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KUALA LUMPUR, Ecoscience International Bhd (EIB) announced that its wholly owned subsidiary, Ecoscience Manufacturing and Engineering Sdn Bhd, has clinched a RM40 million contract to design, construct and install a palm oil and fat refinery plant in Johor. In a filing with Bursa Malaysia, the group said it received a letter of award from an established oil process engineering company for the project. The scope of work includes the construction of buildings and supporting infrastructure as well as the installation of plant equipment and systems for the proposed refinery. The contract, valued at RM40 million, is scheduled to be completed by July 1, 2026. EIB noted that the award is expected to boost the company’s earnings over the project period, though it will not have any material effect on the group’s share capital or the interests of substantial shareholders. The company added that the project reinforces its position as a key solutions provider in the palm oil downstream sector, highlighting its expertise in delivering large-scale engineering, procurement, construction and commissioning (EPCC) projects for the industry.

KUALA LUMPUR, Bursa Malaysia Securities Bhd has publicly reprimanded Fitters Diversified Bhd and fined five of its directors RM400,000 each for breaching Main Market Listing Requirements (Main LR). The total penalties amount to RM2 million. The sanctioned directors are Datuk Sok One a/l Esen, Hoo Swee Guan, Datuk Seri Gan Chow Tee, Wong Kok Seong, and Kho See Ying. According to Bursa, Fitters failed to immediately announce acquisitions made by its wholly owned subsidiary, Fitters Development Property Sdn Bhd, on March 7 and 8, 2023. The deals involved the purchase of 12.14 million shares (4.54%) of Computer Forms (Malaysia) Bhd (CFM) worth RM26.44 million and 6.18 million CFM Warrants A (4.78%) worth RM8.33 million, both via open market transactions. Bursa further said the subsequent announcement, released on March 9, 2023, was not made in a timely manner and contained an inaccurate and misleading statement that the acquisitions were not subject to shareholder approval. All five directors were found to have permitted the breaches. “Bursa Malaysia views these contraventions seriously, as immediate disclosures and shareholder approvals for material related party transactions are fundamental in enabling investors to make informed decisions and safeguarding shareholder interests,” the exchange said. It added that Fitters and its board must uphold proper standards of corporate governance, responsibility, and accountability towards shareholders and the investing public.

KUALA LUMPUR, Payments Network Malaysia Sdn Bhd (PayNet) has announced that group chief executive officer (CEO) Farhan Ahmad will step down from his role, effective Jan 31, 2026. PayNet group CEO Farhan Ahmad “It has been an honour to lead PayNet. I am proud of what we have achieved together, and I look forward to seeing the company continue to grow while I embark on the next chapter of my journey,” said Farhan in a statement. Praveen Rajan has been appointed as PayNet CEO-designate, effective Dec 1. The board has appointed Praveen Rajan, currently chief consumer business officer at CelcomDigi Bhd, as CEO-designate effective Dec 1. With more than 20 years of experience in telecommunications and digital industries, Praveen brings expertise in regulated markets, consumer strategy, innovation, and technology-driven transformation. Since assuming leadership in 2022, Farhan has overseen a period of rapid growth and innovation at PayNet. Transaction volumes surged 275%—from three billion to over eight billion annually—establishing DuitNow as one of the world’s most advanced real-time payment systems. He also championed financial inclusion programmes such as PayNet Cambah, aimed at improving digital prosperity in underserved communities, and PayNet Akar, which equips youth with digital skills. Additionally, he advanced national initiatives like the National Fraud Portal and the PayNet Fintech Hub, while strengthening cross-border payment capabilities. “On behalf of the board, I thank Farhan for his exceptional leadership and dedication to strengthening Malaysia’s payments infrastructure. We also look forward to welcoming Praveen, whose experience in digital transformation and customer-focused growth will be invaluable as PayNet enters its next chapter,” said PayNet chairman Datuk Izzaddin Idris.

SINGAPORE, Singapore is gearing up for its second-biggest listing of the year as it works to revitalise its stock market and narrow the gap with regional peers leading in initial public offerings (IPOs). Centurion Accommodation REIT, spun off from worker and student housing operator Centurion Corp, plans to raise S$771.1 million (US$601 million or RM2.54 billion) through the sale of 876.2 million units priced at S$0.88 each, according to deal terms seen by Bloomberg News. Shares of Centurion Corp climbed as much as 7.4% on Thursday before easing later in the session. The listing will give the REIT a market value of about S$1.5 billion, with nearly 70% of the offering already taken up by cornerstone investors including Fidelity International Ltd, Aberdeen Group plc, Amova Asset Management Co and Barings. The REIT is set to debut on the Singapore Exchange on Sept 25. This comes after the US$773 million IPO of NTT DC REIT earlier this year — Singapore’s largest listing in eight years. However, that data centre REIT, backed by sovereign wealth fund GIC Pte Ltd, has since slipped about 4.5% since its July debut, underlining ongoing challenges in attracting sustained investor interest. Centurion Accommodation REIT’s IPO is being managed by DBS Group Holdings Ltd, United Overseas Bank Ltd, UOB-Kay Hian Holdings Ltd, UBS Group AG, and Malayan Banking Bhd.

KUALA LUMPUR, Malaysia has recovered assets worth US$8.57 million (RM39.1 million) linked to fugitive financier Low Taek Jho, better known as Jho Low, and his family members. According to the Malaysian Anti-Corruption Commission (MACC), the recovery was made with the assistance of Singapore authorities and stems from a global civil forfeiture settlement reached between Jho Low and the United States Department of Justice (DOJ) in connection with the 1Malaysia Development Bhd (1MDB) scandal. The MACC said additional accounts belonging to Low’s family members are expected to be repatriated soon, with all recovered funds to be channelled into the 1MDB Asset Recovery Trust Account. To date, US authorities have secured more than US$1.5 billion in assets linked to Jho Low, much of which has already been returned to Malaysia. With this latest recovery, along with the recent US$330 million (RM1.4 billion) settlement with JPMorgan Chase & Co, the total assets repatriated to Malaysia from the 1MDB case now stand at RM31.19 billion. Jho Low, accused of masterminding the multibillion-dollar fraud involving 1MDB, allegedly diverted billions through offshore entities and bank accounts to fund a lavish lifestyle. He has been a fugitive since 2016 and faces criminal charges in both Malaysia and the United States. The MACC stressed that the recovery underscores the government’s commitment through its multi-agency task force—which includes the Attorney General’s Chambers, Bank Negara Malaysia (BNM), the Royal Malaysia Police, and the National Anti-Financial Crime Centre—to pursue all misappropriated funds and hold accountable those involved in one of the world’s largest financial scandals. Former prime minister Datuk Seri Najib Razak, who established 1MDB in 2009 as a state investment fund, has already been convicted in a related case involving its former subsidiary SRC International. He was sentenced to 12 years’ imprisonment and fined RM210 million, though a partial royal pardon has since reduced the sentence to six years and the fine to RM50 million.

SHAH ALAM, GISB Holdings Sdn Bhd (GISBH) chief executive officer (CEO) Nasiruddin Mohd Ali and three former company accountants pleaded not guilty in the Sessions Court on Wednesday to a total of 264 money laundering charges involving more than RM40 million between 2020 and 2024. Nasiruddin, 66, together with Hamimah Yakub, 73, Asmat @ Asmanira Muhammad Ramly, 45, and Asmanira’s husband, Mohd Khushairi Osman, 54, entered their pleas after the charges were read separately over a five-hour session before Judge Awang Kerisnada Awang Mahmud, according to Sinar Harian. The charge breakdown shows Nasiruddin facing 109 counts involving RM14 million, Hamimah with 60 charges, Asmanira with 41 charges amounting to RM5 million, and Mohd Khushairi with 54 charges totalling RM20.3 million. The charges allege that the accused received and transferred proceeds from unlawful activities through 10 bank accounts linked to them, GISB Mart Sdn Bhd, GISB Travel and Tour Sdn Bhd, and a childcare centre in Bandar Baru Bangi, Rawang, and Subang Perdana during the period under review. Prosecutors Megat Mahathir Megat Tharih Affendi, Mohd Izham Mohd Marzuki, and P. Sangari classified the offences as non-bailable but recommended bail of RM50,000 with one surety each if the court were to exercise discretion. Additional conditions proposed included surrendering passports, monthly reporting to Bukit Aman police, and prohibiting contact with prosecution witnesses. Defence counsel Datuk Rosli Kamaruddin argued for lower bail, citing financial incapacity and noting that the accused had undergone rehabilitation programmes under the Department of Islamic Development Malaysia (JAKIM), the Selangor Islamic Religious Department, and the National Security Council. The judge allowed bail of RM20,000 each for Hamimah and Asmanira, and RM25,000 for Mohd Khushairi, with two sureties each. However, no bail was granted for Nasiruddin, who is also detained under the Security Offences (Special Measures) Act 2012 (SOSMA). The case was fixed for re-mention on November 6 and 24. Separately, on Sept 9, Hamimah faced nine additional money laundering charges amounting to RM3.89 million, allegedly involving personal accounts tied to a supermarket and a company. The court granted temporary bail of RM5,000 for those charges to prevent her immediate arrest.

KUALA LUMPUR, The sale of electronic cigarettes and vape products will be completely banned in Malaysia as part of efforts to curb misuse among consumers. Health Minister Datuk Seri Dr. Dzulkefly Ahmad explained that the measure will be implemented in stages, beginning with a ban on open-system devices before being extended to all types of vape products. However, he did not specify a timeline for the full enforcement of the ban. “The Ministry of Health (MOH) has held detailed discussions with key ministries and agencies, including the Ministry of Finance, the Royal Malaysian Customs Department, the Ministry of Domestic Trade, the Ministry of Home Affairs through the Royal Malaysia Police (PDRM), the Ministry of Investment, Trade and Industry, the Malaysian Investment Development Authority, and the Attorney General’s Chambers,” he said in a written reply at the Dewan Negara. He added that the findings and proposed implementation plan will be presented to the Cabinet for approval. This decision will form the foundation for a nationwide ban on the sale of electronic cigarettes and vape products.

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.