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PETALING JAYA,  TH Plantations Bhd has dismissed the appeal of its former chief executive officer (CEO), Mohamed Zainurin Mohamed Zain, who sought reinstatement following his termination over alleged misconduct. In a filing with Bursa Malaysia, the plantation group confirmed that it had carefully reviewed Zainurin’s letter of appeal. The board, after deliberation and due process, decided not to overturn its earlier decision. “After due process and deliberation, the company has decided not to accept the appeal submitted by Zainurin. A letter to that effect has been sent to him today (Sept 18),” TH Plantations stated. Zainurin’s services were officially terminated on Aug 26, after he was initially placed on garden leave pending an internal inquiry. The move followed the issuance of a show-cause letter concerning allegations of unauthorised payments amounting to RM5.1 million made to plantation workers. The company emphasised that its decision to dismiss the appeal aligns with its commitment to good governance and accountability in its operations. Zainurin, who joined TH Plantations in 2022, had been overseeing several of the group’s restructuring and operational efficiency initiatives before the termination. His exit comes at a time when the company is navigating industry challenges, including fluctuating crude palm oil prices and rising operating costs. With the appeal process now concluded, TH Plantations said it remains focused on its business continuity plans and strengthening internal controls to safeguard shareholders’ interests.

KUALA LUMPUR, Telekom Malaysia Bhd (TM), through its enterprise and public sector solutions arm TM One, has deepened its collaboration with NCT Group of Companies via the latter’s wholly-owned subsidiary, NCT AI Sdn Bhd, to broaden the rollout of smart industrial park solutions across the country. The two parties formalised the initiative through a memorandum of collaboration, marking an expansion of their 2022 partnership on the NCT Smart Industrial Park (NSIP) in Selangor. Under the renewed collaboration, TM will provide state-of-the-art connectivity, digital solutions, cloud services, and information and communications technology (ICT) support to elevate NCT’s operational efficiency and enhance customer experience. Telekom Malaysia group chief executive officer Amar Huzaimi Md Deris. According to a joint statement, the scope of the collaboration will extend beyond Selangor to include upcoming developments such as NCT Innosphere in the Delapan Special Border Economic Zone, Kedah, as well as NCT’s corporate headquarters. Both companies also plan to co-develop go-to-market strategies that position NCT’s smart industrial parks as future-ready investment destinations, drawing interest from both local and international businesses. The model is set to be replicated nationwide with the aim of fostering economic growth, sustainability, and digital transformation. TM group chief executive officer Amar Huzaimi Md Deris highlighted that the initiative reinforces TM’s role not only as a provider of connectivity but also as a key enabler in building integrated smart industrial ecosystems. “With our Vision AI, intelligent operations centre, and advanced building management systems, we are enabling NCT’s smart industrial parks to evolve into fully integrated, future-proof hubs for businesses and communities. This reflects TM’s ambition to become a digital powerhouse by 2030, driving industrial growth, sustainability, and digitalisation in Malaysia,” he said. Meanwhile, NCT founder and group managing director Datuk Seri Yap Ngan Choy noted that the extended partnership marks a milestone in reshaping Malaysia’s industrial park landscape. “Our first collaboration with TM charted a path forward. This next step reaffirms our commitment to creating smart, sustainable, and digitally enabled industrial parks that will redefine the country’s investment appeal,” Yap added.

KUALA LUMPUR,  Toh Puan Na’imah Abdul Khalid has pushed back against the Malaysian Anti-Corruption Commission’s (MACC) move to compel Ilham Baru Sdn Bhd and Ilham Tower Sdn Bhd’s company secretary to surrender corporate documents, describing the action as a “fishing expedition” in its forfeiture case involving Ilham Tower. The iconic tower in central Kuala Lumpur, linked to the late former finance minister Tun Daim Zainuddin and his widow Na’imah, is currently the subject of two forfeiture applications by the MACC — proceedings that Na’imah is actively contesting. In her affidavit supporting a suit filed by Ilham Baru and Ilham Tower on Sept 9 against their company secretary, Rebecca Lee Ewe Ai, Na’imah argued that MACC’s demand for additional documents shows the agency lacks sufficient evidence to support its case. She contended that the commission should have gathered all necessary information before initiating the forfeiture bid. “A forfeiture under Section 56 of the Anti-Money Laundering Act 2001 (AMLA) is carried out without criminal charge or conviction. Since the application has already been filed, it is reasonable to assume that the MACC should have had enough evidence beforehand,” Na’imah stated. She further claimed that the order served on Lee demonstrates the contrary, suggesting that the MACC is only now attempting to fill evidentiary gaps after filing the application. Through Messrs Zharif Nizamuddin, the two companies are seeking a permanent injunction to prevent Lee — directly or through her agents or employees — from disclosing non-public company records not available through the Companies Commission of Malaysia (SSM), unless with the express consent of the firms. On Wednesday, High Court judge Wan Muhammad Amin Wan Yahya granted an ad-interim injunction until Oct 9, 2025, or further order, restraining Lee from handing over any private documents in her custody to third parties, including the MACC. The court also directed that case papers be served on the commission so the plaintiffs’ position can be heard. Na’imah stressed that as company secretary, Lee has no authority to share confidential records without the companies’ approval. She cited Section 351 of the Companies Act 2016, which empowers the court to hear the matter and grant the relief sought. Separately, beyond the Ilham Tower forfeiture proceedings, the MACC has also applied for prohibitory orders covering Na’imah’s overseas assets. These include holdings in the UK valued at £132 million (RM755.1 million), assets in Jersey worth US$157.5 million (RM667.0 million) and £85 million (RM490.7 million), and approximately RM544 million in Singapore-based assets.

KUALA LUMPUR, Malaysian Pacific Industries Bhd (MPI) has announced plans to acquire Infineon Technologies (Thailand) Ltd for US$77.95 million (RM327.56 million), a move aimed at strengthening its partnership with Infineon Technologies AG while boosting its semiconductor assembly and testing capacity. According to MPI’s filing with Bursa Malaysia, the deal involves purchasing Infineon’s back-end manufacturing site in Nonthaburi, Thailand, from its subsidiaries — Spansion LLC, Spansion Inc, and Cypress Semiconductor Corp. The group said the acquisition will allow it to expand collaboration with Infineon, its major customer, noting that Europe and Asia currently account for about 80% of its sales. The purchase will be financed via a combination of internal funds and borrowings, with details to be determined later. However, the deal excludes certain employees of Infineon Thailand, who will not be part of the transfer. Completion of the acquisition is subject to approval from Bank Negara Malaysia for the US dollar payment, while shareholder approval is not required. Before the transaction can be finalised, specific equipment and employees of Infineon Thailand must be transferred back to the sellers. MPI has until June 30, 2026, to complete the deal. For its financial year ended June 30, 2025, MPI posted a 6.45% drop in net profit to RM153.78 million, largely due to the absence of a one-off reversal recorded the previous year. Revenue, however, edged higher to RM2.13 billion. As of June 30, the group maintained a net cash position, with RM467.81 million in cash and RM104.03 million in borrowings. On Thursday, MPI’s shares ended almost unchanged at RM28.54, giving the company a market capitalisation of RM5.69 billion. The stock has gained 10.19% year-to-date.