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The Malaysian Anti-Corruption Commission (MACC) is set to summon the economy ministry’s secretary-general as part of its ongoing investigation into a RM1.1 billion agreement between the government and a foreign company. Several other witnesses are also expected to be called in connection with the probe, which has attracted significant attention from both the public and political observers. According to a source familiar with the investigation, the deal was allegedly fast-tracked without obtaining approval from key government agencies, including the finance ministry and the investment, trade and industry ministry. The source added that the agreement was pushed through in a manner that raised questions about its transparency and adherence to proper procedures. Reports indicate that several individuals who previously worked in the government have since taken up senior positions in the foreign company involved. This development has sparked further scrutiny, with critics suggesting potential conflicts of interest and highlighting concerns over governance and accountability. The investigation reportedly began after complaints were lodged by non-governmental organisations (NGOs), which claimed that the agreement was concluded hastily and in a way that did not serve the government’s best interests. Observers note that the MACC’s move to summon high-ranking officials reflects the seriousness of the allegations and the need to ensure a thorough review of the deal. The foreign company at the center of the controversy is Arm Holdings, a globally recognised semiconductor firm. Former economy minister Rafizi Ramli has previously commented on the issue, claiming that the controversy was being amplified to portray him in a negative light. He suggested that the media and political narratives surrounding the deal may have been used to create a perception of wrongdoing. MACC’s investigation is expected to explore multiple aspects of the agreement, including the approval process, the timing of the deal, the role of government officials, and any potential personal benefits gained by former civil servants. The commission’s inquiry is also likely to examine whether the deal adhered to established procurement guidelines and whether proper oversight mechanisms were followed. As the investigation unfolds, the summoning of the economy ministry’s secretary-general and other key witnesses underscores the MACC’s commitment to holding government officials accountable and ensuring transparency in large-scale agreements. The findings of the probe could have significant implications for public trust in government processes, particularly in high-value deals involving foreign firms and strategic sectors such as technology and semiconductors.

Maya is reportedly exploring an initial public offering (IPO) in the United States that could raise between US$500 million and US$1 billion. The company has not confirmed the reports, describing them as market speculation, and says its current focus remains on expanding its ecosystem for consumers and businesses in the Philippines. The fintech firm, the digital banking arm of PLDT Inc., operates as a licensed digital bank under the Bangko Sentral ng Pilipinas. Since evolving from an e-wallet, Maya has grown into a full financial platform offering savings, loans, merchant services, and cryptocurrency trading. Maya has shown consistent financial growth. In Q3 2025, it reported its third consecutive profitable quarter, posting a net income of PHP 532 million. Deposit balances reached PHP 57 billion, up 59% year-on-year, while total loan disbursements since launch have hit PHP 187 billion. The platform currently serves nine million bank users and 2.4 million borrowers. A US listing would give Maya access to larger capital pools and a broader base of institutional investors than the local market. Meanwhile, the company stresses its stable financial position, noting it remains well-capitalised and supported by shareholders to continue executing its growth plans.

Dentsu has posted a record net loss of ¥327.6 billion (US$2.18 billion) for FY2025, leading to major leadership changes, a suspension of dividends and further job reductions across its international operations. The loss was mainly due to an additional ¥310.1 billion goodwill impairment recorded in the fourth quarter, largely linked to its overseas business. Management described the move as a conservative reassessment of the group’s medium-term growth outlook. Following the write-down, Dentsu’s goodwill stood at ¥320.1 billion at year-end, down from ¥697.1 billion the previous year. Despite the headline loss, the company’s core operations remained stable. Dentsu achieved an operating margin of 14.4%, exceeding its earlier guidance of around 13%, supported by cost controls and efficiency improvements. Leadership Change President and Global CEO Hiroshi Igarashi will step down, with Takeshi Sano, currently head of dentsu Japan, taking over from March 27. Sano plans to introduce a flatter and faster decision-making structure, with regional leaders reporting directly to him. The aim is to improve responsiveness, simplify operations and strengthen oversight across markets. More Job Cuts Planned As part of a ¥52 billion restructuring programme, Dentsu has already cut 2,100 jobs in FY2025 and plans to eliminate a further 1,300 roles in 2026, mainly in its international business. The company is also consolidating subsidiaries, simplifying headquarters functions and increasing automation. Since 2021, Dentsu has reduced its international entities from over 1,000 to about half that number in a broader effort to streamline operations. Dividend Suspended For the first time in its history, Dentsu will suspend its year-end dividend and has indicated that no dividend will be paid for FY2026. Management said the decision, while regrettable, is necessary to strengthen the balance sheet and maintain financial flexibility. Revenue growth remains modest. The group recorded 0.5% growth in 2025 and expects organic growth of between 0% and 1% in 2026. Its international business is projected to remain flat, while Japan continues to perform strongly. Japan Outperforms, Overseas Markets Lag Dentsu’s Japan business delivered 6.2% organic growth in 2025, achieving record net revenue and operating profit for the fifth consecutive year. In contrast, several overseas markets reported flat or negative growth. However, cost-cutting measures helped some previously underperforming markets, such as Australia, return to operating profitability. Industry-Wide Pressures Dentsu’s restructuring reflects broader challenges facing global advertising holding companies. Clients are increasingly demanding leaner, technology-driven solutions, while artificial intelligence is reshaping creative, media and data services. As brands shift more spending in-house or to specialised digital firms, large agency networks are under pressure to simplify structures and sharpen their value propositions. Incoming CEO Sano said the next phase of transformation will focus on speed, transparency and closer alignment with client needs, as Dentsu works to rebuild competitiveness and restore investor confidence.