GIIB Holdings : MACC investigations are to do with subsidiary GIIB Healthcare

KUALA LUMPUR: GIIB Holdings Berhad today in response to queries from Bursa Malaysia Securities said Malaysian Anti-Corruption Commission investigations which led to the remand of three of its directors were to do with a RM24,000 transaction and liabilities of subsidiary company GIIB Healthcare Products Sdn. Bhd. 

The transaction in question is to do with a RM24,000 invoice related to the sales of gloves to A2 Gloves Sdn. Bhd. by GIIB Healthcare Products Sdn. Bhd. While the liabilities refer to GIIB Healthcare's trade liability, non-trade liability and provision of liabilities in an announcement made by the company on 29 May 2023 for the Interim Quarterly Financial Results ended 31 March 2023.

"The group has obtained legal opinion and concluded the RM24,000/- transaction is legal and does not breach any laws. The group is requesting its external auditors to review the position of GIIB Healthcare Products Sdn. Bhd.'s liability as at the balance sheet date in question. On item 1 (iii) above, the Board is unable to take any action due to lack of information," the company said in its filing with Bursa Malaysia Securities. 

GIIB Holdings also clarified that directors Tai Boon Wee, Tai Qiyao and Wong Ping Kiong were all released by MACC on 2 June 2023. 

The company's share price hit a high of 14 sen today after Singapore-based HAGF Investment (I) Pte. Ltd. (HAGF) emerged as a substantial shareholder, with a 8.2 per cent interest, in the company.

HAGF is wholly owned by Hildrics Asia Growth Fund I, a Singapore-based private equity fund managed by Hildrics Capital Pte. Ltd.

As at market close today the rubber product manufacturer's shares were priced at 13 sen a share, an almost 37  per cent jump from its last closing price. Some 33.45 million shares changed hands.

The company which has had a few run-ins with MACC this year, also announced that it has appointed former MACC advisory panel member Tan Sri Datuk Robert Phang Miow Sin as group executive advisor.

Phang will advise the company's management in areas of law enforcement, communication with authorities, business networking and relations with China and other countries.

Earlier this year, MACC charged both Tai Boon Wee and Wong Ping Kiong  under Section 18 of the MACC Act for allegedly furnishing fake documents to auditor Grant Thornton Malaysia PLT.  Sessions Court has set the trial dates for the case from 15 January 2024 to 17 January 2024.

Source : https://www.nst.com.my/business/2023/06/921983/giib-holdings-macc-investigations-are-do-subsidiary-giib-healthcare%C2%A0

GIIB appoints Phang as group exec adviser

PETALING JAYA: GIIB Holdings Bhd has appointed Tan Sri Robert Phang Miow Sin as its group executive adviser.

In a filing with Bursa Malaysia, the manufacturer of rubber-related compounds said Phang will be advising the company’s management in areas of law enforcement, communication with authorities, business networking and relations with China and other countries

Phang is a known crime fighter and philanthropist, where he has made countless welfare contributions to the needy as well as highlighting various social injustice issues.

Source : https://www.thestar.com.my/business/business-news/2023/06/20/giib-appoints-phang-as-group-exec-adviser

TSRP - Wikipedia

 

THUNDER AT LAST BUT WILL RAIN FOLLOW???

Malaysia will soon be hearing a lot of music/noise. I sincerely appeal to fellow Malaysians to be cool and calm even as YAB PM Datuk Seri Anwar says has assured investors that “TUN OR TAN SRI, ALL WILL FACE THE MUSIC IF CORRUPT”.

 

You and I may not know but we will wait and see, I believe.

Interesting articles will appear soon.  Rakyat sit back and observe.

Be cool and realistic.

GOD BLESS MALAYSIA.

 

Muhyiddin's arrest looms as political temperature looks set to rise

Perikatan Nasional (PN) chairman Muhyiddin Yassin is believed to be next on the list of opposition leaders to be charged, with MalaysiaNow reliably learning that the former prime minister could be arrested and brought to court as early as tomorrow.

It was not immediately clear the nature of the charge to be brought against the Bersatu president, who headed the government during the peak of the Covid-19 pandemic.

But this comes after weeks of accusations by government leaders against Bersatu, followed by the questioning of party leaders over alleged abuses linked to JanaWibawa, a post-Covid program to help Bumiputera contractors.

The Malaysian Anti-Corruption Commission (MACC) has also frozen the bank accounts of Bersatu, resulting in the party being unable to pay for its day-to-day operations.

Wan Saiful Wan Jan, Bersatu's former information chief and the MP for Tasek Gelugor, as well as another party leader, were later arrested and charged by MACC.

Any move to arrest Muhyiddin is likely to raise the political temperature, with PN leaders warning of a major crackdown by the Anwar Ibrahim administration ahead of polls in six states, five with critical Malay electorates whose support the ruling coalitions Pakatan Harapan and Barisan Nasional lost to PN in the general election last year.

MalaysiaNow is awaiting a response from MACC chief commissioner Azam Baki on the latest speculation.

Source: https://www.malaysianow.com/news/2023/03/08/muhyiddins-arrest-looms-as-political-temperature-looks-set-to-rise

Tun or Tan Sri, all will face the music if corrupt: Anwar assures investors

KUALA LUMPUR – The unity government will not hesitate to crack down on those abusing their power to enrich themselves, be they “Tuns or Tan Sris”, Prime Minister Datuk Seri Anwar Ibrahim told a crowd of investors today.

Addressing business players and investors, Anwar, who is also finance minister, said his administration would not be influenced by a person’s power or position.

“We will uphold the highest ethical standards and there will be no room for abuse of power under this administration,” he said in his keynote address at Invest Malaysia 2023 Series 1: Strengthening Resilience and Sustaining Growth here today. 

“Whether you are a Tun or Tan Sri, whether you are in this government or the opposition, we will act without fear or favour.”

Anwar did not mention any names. 

Recently, however, Malaysian authorities have launched investigations into two prominent individuals.

One is former finance minister Tun Daim Zainuddin, who served during Tun Dr Mahathir Mohamad’s first tenure as prime minister. The 84-year-old Daim is being probed over his wealth after his name appeared in the Pandora Papers. 

The other is former prime minister Tan Sri Muhyiddin Yassin who is being investigated over the alleged siphoning of public funds during his time in federal power. 

In his speech today, Anwar said though some felt that repeated talk of corruption, ill-gotten gains, and bribery will cast aspersions on Malaysia’s image, the government believed it had to start rebuilding confidence by being honest about existing underlying problems. 

“I have said this many times, and I will repeat it here again. This government adopts a zero-tolerance approach towards misconduct and corruption.”

Post-pandemic recovery led to high debt

Anwar also touched on post-pandemic economic recovery measures and large-scale stimulus programmes which drove the country’s 2022 gross domestic product (GDP) growth to 8.7%.

However, the prime minister said this came with a heavy cost – high national debt.

Federal government debt now sits just below 61% of GDP, while the statutory debt limit had been raised twice to 65% during the pandemic. 

“Taken together with contingent liabilities, our total debt is RM1.5 trillion, or 81% of GDP.”

He said while the government is not able to address issues concerning the rakyat all at once, it recognizes that people of ordinary means are under increasing economic pressure. 

He added that sensibly, those in the corridors of power should build, secure, and enable the ladders that would help the nation escape the middle-income trap, and to help those at the very bottom climb out of poverty. 

In this regard, he said his recent Budget 2023 has been designed to address these challenges head-on – through fiscal reforms, rebuilding the nation’s fiscal buffers, and economic, fiscal, and debt resilience. – 

Source : https://www.thevibes.com/articles/news/87205/tun-or-tan-sri-all-will-face-the-music-if-corrupt-anwar-assures-investors

JanaWibawa probe ongoing, says MACC chief

The investigation into the JanaWibawa programme for the empowerment of Bumiputera contractors is still in progress with the Malaysian Anti-Corruption Commission (MACC) preparing "three or four more investigation papers", its chief commissioner Azam Baki said today.

"The investigation is still ongoing. There are several investigation papers still in action and the investigating officer is preparing them," he told a press conference in Putrajaya when asked about the progress of the investigation.

Azam however declined to comment when asked if former prime minister Muhyiddin Yassin was among the suspects in the JanaWibawa investigation.

Muhyiddin previously confirmed that he had been called up by MACC to record his statement on the Jana Wibawa project, not as a suspect.
 
Several individuals, including former Bersatu information chief Wan Saiful Wan Jan and Segambut Bersatu deputy chief Adam Radlan Adam Muhammad, have been charged in court in relation to the JanaWibawa programme.

The programme was introduced during Muhyiddin’s administration with the objective of speeding up the implementation of projects and improving the national economy during the Covid-19 pandemic.

In another development, Azam said the investigation into the takeover of the Menara KL management was now complete and that the investigation papers had been submitted to the attorney-general for further action.

Source : https://www.malaysianow.com/news/2023/02/23/janawibawa-probe-ongoing-says-macc-chief