelang. — Filepic A DECISION on whether the remaining blocks of Highland Towers in Hulu Kelang, Selangor, can be demolished is expected in two months. The Ampang Magistrate Court is set to deliver its decision on July 25. Ampang Jaya Municipal Council (MPAJ) filed for a court order last year to proceed with the demolition of two long-abandoned blocks. MPAJ deputy president Hasrolnizam Shaari said the local council must wait for the court's ruling. 'Once the court delivers its verdict, MPAJ has to inform the state government. 'Only after receiving the state government's input can MPAJ move forward,' he said after chairing the local council's monthly full board meeting at Menara MPAJ in Pandan Indah yesterday. Hasrolnizam says MPAJ must wait for court's ruling. Last year, MPAJ initiated the process to demolish the remaining blocks, following multiple complaints from neighbouring residents. Then president Dr Ani Ahmad had said MPAJ would issue a notice to the property owners to demolish the structures. She had also said due process would be carried out according to Sections 87, 88 and 89 of the Street, Drainage and Building Act 1974 (Act 133). These relate to nuisances (Sections 87 and 88) and demolition of a house unfit for habitation (Section 89). At the time, she said the demolition was estimated to cost between RM6mil and RM7mil. On Dec 11, 1993, one of the three Highland Towers blocks collapsed, killing 48 in the nation's worst housing tragedy. Residents of the two remaining towers were evacuated for safety reasons and eventually, the area was abandoned. In 2018 then Housing and Local Government minister Zuraida Kamaruddin said the site would be turned into a recreational park after demolition of the remaining towers, as the area was unsuitable for any structure. However, this failed to materialise. Separately, Hasrolnizam said RM7.5mil had been set aside for upgrading and maintenance works this year, as part of MPAJ's people-centric development approach. He said the allocation aligned with the recent assessment tax revision, which saw an increase in rates. 'Some of the planned projects include upgrading food courts and markets, as well as maintaining facilities at recreational areas,' he said. Selangor local government and tourism committee chairman Datuk Ng Suee Lim had recently instructed all local councils to improve infrastructure and services with the increased revenue. Ng added that local councils had been directed to carry out between five and 10 short- and long-term projects as part of the revision. In addition to MPAJ's funds, Hasrolnizam said a total allocation of RM25mil from state and Federal governments would be used to support various improvement projects. This includes RM20.3mil under the Malaysian Road Records Information System allocation. He said part of a RM4.8mil allocation from the Federal Government would be used for 21 projects to construct new bus-stops and pedestrian walkways.
The Star
26-05-2025
- Business
- The Star
Titijaya acquires residential property assets in Sabah for RM105mil
Titijaya Land Bhd managing director Datuk Lim Poh Yit PETALING JAYA: Titijaya Land Bhd is proposing to acquire two property assets in Kota Kinabalu, Sabah, for RM105mil. In a statement, the urban lifestyle developer said the first proposed acquisition, for RM99mil, involves the purchase of a parcel of land with foundation works fully completed and two blocks of 19-storey purpose-built student accommodation buildings comprising 513 apartment-style units. Together, the apartment blocks have a total capacity to accommodate 3,078 students. 'Following the acquisition, Titijaya intends to operate the completed buildings and complete the remaining project works, tapping into the existing and rising demand for student and housing accommodation in the surrounding area.' The second proposed acquisition, for RM6mil, involves a parcel of land with an existing building structure originally intended for the Bangunan Koperasi UMS project, launched in 2012. 'The original development plan would have seen the construction of a 14-storey apartment building with 476 apartment units, a one-storey shop lot with 38 units, and a three-storey car park podium. 'However, the project has not been completed and has since been abandoned. Following the acquisition, the group intends to resume the project to develop new residential properties. Both parcels of land sit side-by-side and are located adjacent to Universiti Malaysia Sabah (UMS) and the upcoming Hospital UMS, which is slated to commence operations in 2026. Titijaya managing director Datuk Lim Poh Yit said the acquisition marked the next chapter in the group's foray into Sabah. He said the acquisition aligned with Titijaya's ESG and sustainability goals by increasing the availability of quality accommodation for public university students and reviving an abandoned housing project for public and social good. 'Furthermore, repurposing the existing building, following the completion of remaining works, will result in significantly lower carbon emissions compared to constructing an entirely new one. 'This move also aligns with our broader growth strategy to diversify our revenue streams and customer base, and extend our footprint beyond the Klang Valley,' Lim said.
