<div class=newsTextDataWrapInner>SINGAPORE (May 23): Scandal-plagued Midas Holdings on Wednesday published a letter from its lawyer, Legal Options LLC, claiming former CEO Patrick Chew had breached his contractual, statutory&nbsp;and fiduciary duties to the company.</div>

<div class=newsTextDataWrapInner>“There is clearly a dereliction of duties by your client (Chew) as the Chief Executive Officer and director of the company,” the law firm wrote in a letter dated Tuesday to Chew’s lawyers, Allen &amp; Gledhill LLP.</div>

<div class=newsTextDataWrapInner>Chew was the CEO of Midas for 14 years, until he abruptly tendered his resignation on March 22, amid claims his legal stamp had been used without his approval to<a href="https://www.theedgesingapore.com/midas-lawyers-accuse-former-ceo-chew-dereliction-duties-claim-damages-breaches" target="_blank">...(click on link for full story on theedgesingapore.com)</a></div><div class=inPageAd id=div-gpt-ad-inpage></div>

SINGAPORE (May 23): Scandal-plagued Midas Holdings on Wednesday published a letter from its lawyer, Legal Options LLC, claiming former CEO Patrick Chew had breached his contractual, statutory and fiduciary duties to the company.

“There is clearly a dereliction of duties by your cli...

Midas' lawyers accuse former CEO Chew of 'dereliction of duties'; to claim damages for breaches

Here is a brief recap of some corporate announcements that made the news on Thursday.

Bumi Armada, MISC, Berjaya Food, Mr DIY, Prolintas, Lysaght, Keyfield, Teo Seng, YTL Power, Ranhill Utilities, Seal and LBS Bina

US regulators led by the Federal Reserve have refused to endorse a plan that would have seen the Basel Committee on Banking Supervision push lenders to disclose their climate risk, according to people familiar with the matter.

Fed refuses to back Basel climate plan, leaving talks in limbo

Ford Motor Co agreed to a US$165 million (RM733.5 million) civil penalty to settle allegations the company failed to recall cars with defective rearview cameras in a timely manner, the second largest fine ever levied by the National Highway Traffic Safety Administration (NHTSA).

Ford hit with near-record US$165 mil penalty on recall failure

Small and medium enterprises (SMEs) play a crucial role in driving economic growth within the Asia-Pacific Economic Cooperation (Apec) region, particularly when it comes to fostering inclusive development, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

SMEs play crucial role in driving growth in Apec economies, fostering inclusivity — Tengku Zafrul

The government will draft the Government Procurement Bill (GP Bill) in taking specific steps to increase transparency in the government procurement process, according to the Ministry of Finance.

Govt procurement draft bill to be tabled in Parliament next year

Bina Puri Holdings Bhd (KL:BPURI) said on Thursday that its associate company KL-Kuala Selangor Expressway Bhd (Latar) has won an arbitration case against Prolintas Expressway Sdn Bhd and was awarded RM46.13 million.

Bina Puri's associate wins RM46 mil in arbitration case against Prolintas 

Walt Disney Co posted fiscal fourth-quarter (4Q) sales and profit that beat Wall Street estimates and forecast earnings growth for the next three years, a rare event for a company that historically hasn’t made long-range profit projections.

Disney 4Q profit beats expectations as movies, streaming gain

The number of women holding positions as Members of Parliament, State Assembly members and ministers in Malaysia remains low, said Deputy Minister of Communications Teo Nie Ching.

Female representation in Parliament, state assemblies still low, says Teo

Wall Street's main indexes edged lower in choppy trading on Thursday after monthly producer prices rose as expected, with investors awaiting Federal Reserve (Fed) Chair Jerome Powell's comments later in the day for clues on the outlook for interest rates.

Wall Street struggles for direction after in-line monthly producer prices

Chinese President Xi Jinping will arrive in Lima on Thursday, kicking off a week-long diplomatic blitz in Latin America by inaugurating the massive Chancay deepwater port, one of Beijing's most ambitious infrastructure investments in Latin America.

China's Xi arrives in Lima for Apec, to open Pacific megaport

The chief executive officer (CEO) of Encorp Berhad (KL:ENCORP), Hazurin Harun, 54, was charged in the Sessions Court on Thursday with two counts of criminal breach of trust (CBT) involving RM1.05 million last year.

Encorp CEO slapped with CBT charges involving RM1.05m

In a landmark decision, the High Court on Thursday ruled that developers who deliver vacant possession of a property without allowing the owners to occupy it is against public policy and goes against the purpose of the vacant possession.

Delivery of vacant possession without occupancy rights is against public policy, court rules

Bumi Armada Bhd (KL:ARMADA) is exploring a merger with MISC Bhd’s (KL:MISC) offshore business that could create a global energy services powerhouse with combined assets worth over RM20 billion.

Bumi Armada signs pact with MISC to explore merger of offshore business

IOI Properties Group Bhd (KL:IOIPG) has launched its IOI Sustain Roadmap 2030 (ISR 2030) to drive sustainable progress across all facets of the group's operations.

At a launch event at IOI City Mall on Thursday, ISR 2030 outlines 12 strategic pillars driving IOI Properties' initiatives to address climate change, biodiversity, waste management, sustainable finance, supply chain management, employee well-being, and sustainability risks and opportunities.

IOI Properties launches sustainability roadmap and unveils new solar photovoltaic system at IOI City Mall

Malaysia is sending a protest note to the Philippines regarding its two new maritime laws that infringe on Sabah’s maritime boundaries, said Deputy Foreign Minister Datuk Mohamad Alamin.

Malaysia protests new Philippine laws that infringe on Sabah's maritime boundaries

Gold miner Niche Capital Emas Holdings Bhd (KL:NICE) has commenced gold mining operations at the Sokor North Gold Mine in Kelantan, with the successful commissioning of its heap leaching plant there.

Niche Capital Emas begins gold mining ops in Kelantan

Pan Malaysia Corp Bhd (KL:PMCORP) disclosed that its audited net loss for the year ended June 30, 2024 (FY2024) was larger than previously reported in the unaudited statement.

Pan Malaysia Corp says FY2024 net loss larger than before audit following full control of A&W

Scomi Energy Services Bhd (KL:SCOMIES), a Practice Note 17 (PN17) company, said it is "in a preliminary discussion with a white knight to formulate a regularisation plan to be submitted before Jan 31, 2025". It did not elaborate.

Scomi Energy says in talks with another potential white knight after Dhaya Maju deal falls through

Cash-rich Lysaght Galvanized Steel Bhd (KL:LYSAGHT) has declared a special dividend of 35 sen per share as its quarterly earnings rose to an eight-year high.

This brings the total dividend declared to 43 sen per share in the current financial year ending Dec 31, 2024 (FY2024) so far — the highest since FY2018 when it paid out 50 sen dividend per share.

Lysaght pays special dividend of 35 sen as earnings rise to eight-year high

Berjaya Food Bhd (KL:BJFOOD) on Thursday posted its fourth consecutive quarter in the red as the anti-Israel boycott movement continued to affect the group, which operates the Starbucks coffee chain in Malaysia.

Berjaya Food logs fourth quarter in the red due to anti-Israel boycott

The Sessions Court judge hearing the corruption trial involving former Penang chief minister Lim Guan Eng on Thursday rebuked the defence counsel for repeatedly asking the same questions.

Guan Eng’s defence team chastised for repeating same questions in Penang undersea tunnel graft trial 

Home-grown retailer Mr D.I.Y. Group (M) Bhd (KL:MRDIY) saw a marginal 1.9% drop in its third-quarter net profit, on higher administrative and other operating expenses, which increased by 25.6% and 10.2% year-on-year (y-o-y) to RM56.7 million and RM283.7 million respectively.

Higher administrative expenses drag down Mr DIY's 3Q net profit slightly, one sen dividend declared

PUTRAJAYA (Nov 14): Malaysia must re-evaluate its economic strategy to balance growth with social equity, said veteran economist Dr Nungsari Ahmad Radhi, stressing the need for a structural shift in the country’s factors of production, particularly labour, land, and capital, to stimulate sustaina...

Malaysia’s economy needs new focus on high-growth sectors, says Nungsari

Teo Seng Capital Bhd (KL:TEOSENG) posted a 32.4% jump in its third quarter net profit, lifted by strong gains in its key poultry farming business, as well as its segment on investments and trading of poultry-related products.

Net profit for its July-September quarter (3QFY2024) climbed to RM58.1 million from RM43.8 million a year ago.

Teo Seng signals strong prospects as it posts 32% jump in 3Q profit 

CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), the manager of CapitaLand Malaysia Trust (KL:CLMT), has appointed Yong Su-Lin as chief executive officer, designate (CEO designate) of the company effective Jan 2, 2025.

CapitaLand Malaysia Trust names Yong Su-Lin as CEO-designate from Jan 2

A summary of how key Bursa Malaysia indices and the ringgit performed on Thursday.

FBM KLCI down 0.67% to 1,600.68 on Nov 14, 2024

COME Dec 2, Datuk Seri Najib Razak will have the opportunity to explain his actions as he elected to testify under oath from the witness stand after the High Court ruled last week that there is a prima facie case against the former prime minister on four abuse of power and 21 money laundering cha...

Najib to explain actions after judge finds prima facie case on all charges

Prolintas Infra Business Trust (KL:PLINTAS), which owns highways, nearly tripled its net profit for the third quarter thanks to a jump in toll collection and tax credit.

Prolintas Infra's 3Q net profit nearly triples as toll collection jumps, on track to meet distribution target

Here’s a quick look at some of the stories that made headlines today.

EVENING 5: Five things you need to know today

YTL Power International Bhd's (KL:YTLP) 53.2%-owned subsidiary Ranhill Utilities Bhd (KL:RANHILL) has scrapped plans to jointly pursue a public-private partnership project with China Energy International Group Co Ltd (CEIG) for the proposed development of a regional drinking water supply facility project in Indonesia. This follows the expiry of a memorandum of understanding (MOU) on Oct 29.