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PETALING JAYA: Export-Import Bank of Malaysia Bhd (EXIM Bank) has appointed Nurbayu Kasim Chang as its president and chief executive officer (CEO). “Nurbayu brings with her a wealth of experience, especially in corporate banking, Islamic finance, and development finance, which puts her in great stead to drive the business and bring positive outcomes for the Bank,” said Datuk Charon Mokhzani, chairman of EXIM Bank. Nurbayu joined EXIM Bank in January 2023 as chief business officer, before taking on the role of acting president and CEO of the bank in February 2024. Prior to EXIM Bank, her experience includes various leadership and management roles at Small Medium Enterprise Development Bank Malaysia Bhd (SME Bank) where her last position was as chief business officer. Apart from that, she also held several leadership positions at CIMB Bank. Nurbayu completed her ACCA in 1999 from the Dublin Business School, in Ireland, and is a certified Credit Professional Chartered Banker, while also holding the Certification in Islamic Development Banking.

KUALA LUMPUR: The finance ministry today refuted allegations that EPF suffered losses from the sale of Malaysia Airports Holdings Bhd (MAHB) shares, describing them as unfounded. The ministry said the voluntary offer by the consortium of which EPF is a member to take over all MAHB shares not yet owned at the price of RM11 per share was a new long-term investment by EPF. “This investment aims to ensure long-term returns by taking into account the stable nature of infrastructure assets that are capable of consistently generating cash flow, as well as the potential for continued growth in the number of passengers. “This strategy is in line with EPF’s objective as an institutional investor that prioritises sustainable returns for the benefit of members,” the finance ministry said in a written parliamentary reply today. It was responding to a question by Azman Nasrudin (PN-Padang Serai) about the reason for selling MAHB’s shareholding by EPF at a price of RM5.40-RM7.36 per unit in 2023 and then buying it back at RM11 per unit. Azman also asked the ministry to state the total amount of losses incurred by the fund as a result of the transaction. The ministry said all sales activities were carried out with the approval of the internal committee and complied with the fund’s established framework. “EPF has recorded positive income from active trading activities as well as dividend accumulation throughout its investment in MAHB shares since 1999. “Overall, since 2014, the total income from MAHB shares has reached more than RM500 million,” it said. The ministry said the sale of MAHB shares by EPF’s equities fund managers on Bursa Malaysia in 2023 was part of EPF’s active trading strategy to take advantage of share price movements and generate short-term investment income. MAHB shares were sold at prices ranging from RM5.40 to RM7.36 per unit, generating income totalling RM100.7 million for part of the EPF dividend distribution for the 2023 financial year, the ministry added. The performance of MAHB’s shares, which outperformed the FBM KLCI by 11.47%, was also a key factor in this strategy, it said. On the question of the RM11 per share price for the voluntary offer, the ministry said there was a difference between the trading of MAHB shares in the market and the implementation of a voluntary offer on MAHB. “Share trading, including MAHB shares, is managed by EPF fund managers as well as external fund managers, and involves buying and selling shares at fluctuating market prices based on supply and demand on Bursa Malaysia,” it said. On the other hand, the voluntary offer by the consortium of which EPF is a member was evaluated and made by a team completely different from the strategic investment team, it said. The ministry said the mandates of both parties differed, with the main objective of EPF fund managers being to generate profits to ensure that dividend payments can be distributed to EPF members.–FMT

BEIJING: Chinese President Xi Jinping held a rare meeting with some of the biggest names in China’s technology sector on Monday, including Alibaba founder Jack Ma, in what analysts saw as a show of support to rally private companies. The event, a turnaround in Beijing’s approach to its tech giants from a regulatory clampdown four years ago, reflected policymakers’ concern about a slowdown in growth and efforts by the United States to limit China’s technological development. Xi’s move to gather business leaders, including those behind breakout successes despite U.S. pressure in recent months, underscores the importance of private-sector innovation for China to gain ground in technology, analysts said. “It’s a tacit acknowledgment that the Chinese government needs private-sector firms for its tech rivalry with the United States,” said Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong. “The government has no choice but to support them if it wants to compete with the United States.” The private sector in China, which competes with state-owned companies, contributes more than half of tax revenue, more than 60% of economic output, and 70% of tech innovation, official estimates show. U.S. tariffs threaten more pressure on the world’s second-largest economy, which has been reeling from weak domestic consumption and a destabilizing debt crisis in the property sector. Liang Wenfeng, founder of DeepSeek, a startup that threatens to upset American AI ventures with its lower-cost AI model, attended, two sources familiar with the meeting said. Xi called the meeting in the ceremonial Great Hall of the People, the same setting he used in 2018 for a similar meeting during the trade war at the time of the first administration of U.S. President Donald Trump. The first images from Chinese state media showed Xi speaking to assembled executives pictured from behind and aligned in rows before him. The images prompted a scramble by investors to see who was in and out among top business leaders. Huawei founder Ren Zhengfei and BYD’s Wang Chuanfu sat directly in front of Xi, images showed, seats of honor for national champions in electric vehicles and chip development. Shares of Baidu dropped more than 8%, making it the largest loser on the Hang Seng index, after no top executive was spotted. Founders of Baidu and ByteDance were among those who did not attend, two sources familiar with the matter said. Neither company’s officials immediately responded to requests for comment. On Friday, Reuters reported, citing sources, that Xi planned to chair a business meeting. Xi had been expected to encourage company chiefs to expand their businesses amid the China-U.S. technology rivalry, the sources had said. Xi delivered a speech after listening to executives on Monday, official news agency Xinhua said, but gave no details of his remarks. DeepSeek, dancing robots In addition to DeepSeek, whose AI breakthrough has been described as a “Sputnik moment” for China, other participants showcased recent business success stories with a wide public following in China. Those included Xiaomi’s Lei Jun, a celebrity CEO who pushed his smartphone and appliance company into EVs, and Wang Xingxing, founder of Unitree. One of the most popular moments of CCTV’s Lunar New Year’s gala broadcast featured dozens of Unitree humanoid robots dancing in a spectacle that seemed aimed at Tesla’s earlier efforts and showcasing China’s homegrown innovation. Other executives present included CATL’s Robin Zeng, Meituan’s Wang Xing, China Feihe’s Leng Youbin and Will Semiconductor founder Yu Renrong, CCTV video showed. Tencent’s Pony Ma was also there, two sources familiar with the meeting said. ‘Inject confidence’ Tech shares in Hong Kong have jumped in recent weeks on a combination of optimism about the DeepSeek AI breakthrough and a thawing of authorities’ approach to internet giants. The Hang Seng technology index hit a three-year high in morning trade on Monday. It slipped in volatile afternoon trade and was last down 1.3%. Xi first chaired a high-profile symposium for the private sector in 2018, six years after he came to power. At the time, he pledged tax cuts and access to financial backing. Xiaoyan Zhang, a finance professor at Beijing’s Tsinghua University, said Monday’s meeting was intended to send a similar message about the importance of private industry and to try to “inject confidence.” “I think the purpose is to tell them we want to support you. We need you to boost innovation, technological innovation, and we need you to boost consumption,” Zhang told Reuters. Attendance by Jack Ma, in particular, has the potential to boost confidence, analysts have said. The once high-profile entrepreneur largely withdrew from public life after the IPO of his fintech company Ant was halted by authorities in 2020 – a move triggered by a speech he gave that year criticizing China’s regulatory system. His business empire and the wider technology industry were then targeted by a regulatory crackdown, and his time out of the limelight represented a reversal of fortunes for China’s private sector.–REUTERS

KUALA LUMPUR: In a shocking development, Malayan Banking Bhd, Malaysia’s largest banking group by asset size, has announced the immediate departure of its Group Chief Financial Officer (GCFO), Khalijah Ismail. According to a brief filing with Bursa Malaysia, the exit follows an internal inquiry. However, Khalijah has strongly disputed this account. Rather than a resignation, Khalijah asserts that her departure was a termination, and she intends to take legal action to challenge the decision, seeking to safeguard her professional reputation after more than 33 years of service. The abrupt nature of her exit has raised numerous questions. What findings led to the internal inquiry, and why was a veteran executive removed so suddenly? If Maybank had valid reasons for the decision, why does the former CFO believe she has grounds for legal recourse? The details remain unclear, as the bank has kept information tightly under wraps. Despite the growing controversy, Bank Negara Malaysia seems to be distancing itself from the issue. During a conference call with Maybank’s management, an analyst reported that the central bank had been informed but had no plans for regulatory action. “Management stated that this was an isolated case and that Bank Negara had been notified. No further regulatory action is anticipated,” said Tan Ei Leen, an analyst with Affin Hwang Capital. With Bank Negara refraining from involvement and Maybank quickly moving to appoint a replacement, the matter is now set to be resolved in court. For Khalijah, the legal challenge represents a fight for her legacy, integrity, and reputation. For Maybank, it is a matter of maintaining stability and perhaps mitigating reputational risk. As the situation unfolds, the silence surrounding the details remains conspicuous. While the full story may never emerge, one thing is clear: Khalijah Ismail is not departing without a fight.

PETALING JAYA: Malayan Banking Bhd (Maybank) has appointed Malique Firdauz Ahmad Sidique as its acting group chief financial officer (GCFO) effective Feb 17. In a filing with Bursa Malaysia, Maybank said Malique Firdauz is currently the chief financial officer of Maybank Islamic. “The process to identify the new GCFO will commence immediately and the outcome of which will be announced in due course,” it said. Maybank also announced the cessation of its GCFO, Khalijah Ismail, 58, pursuant to an internal inquiry by the bank. Khalijah was appointed the bank’s GCFO on Oct 1, 2021. Prior to that, she was the acting GCFO from June 29, 2021. She obtained her professional qualification with the Association of Chartered Certified Accountants, United Kingdom in 1989, following which she served in Ernst & Young and then Datapower Sdn Bhd before joining Maybank in 1991.–BERNAMA

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is finalising its investigation into CSA Academy, a financial consultancy firm accused of defrauding over 4,000 civil servants through a massive debt-clearing fraudulent scheme. Dubbed “Ops Sky,” the probe has uncovered corruption and money laundering involving officials from multiple financial institutions, alongside high-profile celebrities and public servants who promoted the scheme. Authorities revealed that victims, including government employees and private-sector workers, were misled by false promises of financial relief, investment opportunities, and job placements. Investigators have confirmed that singer Ziana Zain, veteran actor Datuk Jalaluddin Hassan, and Malaysia’s first astronaut, Datuk Dr. Sheikh Muszaphar Shukor, received payments ranging from RM150,000 to RM400,000 over one to two years for endorsing CSA Academy. The firm also reportedly funded concerts and commissioned custom-written songs as part of its promotional strategy. On February 6, all three celebrities were summoned to MACC headquarters in Putrajaya to provide statements. MACC Chief Commissioner Tan Sri Azam Baki emphasised that while they were not considered suspects, their testimonies were crucial to understanding why the firm engaged celebrities to market its financial packages, particularly to government employees. Ziana Zain later addressed the allegations, dismissing claims that she had received RM400,000 in full and stating that payments were typically divided among multiple ambassadors. She clarified that her involvement was limited to serving as a brand ambassador and performing at events, adding that the questioning session lasted around three hours and focused on her interactions with the company. CSA Academy allegedly operated by luring victims through financial literacy seminars, where celebrity endorsements lent credibility to its debt-clearing programs. Victims were convinced to pay substantial upfront fees for financial restructuring services, believing their debts would be cleared within a short period. Investigators suspect the company functioned similarly to a Ponzi scheme, using funds from new members to cover payouts for earlier clients, creating an unsustainable financial cycle. Since the launch of Ops Sky, MACC has intensified efforts to dismantle CSA Academy’s operations. Authorities have frozen 98 bank accounts linked to the firm and related companies, amounting to RM22.07 million in seized assets. A total of 21 individuals, including eight company directors and 12 bank officers, have been arrested for their suspected roles in facilitating fraudulent transactions. Investigators have also seized over 4,000 documents as part of a broader financial probe. The investigation is now in its final stages, with findings expected to be submitted to the Deputy Public Prosecutor within a month. Additional witness statements will be recorded over the next two weeks, including testimonies from bank officers, CSA Academy employees, and affected borrowers. Meanwhile, this case highlights a larger financial fraud crisis in Malaysia, with Melaka alone recording 1,845 online swindle cases in 2024, resulting in financial losses exceeding RM75.9 million. As authorities work to conclude the probe, further legal action and arrests may follow.

KUALA LUMPUR: The Securities Commission Malaysia (SC) has officially released its Regulatory Sandbox Guidelines, outlining the eligibility criteria and requirements for participation. The regulatory sandbox, initially announced during last year’s SCxSC Fintech Summit, serves as a structured environment for entities to test innovative capital market products and services while ensuring strong investor protection. A Controlled Space for Innovation SC Chairman Dato’ Mohammad Faiz Azmi emphasized the sandbox’s role in fostering responsible innovation in Malaysia’s capital market. “By empowering industry players to experiment with innovative ideas, the sandbox embodies our vision of building a dynamic, inclusive, and future-ready capital market. It also fosters collaboration across the ecosystem, ensuring progress aligns with investor protection,” he stated. Eligibility Criteria To be considered for the sandbox, applicants must meet the following criteria: Introduce a capital market product or service that is not currently available in Malaysia and does not fully fit into existing SC frameworks. Demonstrate a clear value proposition to the Malaysian capital market. Present comprehensive testing plans, expected outcomes, and well-defined exit strategies. Showcase sufficient human, financial, and operational resources to support the initiative. Provide a viable business plan for commercial deployment post-testing. Possess the necessary infrastructure, governance framework, and fully functional prototypes to commence testing. The SC is particularly encouraging applications focused on financial inclusiveness, Islamic finance, and retirement solutions. Application and Evaluation Process Applications for the sandbox will be open from 15 April to 31 May 2025. Candidates will be notified within 30 days of submission regarding their progression to the evaluation stage. The evaluation process is expected to take approximately two months, depending on the complexity of the application. Successful candidates will then be formally admitted into the sandbox. To facilitate early preparation, the SC has made the Regulatory Sandbox Guidelines and application forms available in advance. Interested parties are encouraged to reach out for pre-consultation sessions via [email protected]. For more information and to access the guidelines and application forms, visit the SC’s official website at www.sc.com.my/development/digital/regulatory-sandbox

KUALA LUMPUR: Maxis Bhd has appointed Datuk Johan Idris as chairman, effective March 1, 2025, succeeding interim chairman Datuk Hamidah Naziadin. Johan currently serves as the chairman (non-executive) of KPMG in Malaysia, board member of the Capital Market Compensation Fund Corporation of Securities Commission Malaysia, board member of Universiti Kebangsaan Malaysia, senate member and board of Trustees of International Centre for Education in Islamic Finance, as set-up by Bank Negara Malaysia and council member of Malaysian Institute of Certified Public Accountants. He has over 35 years of working experience, a proven leadership track record and extensive experience across various industries and sectors, both local and global. The board extends its gratitude to Hamidah as the company has greatly benefited from her leadership as interim chairman since July 1, 2024. Hamidah will continue her role as independent non-executive director. —THE STAR  

Asia Group Advisors (AGA) has announced the appointment of Jessica J. Lee as Vice-President, Strategy. Jessica brings a wealth of expertise in corporate communications, issues management, and strategic planning across Asia-Pacific and the United States. “Asia’s fluid business operating environment means that companies will need to be creative and flexible in how they interact with governments and other stakeholders,” said Adam Schwarz, Founder & CEO of Asia Group Advisors. “It also means consistent and deep local market engagement will be required to capture the many opportunities that continue to emerge in this region. Jessica’s expertise will be invaluable as we continue to provide strategic, impact-focused advice to our clients.” Jessica J. Lee has a distinguished career spanning the technology, healthcare, and philanthropy sectors. She has built high-performing, multi-country teams, fostered public-private partnerships and executed impactful campaigns for multinational corporations. Her leadership has been instrumental in addressing complex geopolitical issues and advancing sustainability initiatives globally. Prior to joining AGA, J. Lee served in regional leadership roles at APCO Worldwide, as Managing Director Southeast Asia, and WE Communications, as Vice President Regional Healthcare Lead, where she advised clients on market entry strategies for Korea and Australia and provided strategic counsel to C-suite executives on investment and risk management. She has also spearheaded award-winning communications campaigns for major healthcare brands, focusing on areas such as health economics and digital transformation. Earlier in her career, she contributed to the rollout of the Affordable Care Act in the United States as a healthcare consultant at Wilson Strategic. Additionally, she served as a Visiting Professor at the Korea Development Institute, training civil servants and advancing global development initiatives. “I’m excited to join AGA and contribute to the firm’s mission of helping clients navigate the complexities of the Asian market,” said Jessica J. Lee. “I look forward to working with Adam and the talented team at AGA to deliver innovative solutions and create value for our clients.”–BRANDING IN ASIA

KUALA LUMPUR: MNRB Holdings Bhd has appointed Datuk Sulaiman Mohd Tahir as its new non-independent and non-executive chairman effective from Feb 14. Sulaiman succeeds Datuk Johar Che Mat, who has resigned from his position as chairman of MNRB and Malaysian Reinsurance Bhd (Malaysian Re) effective Feb 12. Johar will continue to share his expertise and insights within the group as chairman of subsidiaries Takaful Ikhlas Family Bhd and Takaful Ikhlas General Bhd. Sulaiman will also assume the role of non-independent and non-executive chairman of Malaysian Re, effective from Feb 14. With over 30 years of experience in local financial sector, Sulaiman brings a wealth of expertise to his new role. He has held notable leadership positions, including chairman of Bank Pembangunan Malaysia Bhd and group chief executive officer of AmBank Group. “His extensive background in banking and finance, along with his commitment to excellence, will contribute significantly to MNRB’s ongoing growth and development. “Sulaiman’s appointment ensures a smooth transition of leadership and reinforces MNRB’s focus on delivering long-term value to its stakeholders,” it said. –Business Times