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KUALA LUMPUR:  Bursa Malaysia Securities Berhad has publicly reprimanded Oasis Harvest Corporation Berhad (OASIS) and its principal adviser, Mercury Securities Sdn. Bhd., for breaching key regulations under the Main Market Listing Requirements (Main LR). OASIS and Mercury Securities were found guilty of the following violations: Altering the Books Closing Date (BCD) & Terminating the Rights Issue – They breached Paragraphs 6.02(5) and/or 8.25(2) of the Main LR when they revised, canceled, and ultimately terminated the Rights Issue, initially announced on May 26, 2023. Failure to Notify Bursa Malaysia of Material Developments – They violated Paragraph 9.35A(5) of the Main LR by failing to promptly inform Bursa Malaysia Securities that the announcement and shareholder circular for the Rights Issue (dated May 26, 2023, and July 31, 2023) might not have met the disclosure requirements, particularly concerning the impairment of goodwill related to the acquisition of High Reserve F&B Sdn. Bhd. Negligence in Financial Due Diligence – Mercury Securities was also found in breach of Paragraph 6.02(6) of the Main LR, read alongside Paragraph 5.05(a) of the Securities Commission’s (SC) Guidelines on Submission of Corporate and Capital Market Product Proposals. The firm failed to conduct due diligence to ensure the proposed use of Rights Issue proceeds for the acquisition and deferred cash consideration would not be detrimental to investors, especially given the impairment concerns. Bursa Malaysia Securities Stands Firm The reprimand was issued under Paragraph 16.19(1) of the Main LR following due process, with all relevant facts and circumstances considered. Bursa Malaysia Securities emphasized that adherence to Paragraph 8.25(2) of the Main LR, which strictly prohibits altering or revoking entitlement terms once declared, is crucial for market integrity and investor protection. Background on the Rights Issue & Violations OASIS announced its renounceable Rights Issue on May 26, 2023, involving up to 202,804,406 new ordinary shares and 152,103,304 free detachable warrants. The proposal was approved by Bursa Malaysia Securities on July 12, 2023, and by OASIS shareholders on August 23, 2023. Of the projected RM11.3 million in proceeds, RM5.35 million (47.3%) was earmarked for paying the deferred cash consideration for the High Reserve F&B acquisition. However, on August 30, 2023, OASIS reported a RM12 million goodwill impairment for the acquisition in its fourth-quarter financial report. Despite this, the company proceeded with setting the BCD for October 5, 2023, and submitted its abridged prospectus draft to the SC on September 21, 2023. Later, OASIS revised the BCD to October 19, 2023, before ultimately canceling the Rights Issue altogether. The inability of OASIS and Mercury Securities to justify the viability of the Rights Issue in light of the impairment led to its termination. This sequence of events violated Paragraph 8.25(2) of the Main LR. Additionally, OASIS and Mercury Securities failed to notify Bursa Malaysia Securities of the impairment’s impact on the Rights Issue, contravening Paragraph 9.35A(5) of the Main LR. This omission deprived investors of essential information needed for informed decision-making.

PETALING JAYA: OB Holdings Berhad (“OB Holdings” or the “Company”), a leading fortified food and beverages (“F&B”) and dietary supplements manufacturing services provider in Malaysia,  provided clarification regarding the ongoing legal proceedings initiated by Nature One Dairy (Hong Kong) Limited (“NOD”) against its wholly-owned subsidiary, Orient Biotech Sdn. Bhd. (“Orient Biotech”). The Company acknowledges the receipt of a Writ of Summons and Statement of Claim filed by NOD in the Supreme Court of Victoria, Melbourne, Australia. The claims relate to alleged breaches of contract and infringement of intellectual property rights. However, OB Holdings firmly maintains that the allegations are without basis, as the product in question differs from NOD’s offerings and does not infringe on any proprietary intellectual property.   Orient Biotech received a letter from NOD’s solicitors on 4 March 2025, accompanied by a sealed Writ of Summons and an incomplete Statement of Claim, both dated 28 February 2025. A revised Statement of Claim was subsequently received on 5 March 2025. NOD is seeking unspecified damages, an account of profits or equitable compensation, interest under section 101 of the Supreme Court Act 1986, and any other reliefs the Court deems appropriate.   The Company is taking all necessary legal steps to address this matter and has engaged legal representatives in Melbourne to file its defence. Given the absence of a specified damages amount, there is no immediate financial or operational impact on OB Holdings. The Company remains confident in its position and is committed to protecting its business interests.

Intel Corporation has appointed George Chacko as its new Sales, Marketing and Communications Group (SMG) leader for Southeast Asia, Australia, and New Zealand (SEANZ).  George Chacko has been appointed as Intel’s General Manager of SMG SEANZ. Based in Singapore, he will be responsible for Intel’s overall business in the SEANZ region, including driving revenue growth, engaging with the local ecosystem to create new opportunities, and strengthening existing customer and partner relationships.    “The SEANZ region is a rapidly emerging hub for tech and AI, with immense growth potential. I’m thrilled to lead the team in expanding Intel’s presence in this vast market. I look forward to delivering impactful technologies that surpass customer expectations and bring lasting value across the ecosystem,” said George Chacko, General Manager, SEANZ SMG, Intel Corporation   Since joining Intel in 2006, George has spent his time between India and SEANZ markets, in scopes spanning sales, product marketing and pricing, global accounts management, and new product innovations. In his new role, George will continue to report to Hans Chuang, Intel’s General Manager for Asia Pacific and Japan (APJ) and Vice President, SMG.

KUALA LUMPUR: The High Court has ordered 1Malaysia Development Bhd (1MDB) to pay RM225,000 in costs to Riza Shahriz Abdul Aziz after the state-owned fund withdrew its US$248 million (RM1.25 billion) lawsuit against him. In his ruling, High Court judge Datuk Raja Ahmad Mohzanuddin Shah Raja Mohzan said that 1MDB failed to properly investigate claims of a global settlement before filing the suit. He noted that defence witness Datuk Mohamad Zamri Zainul Abidin, a special operations director at the Malaysian Anti-Corruption Commission (MACC), had proven the existence of such a settlement, as asserted by Riza Aziz’s legal team. 1MDB’s Failure to Verify Settlement Claims Riza Aziz, who had sought legal costs following the withdrawal of the case, argued that a global settlement had already been reached regarding the disputed US$248 million. During the trial, Zamri testified that Riza Aziz and his lawyers had communicated with the Attorney General’s Chambers (AGC) about a settlement plan for the recovery of funds. However, 1MDB’s lawyers contended that the defendants had not provided sufficient details of this agreement. Justice Raja Ahmad, however, ruled that it was 1MDB’s responsibility to investigate the claim independently rather than relying on the defendants for confirmation. He emphasized that had the fund conducted proper due diligence, the lawsuit could have been avoided. “If the plaintiffs [1MDB] had done this at the earliest opportunity, this action would not have been filed or would have been withdrawn at the earliest possible instance,” said Raja Ahmad. Given that 1MDB is wholly owned by the Ministry of Finance Incorporated (MOF Inc), the judge also pointed out that the agency should have been able to coordinate better with other government bodies to verify the existence of the settlement. Trial Drama and Last-Minute Withdrawal Riza Aziz and his company, Red Granite Pictures, had consistently maintained that a global settlement had been reached. In fact, his legal team even requested to open the trial by presenting this evidence first. However, 1MDB objected, and the court ruled against the unconventional request. The trial, which began in October 2024, saw testimony from former 1MDB CEO Datuk Shahrol Azral Ibrahim Halmi and ex-1MDB general counsel Jasmine Loo Ai Swan. Yet, on February 24, 2025, the plaintiffs abruptly withdrew the case on the final day of trial, just as the defendants were set to close their arguments. Following this, 1MDB argued that no costs should be awarded since the case was withdrawn. However, Raja Ahmad ruled otherwise, ordering the fund to pay RM225,000 in legal costs to Riza Aziz and his two companies. No Impact on Riza Aziz’s Liability The judge clarified that this ruling does not determine any liability on Riza Aziz’s part regarding the US$248 million allegations. “The issue of costs does not in any way determine the liability of the defendants (Riza Aziz and Red Granite) or the merits of the plaintiff’s (1MDB) claim,” he said. The payment was solely a consequence of 1MDB’s late withdrawal of the suit. Moreover, the court ruled that 1MDB cannot refile the case in the future. Riza Aziz’s Ties to the 1MDB Scandal Riza Aziz, the stepson of former Prime Minister Datuk Seri Najib Razak, had previously faced five counts of money laundering involving the same US$248 million. However, he received a discharge not amounting to an acquittal (DNAA) in May 2020. Red Granite Pictures, which he co-founded with American producer Joey McFarland, used 1MDB-linked funds to finance Hollywood films, including the Oscar-nominated The Wolf of Wall Street, starring Leonardo DiCaprio. 1MDB had alleged that Riza Aziz misappropriated the funds via fugitive businessman Low Taek Jho (Jho Low) or was reckless in failing to verify their source. The fund claimed that: Over US$10 million paid to Riza Aziz came from Good Star Ltd, a company controlled by Jho Low. US$238 million received by Red Granite Capital originated from 1MDB’s bond issuances, which were meant to fund power plant acquisitions. In response, Riza Aziz insisted that the US$10 million was a loan from the Saudi royal family, which he claimed to have fully repaid. Meanwhile, he argued that the US$238 million came from Abu Dhabi’s International Petroleum Investment Company (IPIC) as part of a legitimate business deal. Final Blow to 1MDB’s Case With 1MDB withdrawing its lawsuit and the court ordering the fund to pay RM225,000, this marks yet another legal setback for the embattled sovereign wealth fund. Meanwhile, questions remain on whether 1MDB will pursue other legal avenues to recover funds allegedly siphoned through the scandal.

KOTA KINABALU: Suria Capital Holdings Berhad (SuriaGroup) reported a total revenue of RM43.9 million and a gross profit of RM800,000 for the fourth quarter of fiscal year 2024 (4QFY24), marking a significant decline from RM67.6 million and RM18.2 million, respectively, in the same quarter last year. The downturn was primarily attributed to a shift in accounting treatment following the transfer of management control of Sapangar Bay Container Port (SBCP) operations to global port operator DP World Sabah. Additional contributing factors included adjustments related to unwinding discounts and an impairment loss from a joint venture partner. Annual Performance Holds Steady Despite Q4 Slump Despite the Q4 setback, SuriaGroup maintained a steady financial performance for the full fiscal year, posting total revenue of RM268.2 million—only a 4% decline from FY23’s RM278.4 million. The Group even saw a slight improvement in gross profit, rising to RM78.0 million from RM77.8 million in the previous year. In September 2024, SuriaGroup finalized its agreement with DP World, a strategic move aimed at enhancing the operational capacity of SBCP and strengthening its role in regional trade. While immediate financial gains from this partnership remain limited, the long-term outlook remains optimistic. Cargo and Container Volume Take a Hit Cargo throughput in 4QFY24 fell by 10% to 5.1 million metric tonnes compared to 5.7 million metric tonnes in the same quarter last year. Meanwhile, annual cargo throughput saw only a marginal 0.4% dip, decreasing from 21.5 million metric tonnes to 21.4 million metric tonnes, largely due to reduced bulk oil volume at the Sabah Oil & Gas Terminal (SOGT) sufferance wharf. A more drastic decline was seen in total TEUs (twenty-foot equivalent units) handled, which plunged by 66% to 37,478 TEUs from 110,595 TEUs in 4QFY23. However, this was due to the exclusion of SBCP’s container volume from SuriaGroup’s financial reporting. When factoring in SBCP’s figures, the full-year TEU volume saw only a moderate decline of 10%, from 428,313 TEUs in FY23 to 386,293 TEUs in FY24. Dividend Declared Despite Market Challenges Despite headwinds, SuriaGroup reaffirmed its commitment to shareholder value by declaring a 1.5% interim single-tier dividend, resulting in total payouts of RM5.19 million. This move reflects the Group’s resilience and continued dedication to delivering returns while maintaining investor confidence. Big Bets on Jesselton Docklands and Future Growth Looking ahead, SuriaGroup remains optimistic about its growth trajectory in 2025. A key highlight in 2024 was the Group’s strategic joint venture with BEDI Development for the Jesselton Docklands project, a crucial component of the broader Jesselton Waterfront City masterplan. The first phase, Jesselton Dockland 1, is set to break ground in 2025 on a 2.543-hectare site, offering a vibrant urban waterfront experience. This will be followed by Jesselton Dockland 2 in 2029, unlocking an additional 11.54-hectare prime parcel within the Kota Kinabalu Port area. At the same time, SuriaGroup is advancing the second phase of the Jesselton Quay development in collaboration with SBC Corporation Berhad, with construction slated to begin in early 2025. Transforming SBCP Into a Key Trade Hub Although TEU volumes dipped in 2024, SuriaGroup remains bullish about the long-term benefits of its joint venture with DP World, which is expected to transform SBCP into a major trade hub within the BIMP-EAGA region. The port is well-positioned to capitalize on Sabah’s expanding manufacturing sector, fueled by substantial foreign direct investments from SK Nexilis, Kibing Group, and other major players. Beyond port operations, SuriaGroup’s diversified business segments—including property development and leasing, logistics, bunkering services, contract engineering, and ferry terminal operations—continued to generate stable revenue, bolstered by economic recovery and rising tourist arrivals. As the Group moves into 2025, it remains focused on strengthening its market position through strategic developments and expansion initiatives, ensuring sustained growth in the years to come.

KUALA LUMPUR:  Pertama Digital Berhad (PDB) is gearing up for a transformative year under the leadership of Lim Nasrul Halim, GCEO Designate, as it unveils its strategic vision for 2025. With a focus on robust growth, PDB is set to strengthen its role in shaping Malaysia’s digital ecosystem through innovative acquisitions, strategic collaborations, and groundbreaking initiatives. Strategic Expansion and Acquisitions PDB has sought a 12-month extension from Bursa Securities to finalize its regularisation plan, ensuring the successful implementation of ongoing initiatives, including the acquisition of Kridentia and a Singapore-based surveillance technology company. These moves aim to enhance PDB’s capabilities in monitoring and safety solutions, addressing critical infrastructure needs in Malaysia’s digital landscape. AI-Driven Collaboration with Ruya AI In a significant step forward, PDB has partnered with Ruya AI to develop advanced AI-driven identity and biometric solutions. This collaboration will focus on creating intelligent, scalable systems tailored for critical sectors, further solidifying PDB’s position as a leader in Malaysia’s digital transformation. Reimagining Financial Inclusion with KOCEK and BizKecil PDB’s KOCEK app is expanding its reach through partnerships with PINTAR Foundation and a local bank, promoting financial literacy and savings among children. Additionally, the upcoming BizKecil app will empower micro and small enterprises with tools for digital payments, inventory management, and cash flow tracking, supported by collaborations with GPPPKMM and a local bank. MyPay Capital’s RM150 Million Boost MyPay Capital, a substantial shareholder of PDB, has raised RM150 million to support the company’s regularisation plan and growth strategy. This funding underscores investor confidence in PDB’s vision and its ability to drive meaningful digital transformation. Halim’s Vision for a Connected Malaysia With nearly two decades of experience, Halim is steering PDB toward a future of innovation and digital empowerment. “Our mission is clear: to ensure digital transformation benefits all Malaysians. Through strategic partnerships and impactful initiatives, we are building a future where technology empowers every individual and business,” he said. As PDB embarks on this transformative journey, its focus remains on creating sustainable impact, fostering financial inclusion, and driving Malaysia’s digital evolution. 2025 promises to be a year of growth, innovation, and progress for Pertama Digital and the nation.

The Court of Appeal upheld the conviction and sentence of Amirruddin bin Nin, a company director who failed to appear before the Securities Commission Malaysia (SC) for questioning in a money laundering investigation. The three-judge panel, led by Justice YA Dato’ Ahmad Zaidi bin Ibrahim, ruled in favor of the SC, restoring Amirruddin’s convictions and penalties for all three charges under Section 32(8)(a) of the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). Million-Ringgit Fine Reinstated Originally sentenced by the Sessions Court, Amirruddin was handed: One day of imprisonment and RM100,000 fine per charge (three charges) A daily fine of RM2,000 for 979 days – totaling a staggering RM1,958,000 Default sentence of 12 months imprisonment if the fines remain unpaid His appeal to the High Court in 2023 resulted in partial relief, overturning two of his three convictions and scrapping the daily fine. However, the Court of Appeal has now reversed that decision, reinstating all penalties in full. Strict Liability Offence – No Room for Evasion Delivering the Court’s decision, Justice YA Datuk Noorin binti Badaruddin emphasized that the charges against Amirruddin were separate and distinct. She also reinforced that violating Section 32(8)(a) of AMLATFPUAA is a strict liability offence, meaning intent does not need to be proven for conviction. The Court found that the High Court had erred in its decision to set aside parts of Amirruddin’s conviction, thus allowing the SC’s cross-appeal to reinstate his full penalties.

PHNOM PENH: ASEAN Business Advisory Council (ASEAN-BAC) Chairman Tan Sri Nazir Razak has urged ASEAN nations to accelerate economic collaboration, emphasizing the need for stronger intra-ASEAN trade and investment amid rising global economic fragmentation. Speaking at the Cambodia-ASEAN Business Summit 2025, he stressed that deeper regional integration is not just beneficial but essential for smaller economies navigating today’s volatile landscape. Under the summit’s theme, “Accelerating ASEAN’s Connectivity: People, Infrastructure, and Trade,” Nazir Razak highlighted ASEAN-BAC Malaysia’s 12 key initiatives for Malaysia’s ASEAN chairmanship year. These initiatives, centered on “Unifying Markets for Shared Prosperity,” focus on financial integration, sustainability, inclusivity, digital transformation, and fostering a stronger ASEAN identity. “As the global economic order shifts, we are witnessing the erosion of the US-led rules-based system. In a world where ‘might is right,’ regional collaboration is no longer optional—it is existential,” Nazir Razak stated in his keynote speech, attended by Cambodian Prime Minister Samdech Moha Borvor Thipadei Hun Manet, ASEAN Secretary-General Dr. Kao Kim Hourn, cabinet ministers, and business leaders. Among the key initiatives, the ASEAN Business Entity (ABE) aims to enable regional companies to operate across borders with greater flexibility, offering free movement of personnel and economies of scale. Another milestone project is the ASEAN IPO Prospectus, backed by regional securities regulators, which will allow companies to raise capital across multiple ASEAN markets, advancing regional capital market integration. Additionally, in line with ASEAN’s Digital Economy Framework Agreement (DEFA), ASEAN-BAC Malaysia is developing a new national digital trade exchange platform to streamline cross-border trade documentation. The goal is to test interoperability between Malaysia, Thailand, and Singapore this year. The two-day summit also featured high-level panel discussions and business-matching sessions, reinforcing ASEAN’s commitment to fostering cross-border partnerships and economic resilience.

SINGAPORE: Three men accused of fraud related to the movement of Nvidia chips have been handed fresh charges in court. Singaporeans Aaron Woon Guo Jie, 41, and Alan Wei Zhaolun, 49, appeared via videolink, while Chinese national Li Ming, 51, had his case heard separately. All three were dressed in red polo T-shirts. Woon was represented by lawyer Cheryl Chong, Wei by Shashi Nathan, and Li by Wendell Wong. The court also amended their original charges. New and Amended Charges Woon and Wei now each face two charges of conspiring to commit fraud against server suppliers Dell and Super Micro. They allegedly made false representations in 2024, claiming the items would not be transferred to anyone other than the “authorized ultimate consignee or end user.” Li is accused of defrauding Super Micro in 2023 by falsely stating that the end user of certain items would be a company called Luxuriate Your Life. Additionally, he faces a fresh charge of unauthorized access to an OCBC corporate bank account on June 19, 2024, to make and receive transfers for Luxuriate Your Life—a company he controlled. Further Investigations and Extended Remand Deputy public prosecutors Ng Yi Wen and Kang Jia Hui requested an additional eight days of remand for all three men, citing the complexity of the case. Ng noted that investigators had uncovered more evidence, leading to the new charges. “Specifically, this investigation has allowed the Commercial Affairs Department (CAD) to identify the two server suppliers—Dell and Super Micro—that the accused conspired to defraud,” said Ng. The CAD has seized 42 devices, including laptops, phones, and computers, which are still under forensic examination. Investigators are also analyzing bank statements to trace fund movements and are recording statements from additional persons of interest. International cooperation with foreign law enforcement agencies is being sought, though no specific countries were mentioned. Ng argued that Li’s release posed a “risk of collusion and contamination of evidence” due to his close ties with his wife and a nominee shareholder involved in the case. He also noted connections between Li and individuals who had left Singapore before or shortly after the investigation began. Legal Arguments and Court Decision While Woon and Wei’s lawyers did not object to further remand, Li’s lawyer, Wendell Wong, opposed the application. He argued that Li could not assist in forensic examinations and that the risk of collusion was “speculative” and a “bare assertion.” Wong also claimed the remand was a matter of “convenience” for investigators. Despite these objections, the judge granted the prosecution’s request, citing the need for CAD to complete its investigations. She rejected Wong’s request for Li to meet his wife, as she was considered a person of interest. Background of the Case Woon, Wei, and Li were first charged on February 27 after their arrest the day before. They were among nine people arrested in February during raids by the Singapore Police Force and Singapore Customs. The arrests followed media reports that intermediaries in Singapore were involved in illegally moving Nvidia chips to China, bypassing U.S. export controls. Nvidia’s AI chips are subject to U.S. export restrictions, and authorities are investigating whether Chinese AI firm DeepSeek circumvented sanctions through third parties in countries such as Malaysia, Singapore, and the UAE. On Monday, Singapore’s Law and Home Affairs Minister K. Shanmugam clarified that the investigations were initiated independently based on an anonymous tip-off, not at the request of the U.S. or any other country. He stated that servers linked to the fraud case may have contained Nvidia’s AI chips, which were subsequently sent to Malaysia. “The question is whether Malaysia was the final destination or if the servers were moved elsewhere. We do not know for certain at this point,” Shanmugam told reporters. “However, we assessed that there may have been false representation regarding their final destination.” Singapore has requested relevant information from Malaysian and U.S. authorities to assist in its investigations. Shanmugam emphasized that companies operating in Singapore must consider other countries’ export controls when conducting international business and should ensure full transparency in their operations. He added that countries involved in the trade and supply chain must work together to enforce their domestic laws properly. Fraud by false representation carries a penalty of up to 20 years in prison, a fine, or both.