News

KUALA LUMPUR, CIMB Group Holdings Bhd has announced a leadership transition in its Singapore operations following the resignation of Victor Lee Meng Teck, CEO of Growth Markets and CEO of CIMB Singapore. In a statement, the group said Lee has stepped down to pursue other opportunities and will be on gardening leave with immediate effect. Group CEO Novan Amirudin will take on the role of Acting CEO of Growth Markets, while Andrew Boey, Chief Financial Officer of CIMB Singapore, has been appointed Officer-in-Charge to manage daily operations and ensure business continuity. Novan praised Lee’s contributions, noting his role in strengthening and institutionalising CIMB Singapore, aligned with the group’s EPICC culture. “As we look ahead, we remain confident in our strong leadership team and their ability to deliver on our Forward30 strategic priorities. We thank Victor for his dedication and wish him well in his future endeavours,” he added. CIMB confirmed that its succession plan has been activated and official appointments will be announced in due course. Lee joined CIMB in January 2019 as CEO of Group Commercial and Transaction Banking before being named CEO of CIMB Singapore in January 2020.

KUALA LUMPUR, Former prime minister Datuk Seri Ismail Sabri Yaakob and his ex-political secretary, Datuk Mohammad Anuar Mohd Yunus, have opted not to contest the prosecution’s bid to forfeit more than RM169 million in cash seized by the Malaysian Anti-Corruption Commission (MACC). MACC deputy public prosecutor Mahadi Abdul Jumaat informed the Sessions Court of their decision during case mention before Judge Suzana Hussin, noting that both respondents had conveyed their stance in a letter dated Aug 28. Former prime minister Datuk Seri Ismail Sabri Yaakob and his former political secretary Datuk Mohammad Anuar Mohd Yunus will not challenge the prosecution’s application to forfeit more than RM169 million in cash seized by the Malaysian Anti-Corruption Commission.  “We are requesting that a third-party gazette under Section 41(2) of the MACC Act 2009 be issued for this application, and we will try to expedite the process,” he said. Lawyer Datuk Amer Hamzah Arshad, representing both Ismail Sabri and Anuar, confirmed the contents of the letter and requested that his clients be excused from attending the proceedings, which the prosecution did not object to. The judge fixed Oct 1 for the next case mention. Mahadi later told Bernama that if no third-party claims are filed on that date, the RM169 million will be forfeited to the government. The forfeiture bid, filed on July 7, covers cash in multiple currencies allegedly belonging to Ismail Sabri but held by Anuar. This includes RM14.77 million in ringgit, S$6.13 million, US$1.46 million, three million Swiss francs, €12.16 million, ¥363 million, £50,250, NZ$44,600, AED34.75 million, and A$352,850. The application was made under Section 41(1) of the MACC Act 2009, after the commission determined that the funds were linked to an offence under Section 36(2) of the same act. The MACC had previously questioned Ismail Sabri several times over his asset declarations. Investigators also seized RM170 million in cash across various currencies and 16kg of gold bars, estimated at RM7 million, during raids on “safe houses” linked to the case. The seizures were tied to a corruption and money laundering probe involving four of Ismail Sabri’s senior aides, who were arrested in February.

KUALA LUMPUR,  The Malaysian Anti-Corruption Commission (MACC) has confirmed that 20 bank officers will be charged in court this week in connection with a massive RM700 million loan syndicate scandal. The officers, attached to several commercial banks, are alleged to have colluded with syndicate members to approve personal and business loans using falsified documents, including salary slips and bank statements. According to MACC, the scheme had been operating for several years and involved fraudulent applications that were channelled through insiders within the banking system. Investigators believe the syndicate earned tens of millions in kickbacks by charging borrowers fees for securing loans that would otherwise have been rejected. “Investigations revealed that the officers abused their positions and conspired with external agents to manipulate banking systems for personal gain,” an MACC source was quoted as saying. The 20 suspects, who were arrested in a nationwide operation last month, are expected to face multiple charges under the Malaysian Anti-Corruption Commission Act 2009, the Penal Code and the Anti-Money Laundering Act. The MACC said the case is one of the largest involving financial institutions in recent years and warned that stern action will be taken against both internal and external parties undermining the integrity of the banking sector. “This should serve as a reminder that no one is above the law,” the commission added. The suspects will be brought to court in stages beginning Wednesday.

SEOUL, Park Jin-young, the founder and chief producer of JYP Entertainment, has been appointed to a ministerial-level role on South Korea’s newly launched presidential committee aimed at promoting K-pop and cultural exchange, the presidential office announced on Tuesday (Sept 9). Park, a renowned singer-songwriter and executive, will serve as co-chair of the Commission on Pop-Culture Exchange alongside Culture Minister Chae Hwi-young. According to presidential chief of staff Kang Hoon-sik, the committee will focus on expanding the global reach of South Korean culture while also introducing more international cultural content into Korea. He highlighted Park’s pivotal role in pushing K-pop into overseas markets, noting, “Park has been at the forefront of taking K-pop to the United States and is now seen as a symbolic figure in the globalisation of the industry.” In a social media post, the 53-year-old Park expressed his commitment to advocating for stronger government support for K-pop and creating more opportunities for artists. President Lee Jae Myung also announced several other key appointments on Sept 9. These include former government legislation minister Lee Seog-yeon to lead the Presidential Committee of National Cohesion, and former lawmaker and architect Kim Jin-ai to head the Presidential Commission on Architecture Policy. Attorney We Chul-whan was named chief of the National Election Commission. At the vice-ministerial level, Lee appointed former lawmaker Kim Kyung-hyup as head of the Overseas Korean Agency, while veteran civil servants Jung Goo-chang and Cho Sung-joo were named vice-minister of gender equality and family and senior presidential secretary for personnel affairs, respectively.

KUALA LUMPUR, Affin Bank Bhd has officially appointed Hanif Ghulam Mohammed as the new chief executive officer of its investment banking division, Affin Hwang Investment Bank Bhd, effective immediately. Hanif Ghulam Mohammed has been appointed as the new CEO of Affin Hwang Investment Bank Bhd, with immediate effect. The announcement confirms earlier reports by The Edge Malaysia from August, which had indicated that Hanif was the frontrunner for the role. He succeeds Nurjesmi Mohd Nashir, who stepped down in May and later joined RHB Bank Bhd as head of wholesale banking in July. Hanif brings over 20 years of experience in the banking sector, particularly in treasury and capital markets. Prior to this role, he served as executive director of Group Treasury at Affin Bank since December 2021 and currently sits on Bank Negara Malaysia’s Financial Markets Committee, where he also chairs the Islamic Financial Markets Subcommittee. His career highlights include senior positions such as regional head of Islamic treasury and director of fixed income, giving him deep expertise in debt capital markets and Islamic finance. “Hanif’s appointment reflects our commitment to driving strategic growth and excellence within Affin Hwang Investment Bank amid a dynamic investment banking landscape,” said Datuk Wan Razly Abdullah, president and group CEO of Affin Group. “His extensive experience, treasury and debt capital markets expertise, and leadership in advancing Malaysia’s Islamic financial markets position him well to guide our investment banking arm forward. With Hanif at the helm, we are confident in our ability to strengthen market presence, innovate, and deliver sustainable value to clients, shareholders, and stakeholders as part of our AX28 Strategic Plan,” he added.

PETALING JAYA, Econpile Holdings Bhd has secured a RM54 million contract, marking a significant boost to its order book and expanding its footprint in Malaysia’s construction sector. According to a filing with Bursa Malaysia, the project involves and is expected to contribute positively to the group’s earnings for the financial year. “This contract win underscores Econpile’s expertise in handling complex construction projects,” said a company spokesperson. “We are committed to executing the project efficiently, safely, and within the set timeline, delivering maximum value to our clients.” Analysts said the award demonstrates Econpile’s strong position in the local construction market, particularly in high-value engineering projects, and adds momentum to the company’s growth strategy. The project is scheduled to begin in the coming months, subject to regulatory approvals and project milestones.

PETALING JAYA, LFG Bhd has announced plans to dispose of one of its vessels for RM28 million as part of its ongoing strategy to streamline operations and optimise its asset portfolio. In a filing with Bursa Malaysia, the company said the disposal involves a sale to a third-party buyer on an arm’s-length basis. The proceeds from the transaction are expected to strengthen the company’s balance sheet and support working capital requirements. LFG, which operates in the shipping and logistics sector, said the move is in line with its efforts to focus on high-yield and strategic assets while divesting non-core or ageing vessels. “Disposing of the vessel allows us to redeploy resources more efficiently and enhance operational efficiency,” said a company spokesperson. The company did not disclose the buyer’s identity but confirmed that the transaction is expected to be completed in the current financial quarter, subject to the fulfillment of conditions precedent. Analysts view the sale as a prudent move that could improve LFG’s cash position and provide flexibility for future growth initiatives.

PETALING JAYA, Analysts remain positive on the outlook of Solarvest Holdings Bhd, pointing to a combination of supportive government policies, new project wins, and a steadily diversifying business model as key growth drivers. According to Maybank Investment Bank Research (Maybank IB), the renewable energy player stands to benefit significantly from policy tailwinds under the large-scale solar 5 (LSS5) initiative and the rising adoption of corporate power purchase agreements (PPAs), which are increasingly being used by companies to secure sustainable and cost-efficient energy. The research house also highlighted Solarvest’s growing project pipeline and its strategic shift into project ownership, a move that not only diversifies revenue streams but also enhances long-term earnings visibility. Regional expansion efforts further support the group’s trajectory of growth beyond the Malaysian market. “In addition, we understand that Solarvest is also actively bidding for contracts in the battery energy storage systems (BESS) segment. The outcome of these awards, which are expected to be announced in October, could provide another meaningful boost to its order book,” Maybank IB said. On the project front, Solarvest recently achieved a milestone after securing a successful bid under the Energy Commission’s LSS5+ exercise. Through a consortium in which Solarvest holds a 20% stake alongside Malakoff Corp Bhd (80%), the group will undertake the development of a 470MW alternating current solar plant in Perak. This project is expected to significantly strengthen Solarvest’s standing in the domestic renewable energy market. Reflecting these developments, Maybank IB reiterated its “buy” recommendation on Solarvest. The research firm also revised its target price upward to RM2.90 from RM2.64, factoring in the contribution from the company’s stake in the large-scale Perak project. Analysts note that with its diversified approach spanning engineering, procurement, construction, project ownership, and new ventures into energy storage, Solarvest is positioning itself not just as a solar engineering contractor but as a more holistic renewable energy solutions provider. This transition is seen as vital in ensuring the company remains competitive and well-placed to capture opportunities in the region’s accelerating clean energy push.

Oravel Stays Limited, the parent company of OYO, today announced it rebrand to PRISM, a new corporate brand name that reflects the company’s expanded global portfolio and long-term vision. Founded in 2012 by Ritesh Agarwal, OYO began as a budget travel-tech brand, standardizing and organizing small hotels by using technology, to make affordable, trusted stays accessible worldwide. Over recent years, OYO has expanded well beyond its Indian budget hotel mainstay into multiple countries, premium hotels, vacation homes and more. The company has scaled into a diversified global travel-tech, hospitality and living ecosystem serving more than 100 million customers across 35+ countries. The group’s portfolio today spans hotels under the brands such as OYO, Motel 6, Townhouse, Sunday and Palette. In the vacation homes segment, it operates brands such as Belvilla, DanCenter, CheckMyGuest, Studio Prestige etc. The extended stay category is represented by Studio 6, acquired through G6 Hospitality in the U.S. Additionally, the portfolio encompasses workspaces and celebration spaces, offered through Innov8 and Weddingz.in. The group also offers hospitality technology solutions, including AI-driven partner tools and data science platforms. The name PRISM represents clarity, diversity, and the full spectrum of brands within the company’s ecosystem. The OYO brand will continue to serve as the highly recognisable, consumer-facing identity for budget travel, a space it has defined and clearly marked its solid impression globally. PRISM, in turn, assumes the role of the parent company brand, uniting a diversified ecosystem that spans technology solutions, premium hospitality, extended-stay residences, celebration venues, luxury getaways, and experiential living concepts, besides its core of budget hospitality. At the foundation of this architecture lies a powerful hospitality technology engine, which continues to propel the group’s growth through deeper investment in data science, artificial intelligence, advanced optimisation tools and innovations designed to enhance partner yields, elevate customer experiences and unlock efficiencies at scale across geographies. This strengthens the company’s ability to enter new categories and geographies with clarity and impact. “The transition to PRISM marks the establishment of a future-ready corporate architecture designed to align our expanding portfolio with our long-term vision,” said Ritesh Agarwal, Founder & Group CEO, PRISM. “PRISM is powered by a strong technology engine, deeper investment in data science and AI, and a commitment to helping our partners grow profitably while delighting customers worldwide.” Carmen Lam, Owner of Hotel O Asia City added “Our journey with OYO has been marked by trust, transparency, and consistent growth. With the launch of the new corporate entity, PRISM, we are excited to deepen this partnership and look forward to accelerating our growth together in the Malaysian market.” The new corporate brand name PRISM was chosen following a global public naming competition that attracted more than 6000 submissions.

PropertyGuru Group, Southeast Asia’s leading proptech company, has appointed Lu Yao as its new managing director for Singapore, effective 15 September. In this role, he will oversee the growth of PropertyGuru’s marketplace business in Singapore, shaping strategies that deliver greater value to property seekers and industry partners. Lu Yao will join the group’s executive leadership team (XLT) and report directly to chief executive officer Lewis Ng. Lu Yao, managing director, Singapore at PropertyGuru. He brings with him extensive experience in e-commerce and marketplaces, with a proven record in driving growth, building operations, and leading large teams across Asia. Most recently, he served as group head of marketplace and chief commercial officer for Bangladesh at Daraz Group (Alibaba International Digital Commerce), where he spearheaded the company’s commercial strategy in South Asia and led growth transformation in Bangladesh. Prior to that, Lu Yao led Shopee Singapore’s FMCG cluster and mall, developing its retail and last-mile delivery businesses from the ground up. Earlier in his career, he worked as a management consultant at McKinsey & Company in China, advising on strategy and organisational transformation, and contributed to R&D innovation at Dow Chemicals in the United States. As managing director, Lu Yao will be responsible for driving business and growth strategies, leading the commercial and sales teams, mentoring the country leadership team, and overseeing operations in Singapore. His role within the XLT will also see him contribute to shaping PropertyGuru’s wider regional strategy. CEO Lewis Ng welcomed the appointment, saying: “Lu’s expertise in marketplaces and his ability to scale businesses with a customer-first approach will be crucial for our next phase of growth. We are delighted to have him on board as we continue to innovate and deliver meaningful solutions for property seekers, agents, and partners in Singapore.” Commenting on his appointment, Lu Yao said: “PropertyGuru has redefined how people across Singapore and Southeast Asia find their dream homes. I am honoured to join the team and look forward to building on that legacy, strengthening trust with property seekers and partners, and driving the next chapter of growth and innovation in the proptech space.”