Ismee says he quit SRC after reading The Edge report that the company had not submitted its accounts, contrary to what he was told

Ismee: Najib ordered bulk of RM2b from KWAP to be sent abroad

Former SRC International Sdn Bhd chairman Tan Sri Ismee Ismail told the High Court here today that former premier Datuk Seri Najib Razak, who was appointed as advisor emeritus of the company, has control of the subsidiary of 1Malaysia Development Bhd (1MDB).

Ismee: Najib in control of SRC after memorandum and articles of association changed

The defence lawyers in the SRC International Sdn Bhd trial decided to proceed with the testimony of its former chairman Tan Sri Ismee Ismail after all, following their scrutiny of his oral evidence transcript for alleged deviations from his witness statement.

No action against former 1MDB unit chairman for 'contradictory' evidence

KUALA LUMPUR: Yesterday’s afternoon session of the trial against former prime minister Datuk Seri Najib Razak over his alleged involvement in embezzling funds from SRC International Sdn Bhd saw the defence going into overdrive to prove he was not in control of the special-purpose vehicle (SPV).

Defence goes into overdrive to prove Najib was not in control of SRC

Therefore, his views as advisor emeritus would have to be taken into account in all material and strategic issues

Ismee: Najib changed SRC’s MAA to control 1MDB unit

Today’s afternoon session of the trial against former Prime Minister Datuk Seri Najib Razak over his alleged involvement in embezzling funds from SRC International Sdn Bhd saw the defence going into overdrive to prove he was not in control of the special purpose vehicle (SPV). 

During his cross examination with former SRC board chairman Tan Sri Ismee Ismail (the prosecution's 39th witness), defence counsel Harvinderjit Singh combed through details of SRC’s board meeting minutes with the witness, and dived deep into certain specific wordings of the SPV's memorandum & article of association (M&A), in order to show the court SRC’s board and its management acted independently from Najib.

Defence goes into overdrive to prove Najib was not in control of former 1MDB's unit SRC

Former SRC International Sdn Bhd chairman Tan Sri Ismee Ismail said corporate governance problems at the company was what drove him to resign in August 2014.

Ismee, who is the prosecution's 39th witness, said he was appointed in 2011 by virtue of him being a director of 1Malaysia Development Bhd (1MDB) since 2009.

He decided to tender his resignation on May 6, 2014 and it was made official on Aug 15, 2014.

Ex-SRC chairman: Corporate governance issues made me quit

Bank Negara officer grilled on why Najib was not notified about suspicious transactions

Tempers flare as defence, witness spar over Amla rules

Nik Faisal Ariff Kamil, the former CEO of SRC International Sdn Bhd who is currently on the lam, had no discretion to retrieve funds from Datuk Seri Najib Razak's accounts without the latter's permission, testified AmBank Jalan Raja Chulan branch manager R Uma Devi.

Najib-SRC trial: SRC's ex-CEO could not take funds without Najib's consent

KUALA LUMPUR: The High Court has fixed a new date, Aug 19, to begin the hearing of 25 charges against former prime minister Datuk Seri Najib Razak for his alleged involvement in 1Malaysia Development Bhd (1MDB).

High Court Judge Collin Lawrence Sequerah warned both the prosecution and d...

Court fixes Aug 19 to hear 1MDB case, warns against more postponement

Malaysian Pacific Industries Bhd (KL:MPI) posted a net profit of RM32.76 million for the third quarter ended March 31, 2024 (3QFY2024), in contrast to a net loss of RM17.83 million a year ago, thanks to higher revenue and better foreign exchange rates.

MPI expects semiconductor industry to be volatile in near term despite improved earnings, pays 25 sen dividend

Walmart Inc breezed to another quarter of sales growth and said it now expects the full year to be slightly better than planned as the big-box retailer attracts price-conscious consumers looking for essentials and discounts.

Walmart sales surge as wealthier shoppers flock to retailer

Kawan Food Bhd’s (KL:KAWAN) net profit in the first quarter ended March 31, 2024 (1QFY2024) rose 17.1% to RM9.22 million from RM7.88 million in the same quarter last year, in line with higher revenue.

Kawan Food reports stronger 1Q profit, warns ‘signs of recession’ showing in global economy

The Ministry of Natural Resources and Environmental Sustainability will consider proposals regarding the need to enact laws related to carbon emissions in the second phase of the Environmental Quality (Amendment) Bill.

Govt studying need to enact carbon emission-related legislation, says Nik Nazmi

Engineering support services provider Coraza Integrated Technology Bhd (KL:CORAZA) remained in the red for the third consecutive quarter, posting a net loss of RM1.32 million for the first quarter ended March 31, 2024.

Coraza stays in the red in 1Q amid semiconductor market downturn

Six more highways have agreed to implement the open payment toll collection system (SPT) starting September, said Public Works Minister Datuk Seri Alexander Nanta Linggi.

Open payment system on six more highways starting September — minister

DKSH Holdings (Malaysia) Bhd's (KL:DKSH) net profit rose 9.2% to RM40.45 million for the first quarter ended March 31, 2024 (1QFY2024) from RM37.03 million a year ago, on the back of a 5.6% increase in revenue to RM2.07 billion from RM1.96 billion previously.

DKSH's 1Q net profit rises 9% to RM40m

GreenRE Sdn Bhd on Thursday awarded AEON Mall Mean Chey in Phnom Penh, Cambodia, with Gold certification under the non-residential category.

GreenRE awards AEON Mall Mean Chey with Gold certification, inks MOU with Cambodia Green Building Council

Pansar Bhd (KL:PANSAR) has secured a RM30.1 million contract to undertake facilities management and maintenance for the Borneo Cultures Museum and annex building at the Sarawak Museum Complex in Kuching.

Pansar secures RM30m contract to manage museum building in Kuching

Chinese President Xi Jinping and Russian President Vladimir Putin condemned what they cast as increasingly aggressive US behaviour on Thursday and pledged to deepen their countries' already close defence and military ties.

Xi and Putin condemn US, pledge closer ties as Russia advances in Ukraine

Rakuten Trade said trading in rubber glove stocks took the limelight on Wednesday, buoyed by the US tariff imposition on Chinese goods which will only take effect in two years.

Analysts say glove stocks rally a knee-jerk euphoria, advise investors to stay vigilant

KUALA LUMPUR (May 16): Shares of Malaysian glove manufacturers fell on Thursday, as analysts advised investors to remain vigilant over emerging concerns on US tariffs on Chinese goods, which will not take effect for another two years.

Glove counters surrender gains as analysts advise investors to stay vigilant

A three-member Court of Appeal bench on Thursday upheld a High Court decision given two years ago, which had dismissed an Inland Revenue Board (IRB) claim of taxes amounting to RM1.8 billion against Tenaga Nasional Bhd (KL:TENAGA).

TNB need not pay RM1.8b additional taxes as appellate court upholds High Court's decision

Shares in Malaysia Airports Holdings Bhd (KL:AIRPORT), or MAHB, did not fare well on Thursday, folllowing news of a privatisation offer at RM11 per share led by a consortium of its major shareholder Khazanah Nasional Bhd and the Employees Provident Fund (EPF).&nbsp;

MAHB shares fall as investors cautious about privatisation deal

KUALA LUMPUR (May 16): The Malaysian Aviation Commission (Mavcom) has revoked the Air Service Licence (ASL) of scheduled air cargo operator My Jet Xpress Airlines Sdn Bhd.

Mavcom revokes Air Service Licence of My Jet Xpress Airlines

Shares of AEON Co (M) Bhd (KL:AEON) surged to their highest in 20 months as investors cheered the department store operator’s first-quarter results while analysts raised their forecasts to catch up with the stronger-than-expected earnings.

AEON shares jump to 20-month high after 50% surge in 1Q net profit

(May 16):&nbsp;Singapore Airlines Ltd&nbsp;will reward staff with a bonus payout worth almost eight months of salary, according to a person familiar with the matter, after delivering a second consecutive record annual profit.

Singapore Air staff get eight months' salary bonus after record profits

KUALA LUMPUR (May 16): IJM Land Bhd, the property arm of construction giant IJM Corporation Bhd (IJM Corp)(KL:IJM), said on Thursday that it has secured eight central London sites for development with its partner Network Rail Property.

IJM, partner secure eight central London sites for development

National oil firm Petroliam Nasional Bhd’s (Petronas) subsidiary Suriname E&amp;P BV&nbsp;(Petronas Suriname E&amp;P) has made a third hydrocarbon discovery in Suriname’s Block 52 at the Fusaea-1 exploration well, located about 170km offshore and 9km east from Roystonea-1.

Petronas makes oil and gas discovery at Suriname's offshore Block 52

KUALA LUMPUR (May 16): Shares of Mitrajaya Holdings Bhd (KL:MITRA) rose to their highest in more than eight months, after the builder and property developer announced that it has secured a contract worth RM174.3 million.

Mitrajaya surges to over eight-month high amid active trade after RM174m contract win

Gold and jewellery brand Tomei Consolidated Bhd (KL:TOMEI) anticipates that the newly introduced Employees Provident Fund's (EPF) Account 3 will enhance consumers' spending power, potentially boosting its retail sales.

Tomei anticipates retail boost from new EPF Account 3

Property developer UEM Sunrise Bhd (KL:UEMS) and its partners plan to develop a 40-acre renewable energy industrial park in Iskandar Puteri, Johor.

UEM Sunrise, partners to develop renewable energy park in Johor

The government should encourage more graduates to work abroad for better salaries to service their student debt, as Malaysia is experiencing wage stagnation and an erosion of living standards, according to the Khazanah Research Institute (KRI).

Encourage graduates to work abroad for better salaries to service student debt, Khazanah Research tells Putrajaya

Industrial paint and coating manufacturer Smart Asia Chemical Bhd (KL:SMART), which is set to be listed on the ACE Market of Bursa Malaysia on May 28, said its initial public offering (IPO), priced at 40 sen apiece, has been oversubscribed by 33.8 times.

Smart Asia Chemical oversubscribed by 33.8 times ahead of ACE Market listing

Sarawak Cable Bhd (KL:SCABLE) on Thursday said that the High Court has allowed the winding-up petition by OCBC Bank (Malaysia) Bhd on its subsidiaries Universal Cable (M) Bhd and Leader Cable Industry Bhd.

High Court gives nod for OCBC to wind up Sarawak Cable’s subsidiaries

Shares in Apex Healthcare Bhd (KL: AHEALTH) fell again on Thursday, and may be on track for their worst day in nearly a year, after the pharmaceutical company posted weaker-than-expected first-quarter results.

Apex Healthcare shares extend decline after 1Q results

Meta Platforms has restored Facebook posts by Malaysian media covering Prime Minister Datuk Seri Anwar Ibrahim's meeting this week with a Hamas leader, saying they were removed in error.

Meta restores Facebook posts by Malaysian media on Anwar's meeting with Hamas

theedgemalaysia.com&nbsp;highlighted three stocks with positive momentum and 12 stocks with negative momentum at Bursa Malaysia's afternoon close on Thursday. &nbsp;

Straits Energy, Revenue, AEON Co, Notion VTec, L&P Global, MBSB, Hume Cement, VSTECS, ELK-Desa, Icon Offshore, Dancomech, WMG, SCGM, Jiankun International, Mitrajaya

Ekuiti Nasional Bhd (Ekuinas) is investing RM37 million in local Bumiputera company Mizou Holdings Sdn Bhd, which is mainly involved research and development, sales, distribution and support services of specialised agricultural machinery designed for the upstream palm oil sector.

Ekuinas invests RM37m in industrial machinery developer Mizou

Norway’s US$1.7 trillion (RM7.96 trillion) sovereign wealth fund has decided to exclude Adani Ports &amp; Special Economic Zone Ltd&nbsp;from its portfolio, citing 'unacceptable'&nbsp;risks that the company is tied to human rights violations in war and conflict zones.

Hafiz Yatim, Paw Ai Chin & Chester Tay

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Hafiz Yatim, Paw Ai Chin & Chester Tay

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