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KUALA  LUMPUR: Malaysia has focused on three priority economic deliverables (PEDs) under the financial track – sustainable financing, digital economy, and inclusive development — which will be the main focus of discussions at the 12th ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) from April 7-10. Second Finance Minister Datuk Seri Amir Hamzah Azizan said the meeting at the Kuala Lumpur Convention Centre (KLCC) will serve as one of the main platforms for ASEAN to strengthen regional economic integration and financial resilience collectively. He said that sustainable financing, the first PED, aims to drive ASEAN’s access to financing a just and orderly transition towards low-carbon and climate-resilient economies. This initiative aims to ensure ASEAN member countries can achieve their respective climate targets through access to appropriate financing. The second PED, digital economy, targets efforts to accelerate the growth of a sustainable and inclusive ASEAN capital market to strengthen regional capital market foundation and review the ASEAN Capital Markets Forum (ACMF) action plan between 2026 and 2030,* he said at a Finance Ministry media briefing today. Amir Hamzah said the third PED, inclusive development, aims to expand ASEAN’s instant payment network connectivity and focuses on developing regional payment systems. This supports digital infrastructure development and ensures that no country is left behind in regional digital economic progress. Amir Hamzah said more than 300 delegates, comprising ASEAN finance ministers and central bank governors as well as international financial institutions and private sector representatives, are expected to attend the event. He said ASEAN member countries will collectively emphasise the importance of expanding financial access and strengthening financial mechanisms to support fair and sustainable economic development via AFMGM. It will be a discussion-packed event with presentations, action plans, and regional financial planning for the medium and long term. “Over the four days, 14 meetings will be held, including discussions with the ASEAN-US Business. Council, ASEAN-European Union, and the ASEAN Business Advisory Council. The meetings will involve sessions with international financial institutions on the impact of global trade and ASEAN-China-US economic integration,” he said. Prime Minister Datuk Seri Anwar Ibrahim will officiate the closing ceremony. Securities Commission Malaysia will organise the ASEAN Investment Conference as an AFMGM’S side event, to be followed by the launch of the ASEAN Environmental, Social, and Governance (ESG) Disclosure Guide for Small and Medium Enterprises. There will also be a ministerial dialogue session on ASEAN’s macro-structural policies that Amir Hamzah, Singapore’s Transport Minister and Second Finance Minister Chee Hong Tat and Indonesia’s Vice Minister of Finance Thomas Djiwandono will attend. – BERNAMA

SHAH ALAM: The High Court has upheld a ruling ordering frozen food wholesaler Siah Fishery Seafood Sdn Bhd to pay RM444,444.40 to Tenaga Nasional Bhd (TNB) for electricity charges that went unrecorded due to meter tampering. Justice Jamhirah Ali found the company liable for installing a clamp at the terminal block inside the electricity meter, causing it to significantly under-record power consumption at its premises. According to the court, a technical analysis revealed that only 7.16% of actual electricity usage was recorded, resulting in a loss of 92.84%—a discrepancy the judge described as substantial and deliberate. “This is not a minor error. It clearly indicates that electricity was consumed but not accurately recorded,” Jamhirah said in her ruling. The court noted that one of Siah Fishery’s employees admitted to installing the clamp during trial, while the company’s owner acknowledged using the device to reduce electricity bills. “They clearly benefitted financially from the unrecorded consumption of electricity, to the detriment of TNB,” the judge added. Siah Fishery had initially filed a lawsuit against TNB, seeking a refund of RM236,057.60. The company claimed the amount was paid without justification after TNB had already disconnected its power supply in 2022. However, the High Court rejected the company’s claim, ruling that there was no evidence of coercion. “The payment arrangement was entered into voluntarily during a negotiation session in 2022,” said Jamhirah, dismissing Siah Fishery’s suit with costs. TNB’s counterclaim for RM444,444.40—the estimated value of unrecorded electricity—was allowed in full.

PETALING JAYA: The Federation of Malaysian Consumers Associations (Fomca) has called for increased oversight and stronger collaboration between government agencies and retailers as the Sumbangan Asas Rahmah (SARA) programme expands to cover 5.4 million households—an eightfold increase from the previous 700,000. Fomca chief executive officer T Saravanan said that while the initiative is commendable for helping ease the cost of living and boosting purchasing power, its success will depend on how well supply and logistics are managed across the 3,500 participating retail premises. “The significant increase in beneficiaries means a higher demand for essential goods. A shortage of supply could disrupt the smooth operation of the programme,” he warned. The SARA programme allows recipients to use their MyKad to purchase essential items at participating supermarkets and retail stores nationwide. According to the finance ministry, eligible households will receive up to RM2,100 in aid this year—marking a 75% increase from last year’s RM1,200. Saravanan urged retailers to work closely with suppliers and relevant government agencies to ensure adequate stock levels and seamless logistics. He also called for enhanced price monitoring to prevent exploitation and ensure fair access for all beneficiaries. ‘Support Small Retailers Too’ Suhubudeen Sahubar Ali, secretary of the Malaysian Muslim Wholesalers and Retailers Association, echoed the call for broader collaboration. He welcomed the increase in participating retailers—from 700 to 3,500—but expressed concern that most were large supermarket chains. “We hope the government will consider including more small retail shops in the programme. Given the opportunity, these smaller businesses can play a meaningful role while also boosting their own income,” he said. In addition to SARA, the government also provides financial assistance through the Sumbangan Tunai Rahmah programme. A total of RM13 billion has been allocated under Budget 2025 for both schemes, aimed at easing financial pressures across various segments of society. Economist Afzanizam Rashid previously noted that expanding direct cash aid could help mitigate the effects of targeted fuel subsidies, particularly with the gradual removal of the RON95 petrol subsidy. On March 28, Prime Minister Anwar Ibrahim assured that 85% of the population would not be affected by the removal of the subsidy, reinforcing the importance of welfare initiatives like SARA in supporting vulnerable communities.

The Public Accounts Committee (PAC) is intensifying its scrutiny of rising health insurance premiums and private hospital charges with additional closed proceedings scheduled this month. According to PAC member Sim Tze Tzin, the committee plans to compile a comprehensive report by next month, set for presentation to Parliament in June. Thus far, the committee has conducted 17 proceedings and held two public hearings to gather feedback from affected individuals and stakeholders, including the finance ministry, health ministry, and Bank Negara Malaysia (BNM). Further engagements are expected, including a revisit with BNM and the Malaysian Medical Council post-festive season. Sim expressed optimism that the PAC’s findings will inform beneficial policy formulations by the government, aiming to address public concerns amid substantial increases in medical insurance costs.