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Islamic finance figure Daud Bakar pleaded not guilty at the Sessions Court today to a charge of abetting unlicensed securities trading involving a corporate entity. Daud, 62, who previously chaired the Shariah advisory councils of both Bank Negara Malaysia and the Securities Commission (SC), entered his plea before Judge Norma Ismail after the charge was read out. He was charged under Section 58(1) of the Capital Markets and Services Act 2007 (CMSA), which prohibits carrying out regulated activities such as dealing in securities without a valid capital markets services licence or proper registration. According to the charge sheet, Daud allegedly conspired with AUF MBZ Consortium PLT and two individuals linked to the entity between June 14 and Aug 9, 2021. The company was not licensed or registered to deal in securities. The alleged activities were said to be connected to Energy Eco Bhd, which Daud was purportedly representing. The value of the securities involved was not disclosed. If convicted, he faces a fine of up to RM10 million, imprisonment of up to 10 years, or both. The court granted bail of RM50,000 with one surety. Daud was also ordered to surrender his passport and report monthly to the Securities Commission until the case is resolved. Case management has been fixed for April 10. He is represented by lawyer Haziq Razali, while SC deputy public prosecutor Shoba Venu Gobal is leading the prosecution. In a related development, AUF MBZ Consortium PLT founder Mahadi Badrul Zaman, 42, was charged on behalf of his company with two counts of conducting securities trading without the required licence. The alleged offences took place at the company’s premises in Subang Jaya between June 2021 and February 2024. The first charge covers the period from June 14, 2021 to Aug 9, 2023, while the second spans Sept 3, 2021 to Feb 15, 2024. Both charges were brought under the CMSA. Mahadi pleaded not guilty. If convicted, he faces a maximum fine of RM10 million, imprisonment of up to 10 years, or both. The court set bail at RM100,000 and fixed April 10 for case management. Separately, QEW Group Bhd founder Iqbal Mohamad, 47, was charged with conspiring with AUF MBZ Consortium PLT to carry out unlicensed securities trading between Sept 3, 2021 and Feb 15, 2024 at the company’s Seri Kembangan office. Iqbal also pleaded not guilty. He was granted bail of RM50,000, and his case management is likewise scheduled for April 10. Mahadi is represented by lawyer Zamri Idrus, with deputy public prosecutors K Mageswary and Danial Imran Nasaruddin appearing for the prosecution. Iqbal is represented by lawyer Iylia Syazwani Abdul Jamil, while SC prosecuting officer Quek Yiing Huey is acting for the prosecution.

A former telecommunications company director has been charged at the Kuala Lumpur Sessions Court with allegedly offering an RM8 million bribe to secure approval for a RM400 million loan. Ranjeet Singh Sidhu, 56, pleaded not guilty after the charge was read before Judge Rosli Ahmad, according to the New Straits Times. He was charged under Section 16(b)(A) of the Malaysian Anti-Corruption Commission (MACC) Act 2009 for allegedly giving a bribe as an inducement or reward in relation to his principal’s affairs. The offence was said to have taken place at Maybank’s Dataran Maybank branch on Jalan Maarof, Bangsar, Kuala Lumpur, on July 2, 2012. The prosecution alleged that the RM8 million was channelled through Noorusa’adah Othman to Zafer Hashim, then president and group managing director of Bank Pembangunan Malaysia Bhd (BPMB), as an inducement to approve a RM400 million loan for V Telecoms Bhd. The loan was reportedly intended to fund the development of a coastal fibre optic network around Peninsular Malaysia. Ranjeet also faces a separate charge for allegedly using a forged document — a joint completion guarantee between V Telecoms and Huawei Technologies Bhd dated June 21, 2012 — to meet the loan’s approval requirements. He was accused of submitting the forged document at BPMB’s office on Jalan Sultan Ismail, Kuala Lumpur, on Jan 29, 2012. The charge was framed under Section 471 of the Penal Code for knowingly using a forged document. Ranjeet pleaded not guilty to both charges. The court granted bail at RM150,000 with one surety and set March 30 for case mention. He was also ordered to surrender his passport and report to the MACC headquarters once a month until the case is concluded. Deputy public prosecutor Farah Ezlin Yusop Khan appeared for the prosecution, while Ranjeet was represented by lawyer Gobinath Mohanna.

Human Resource Development Corporation (HRD Corp) has suspended three additional members of its management team as part of efforts to enhance governance and restore industry confidence. Two weeks ago, the agency announced the suspension of three top management officials pending an internal investigation. The latest move comes shortly after Datuk Mohamed Shamir Abdul Aziz was appointed chief executive officer on Jan 23. The identities of the suspended officials have not been disclosed. In a statement on Saturday, Shamir said the suspensions reflect HRD Corp’s commitment to improving governance standards and ensuring that national workforce development funds are managed with transparency, efficiency and accountability. “Strong governance is essential to maintaining business confidence. Employers expect clarity, predictability and responsible stewardship. We are strengthening our systems to consistently meet those expectations,” he said. HRD Corp, an agency under the Ministry of Human Resources, collects levies from employers to finance training and development programmes for the Malaysian workforce. Shamir stressed that the suspensions are procedural steps to safeguard the integrity of an ongoing internal review and do not imply any finding of wrongdoing. He said the review identified areas needing stronger internal controls, clearer reporting lines and improved compliance oversight. Measures are now being introduced to modernise governance frameworks, reinforce accountability and streamline administrative processes to better serve employers and training providers. “This reset is about ensuring our systems function effectively and responsibly,” he added. Earlier suspensions this month followed findings and recommendations from the Public Accounts Committee, the Auditor General and the Malaysian Anti-Corruption Commission. The reports touched on issues such as unutilised levy funds, the acquisition of Menara Ikhlas, equity investment management and matters related to the New Core System (NCS). The NCS project involved a RM14 million procurement and experienced delays of more than four years after three failed user acceptance tests. Shamir took over as CEO less than six months after former banker Syed Alwi Mohamed Sultan was appointed to the role in July 2025. HRD Corp did not issue an official statement on whether Syed Alwi resigned or was removed. Before him, Datuk Shahul Hameed Dawood led the agency until stepping down in April 2025 after five years in the position. Shamir previously served as managing director of Amanah Ikhtiar Malaysia, a national microfinance institution. Within his first week in office, HRD Corp secured settlements amounting to about 18% of its outstanding structured investment portfolio, recovering RM151.8 million. The agency said this reflects accelerated recovery efforts as it shifts towards a more capital-protective investment strategy.

Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Tan Sri Azam Baki has filed a defamation suit against Bloomberg LP over an article published on Feb 10 regarding alleged share ownership. The lawsuit was filed at the High Court on Friday (Feb 20) through Messrs Zain Megat & Murad, naming Bloomberg LP, headquartered in New York, and its Malaysian subsidiary, Bloomberg (Malaysia) Sdn Bhd, as the first and second defendants respectively. According to the writ of summons and statement of claim, Azam is seeking RM100 million in general damages, along with aggravated and exemplary damages, as well as interest and legal costs. He is also applying for an injunction to prevent the defendants, including their agents and employees, from publishing or republishing the statements cited in the suit or any similar defamatory remarks. In addition, he is requesting that the allegedly defamatory content be removed within three days from the date of judgment. Azam is further demanding a public apology, with wording to be agreed upon by his solicitors, to be published in newspapers and on social media platforms of his choosing. In his statement of claim, Azam alleged that at about 8am on Feb 10, the defendants published an article on Bloomberg.com titled “Malaysian Anti-Graft Chief Returns to Stocks After Outcry,” written by Niki Koswanage and Tom Redmond. He contended that the article contained defamatory statements, including a claim that he owned 17.7 million shares in Velocity Capital Partner Bhd, based on filings with the Companies Commission of Malaysia (SSM), in his capacity as MACC chief commissioner. The article also allegedly stated that he had not publicly declared his assets. Azam argued that the publication concerned matters of Malaysian public administration and related directly to his role as a senior civil servant. He noted that the article was accessible in Malaysia via subscriptions to the Bloomberg Terminal, which is widely used by financial institutions and commercial entities. He claimed the article conveyed the impression that he had abused his position or engaged in corrupt practices. According to Azam, the defendants had contacted him prior to publication for clarification, and he had provided a detailed and reasonable explanation. However, he alleged that they failed to properly consider his response and instead proceeded to publish the article in what he described as a biased, sensational and misleading manner that created a negative and inaccurate portrayal of him. He further alleged that the defendants did not take sufficient steps to verify the information before publication, including conducting further checks or cross-verification. Azam asserted that the publication breached principles of responsible journalism and contravened Section 8A of the Printing Presses and Publications Act 1984, which prohibits the dissemination of false or unverified news. He maintained that publishers have a duty to ensure that their reports are accurate and not misleading. He also claimed that the defendants’ alleged failure to verify the information amounted to negligence, reckless disregard for the truth and malice. The article, he said, implied that he was dishonest and untrustworthy, had breached asset declaration rules, abused his position for personal gain, and was involved in questionable financial activities linked to share ownership. He further alleged that it suggested non-compliance with asset declaration requirements or a lack of transparency. Azam maintained that the allegations were false and intended to damage his reputation. He stated that he had complied fully with all asset declaration requirements applicable to public officials, and that any acquisition and subsequent disposal of shares had been properly declared through official channels, including the Human Resources Management Information System (HRMIS). He added that the shares mentioned were disposed of before they were issued, and that he had legitimate financial means to make such investments, derived from lawful income and retirement benefits. Overall, Azam contended that the article contained inaccuracies, selective reporting and misleading representations that created a false narrative about him.

Lembaga Tabung Haji has made a notable return as a substantial shareholder of SKP Resources Bhd after more than a decade, signalling renewed interest in the Johor-based electronic manufacturing services company. According to a filing with Bursa Malaysia on Friday, Tabung Haji purchased 500,000 shares on February 12, representing a 0.03% stake, which increased the fund’s total shareholding in SKP Resources to 5.028%. Just days later, the pilgrimage fund acquired an additional 1 million shares, bringing its stake to 5.092%, or 79.56 million shares. Tabung Haji first appeared as a substantial shareholder in SKP Resources back in February 2013, when its holding peaked at 10%. However, the same year saw SKP Resources removed from the Securities Commission Malaysia’s list of Shariah-compliant securities in November, before being re-included in the 2014 review. In its 2014 annual report, dated August 1, 2014, Tabung Haji was not listed among the company’s top 30 shareholders. The fund later reappeared in the top 30 list in the 2018 annual report disclosure dated June 29, 2018, with a 1.47% stake, and steadily increased its shareholding over subsequent years. SKP Resources’ other substantial shareholders include the Gan family with a 40.23% stake, the Employees Provident Fund with 13.39%, Abrdn with 10.48%, and the Retirement Fund (Incorporated) (KWAP) with 9.28%, highlighting the company’s diversified investor base. Shares of SKP Resources closed unchanged at 50.5 sen on Friday, giving the company a market valuation of RM773.55 million. The recent acquisitions by Tabung Haji underscore the fund’s renewed confidence in SKP Resources, reflecting a broader trend of institutional investors actively managing and expanding their holdings in established Malaysian companies. Analysts note that the fund’s move could signal potential long-term strategic interest in the company as it continues to navigate the competitive electronics manufacturing sector.

Velocity Capital Partner Bhd, which has been in the spotlight in recent months, announced on Friday that executive director See Toh Kean Yaw has resigned from his position, effective immediately. According to a filing with the stock exchange, See’s departure is “to pursue other interests.” This move comes just a month after See stepped down from his role as a non-independent, non-executive director on the board of MMAG Holdings Bhd, also citing a desire to focus on other interests. See, 53, who is a chartered accountant, had been serving on Velocity Capital’s board — formerly known as CSH Alliance Bhd — since December 2023. He joined MMAG’s board in March 2025, the same month that Velocity Capital became a substantial shareholder in MMAG with a 6.46% stake. Velocity Capital later exited its investment in MMAG in early January this year, with See resigning from MMAG’s board on January 19. In addition to his roles at Velocity Capital and MMAG, See currently serves as an executive director at Harvest Miracle Capital Bhd (KL:HM). Velocity Capital’s involvement in MMAG coincided with the emergence of other significant investors. In March 2025, NexG Bhd (KL:NEXG), formerly Datasonic Group, and Datuk Seri Farhash Walfa Salvador also became major shareholders in MMAG. Farhash rose to prominence as MMAG’s largest shareholder, holding a 20% stake, and was subsequently appointed as the company’s chairman. NexG acquired a 9.53% stake at the same time. Farhash exited MMAG on December 31, 2025, while NexG’s holding remains unchanged. Both Velocity Capital and Farhash reportedly sold their stakes at a loss, with Velocity Capital estimated to have incurred losses exceeding RM50 million, while Farhash’s divestment resulted in estimated losses of over RM97 million. Despite these high-profile exits, shares in Velocity Capital ended unchanged at five sen on Friday, valuing the company at RM69.07 million. See’s resignation marks the latest in a series of strategic moves by Velocity Capital as the company continues to recalibrate its portfolio following its recent high-profile investments and divestments.

IHH Healthcare Bhd’s Singapore unit, Northern TK Venture (NTK), has taken steps to prevent Daiichi Sankyo Co Ltd from interfering with its acquisition of shares and other corporate actions in India’s Fortis Healthcare Ltd and its subsidiary Malar Hospitals Ltd. NTK claims Daiichi Sankyo has made defamatory statements to India’s capital market regulator and the public. The move comes as NTK amends its ongoing injunctive claim against Daiichi Sankyo following IHH’s completion of its mandatory open offer for Fortis and Malar in November last year, according to a Bursa filing on Thursday. The original claim sought to stop Daiichi Sankyo from obstructing the open offer and spreading defamatory statements, while the near ¥200 billion (RM5.7 billion) claim for losses remains unchanged. The dispute traces back to Daiichi Sankyo blocking the offer since 2018 amid a separate legal case involving Fortis founders Malvinder Singh and Shivinder Singh over a decade-old acquisition of Ranbaxy Laboratories Ltd. The Japanese pharmaceutical company had previously obtained a court order to maintain the status quo at Fortis pending that dispute. India’s Securities and Exchange Board approved the open offer in October 2025. The offer, which allowed acquisition of up to an additional 26% stake in both Fortis and Malar, closed in November with minimal response: only 778 Fortis shares (0.0002%) and 4,523 Malar shares (0.02%) were tendered. The mandatory open offer followed IHH’s initial 2018 investment as a white knight, subscribing RM2.4 billion for a 31.1% stake in Fortis. Fortis holds 62.4% of Malar, which operates healthcare facilities in Chennai, southern India. IHH shares rose nine sen or 1.02% to RM8.91 on Thursday, giving the group a market valuation of RM78.73 billion.

Sunway Bhd is reportedly seeking a valuation of around RM16 billion for its healthcare arm, Sunway Healthcare Holdings Bhd (SHH), ahead of its planned listing on Bursa Malaysia. Sources say the valuation is based on about 55 times projected earnings for FY2026 and nearly 40 times FY2027 earnings. The IPO, expected in March, could be the largest in recent years, surpassing listings such as 99 Speed Mart and Farm Fresh. Sunway Healthcare Holdings operates five hospitals with a combined 1,662 licensed beds, led by its flagship Sunway Medical Centre in Subang Jaya, Selangor.  SHH may be priced at up to RM1.45 per share. The company could raise approximately RM834 million from new shares, while Sunway Group may raise up to RM730 million and Greenwood Capital about RM129 million from the sale of existing shares. However, some market observers consider the valuation high, especially as other listed healthcare groups are trading at lower multiples. IHH Healthcare is trading at around 35 times forward earnings, while KPJ Healthcare is at about 32 times. The Bursa Malaysia Healthcare Index was also the worst-performing index in 2025, declining more than 34% over the past year. Despite this, promoters are banking on SHH’s size and expansion plans. SHH operates five hospitals with 1,662 licensed beds, making it the largest private hospital group in Malaysia by bed count. Its flagship is Sunway Medical Centre in Subang Jaya, with other hospitals in Cheras, Penang, Damansara and Ipoh. It also runs related services such as fertility centres, ambulatory care, home care and senior living. The group plans to open new hospitals in Seremban, Iskandar Puteri and Putrajaya, plus a fertility centre in Kota Bharu. This expansion is expected to increase total bed capacity to over 3,400 by 2032. After the IPO, Sunway — via Sunway City — will retain about 69.5% stake in SHH, while Greenwood Capital will hold 7.5%. The IPO will involve up to 1.97 billion shares, representing about 17% of the enlarged share capital. In 2024, SHH recorded a net profit of RM298.85 million on revenue of RM1.85 billion. Part of the IPO proceeds will be used to repay Islamic bonds issued under a RM5 billion sukuk programme, of which RM1.3 billion has been raised so far. The remainder will go towards listing expenses. The IPO is being managed by several investment banks, including Maybank Investment Bank and AmInvestment Bank as joint principal advisers, alongside UBS, HSBC, Jefferies and others. While SHH has a strong growth story, market sentiment and its premium valuation could pose challenges to investor demand.

Heitech Padu Bhd has been hit with a RM5.05 million lawsuit by facilities management company Kayangan Cahaya Sdn Bhd over a contract dispute. Heitech Padu intends to defend the suit. In a filing with Bursa Malaysia, the company said the suit was filed at the Shah Alam High Court in relation to a building maintenance services agreement dated April 5, 2024, and related works. Heitech Padu said it disputes the claim and is reviewing the allegations with its legal advisers. The company intends to defend the suit. No further details on the claim were disclosed. The board said it is currently unable to determine the financial impact of the case and has not made any provisions, pending legal assessment and further developments. Shares of Heitech Padu closed two sen or 1.2% higher at RM1.69, giving the group a market capitalisation of RM275.44 million.

YTL AI Labs has named Fadrizul Hasani, Grab’s former first engineer and ex-CTO of GXBank, as its new Chief Solutions Officer. After 14 years in the Grab ecosystem, where he helped build the company into a regional platform, Fadrizul moves on from GXBank, which has appointed Nishant Sharma as its new CTO. At YTL AI Labs, he will lead the development of sovereign AI platforms and production systems tailored for Malaysia, working alongside the lab’s leadership team, including Chee Mun Foong, Benny L., Lou Yeoh, and Hann Yeoh, on projects with national-scale impact. The lab is closely linked to Malaysia’s digital banking sector through YTL’s stake in Ryt Bank, with CEO Chee Mun Foong having previously served as Ryt Bank’s Chief Product Officer. Fadrizul had previously signaled his move toward a “new chapter focused on building things that are genuinely Malaysian.”