EVENING 5: MSM Malaysia's CFO on garden leave

The Edge TV

In today’s edition of Evening 5 — MSM Malaysia CFO Dr Mazatul 'Aini Shahar Abdul Malek Shahar is on garden leave amid an internal investigation. Meanwhile, ex-Felda chairman Tan Sri Mohd Isa Samad will know the outcome of his graft conviction appeal on Nov 28.

Transcript

00:00 [Music]

00:04 MSM Malaysia Holdings said its Chief Financial Officer, Dr Mazatul Aini Shahab Abdul Malik Shahab,

00:10 is on garden leave from October 20th to December 15th or until further notice from the board.

00:16 In a filing with Borsa Malaysia, the sugar refinery company said her absence is necessary

00:22 to facilitate an ongoing internal investigation.

00:25 The group will continue its business operations as usual.

00:29 MSM said it will make further announcements if there are material developments on this matter.

00:34 Mazatul Aini was appointed as MSM's CFO on December 1st, 2022.

00:40 Prior to holding the position at MSM, she was an independent non-executive director at 711

00:46 Malaysia Holdings and TH Heavy Engineering and an audit committee member of both firms.

00:52 She is an independent non-executive director of IGN Holdings.

00:56 At the close, MSM's shares were 1.6% lower at RM1.24,

01:02 giving the group a market capitalisation of RM871.7 million.

01:07 The Court of Appeal has fixed November 28th to deliver its decision on former

01:17 Felda chairman Tan Sri Muhammad Iser Samad's appeal over his graft conviction

01:22 in relation to the purchase of a hotel in Kuching, Sarawak almost 10 years ago.

01:27 Deputy Public Prosecutor Afzainizam Abdul Aziz confirmed this.

01:31 Iser is appealing his six-year jail sentence and a RM15.45 million fine

01:37 meted out by the High Court on February 2nd, 2021, after finding him guilty of nine counts of graft

01:43 in receiving RM3.09 million from Gagasan Abadi Properties Director Ikhwan Zaidil

01:49 for the purchase of Merdeka Palace and suites.

01:52 This was to facilitate Felda's purchase of the hotel for RM160 million.

01:56 Iser allegedly received the sum in nine tranches via his former aide,

02:02 Muhammad Zahid Arif at Munarra Felda from July 21st, 2014 to December 11th, 2015.

02:09 He was granted a stay of execution of his sentence pending the appeal.

02:18 Borsa Securities has denied a request by Serbadinamik Holdings for an extension

02:23 to release its annual report for FY2023.

02:27 In a filing with Borsa, the company said it was informed of the market regulator's decision on

02:32 Wednesday. It will be making an appeal to Borsa against the rejection.

02:37 On October 17th, the troubled company had submitted its request for another three-month

02:42 extension until January 15th, 2024, to submit its FY2023 annual report, saying it needed more time

02:50 to accommodate the current extensive audit requirements given the current financial and

02:55 workforce limitation. The initial deadline to submit the annual report was October 31st this

03:02 year. Serbadinamik slipped into PN17 status in January 2022. Trading in its securities has been

03:10 suspended since January this year in respect of a winding up order by six financial institutions.

03:17 It was last traded at 2 cent per share.

03:19 Centoria Group said Ambias B Bank has filed winding up petitions against the company and

03:30 its units, Centoria Bina, over a judgment debt of RM303,268, which comes with a late payment

03:38 charge of 1% per annum. The judgment debt follows the KL Sessions Court's decision

03:44 regarding the settlement of outstanding balance of a higher-purchase-I facility granted by Ambias

03:50 B Bank to Centoria Bina. Centoria provided corporate guarantee on the said facility.

03:56 The winding up petitions will be heard on November 16th, 2023, for Centoria Bina and

04:01 January 18th, 2024, for Centoria Group at the Shah Alam High Court. Except for the legal fees and

04:08 disbursements involved to challenge and oppose the winding up petitions, Centoria does not expect

04:14 any material impact on its finances and operations, nor any further loss. At a close, Centoria's share

04:21 price was unchanged at 7.5 cent, translating into a market capitalization of RM47 million.

04:27 RHB Bank and Boost Holdings have raised the paid-up capital of 4060 Digital Bank

04:39 Joint Venture Boost by RM85 million. This is to continue meeting the minimum capital

04:45 funds requirement of RM100 million unimpaired by losses. For this purpose, RHB has subscribed

04:51 to 34 million new shares in Boost at RM1 apiece for RM34 million, while Boost Holdings has

04:58 subscribed to 51 million new shares for RM51 million. According to reports in May, Boost is

05:04 set to launch as one of Malaysia's five digital banks by the end of this year. The five licenses

05:10 were awarded by Bank Negara Malaysia last April, following a six-month application period initiated

05:16 at the start of 2021. Aside from the net capital fund requirement of RM100 million, a digital bank

05:23 would have a cap of its total assets of RM3 billion during its three- to five-year foundational phase,

05:29 according to Bank Negara's Digital Bank License Framework.

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