The case of SRC funds totalling RM42 million

Total number of charges: 7

3 counts of criminal breach of trust
Offence: Section 409 of the  Penal Code
Penalty: Maximum 20 years’ jail + whipping + a fine

...

Najib's SRC Trial: Was Najib a victim or  protagonist in the conspiracy?  

The Kuala Lumpur Tower debacle involving its past and present concessionaires has taken another turn, as the Ministry of Communications deemed Menara Kuala Lumpur Sdn Bhd’s (MKLSB) occupation of the premises after March 31 as “unlawful”.

Putrajaya orders temporary closure of KL Tower, says past concessionaire's stay 'unlawful'

Mark Zuckerberg said that ByteDance Ltd’s TikTok posed a “highly urgent” competitive threat to Meta Platforms Inc when it first sprang up in 2018, as he testified for a third day in the Federal Trade Commission’s antitrust trial.

Meta saw TikTok as ‘highly urgent’ threat, Zuckerberg says at antitrust trial

Here is a brief recap of some business news and corporate announcements that made the headlines on Wednesday.

Sapura Industrial, Gas Malaysia, CapitaLand, Hextar Technologies, Golden Land, Skyworld, Sapura Energy, Bina Puri, Paragon Globe, OCK Group, Nextgreen, Nexgram

Practice Note 17 (PN17) company Ivory Properties Group Bhd (KL:IVORY) has aborted its plan to dispose of a freehold land in Penang to Chin Hin Group Property Bhd (KL:CHINHIN).

Ivory Properties aborts land disposal deal with Chin Hin following liquidation of subsidiary

Tesla Inc is no longer selling the majority of new electric cars registered in California, the state that accounts for almost a third of all zero-emission vehicle purchases in the US.

Tesla slumps below 50% share of California’s electric car market

China saw surging cross-border renminbi (RMB) transactions with Cambodia and Malaysia in the first quarter (1Q) of 2025, according to the People's Bank of China on Wednesday, reported Xinhua.

China reports 1Q surge in cross-border RMB transactions with Malaysia, Cambodia

The Organization of the Petroleum Exporting Countries (Opec) has received updated plans for Iraq, Kazakhstan and other countries to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday.

Opec says Iraq, Kazakhstan and others to cut output more in compensation plan

Chinese President Xi Jinping expressed confidence that Malaysia will achieve greater success under the leadership of the King, Sultan Ibrahim and Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia will achieve greater success under Sultan Ibrahim, Anwar's leadership — Xi

The World Trade Organization slashed its forecast for merchandise trade this year as soaring US tariffs and broader uncertainty hammer international commerce.

WTO slashes global trade outlook on Trump tariff disruptions

China is hunkering down for a trade war winter without American-made jets and aircraft parts.

With China banning Boeing Co jets as part of its retaliation to President Donald Trump’s tariffs, which Bloomberg News reported on Tuesday, local airlines now face the issue of repairing and maintaining hundreds of aircraft from the US manufacturer in their current fleets.

China stares down Boeing parts shortage as Comac stockpiles

Prime Minister Datuk Seri Anwar Ibrahim and Chinese President Xi Jinping on Wednesday witnessed the exchange of 31 memoranda of understanding (MOUs) and documents covering various sectors of cooperation between the two countries.

Anwar, Xi witness exchange of 31 MOUs and documents to advance Malaysia-China cooperation

Bina Puri Holdings Bhd (KL:BPURI) announced on Wednesday the retirement of its founder director Dr Tan Cheng Kiat, and deputy executive chairman Tan Sri Tee Hock Seng, from its board.

Bina Puri announces boardroom changes, founder director Tan Cheng Kiat retires

SkyWorld Development Bhd (KL:SKYWLD) is acquiring a freehold plot in Mont Kiara measuring 3.032 acres for RM110 million, to develop high-end residential properties.

SkyWorld buys three-acre Mont Kiara land for RM110m

Chinese sellers of items from lunch boxes to appliances have taken to social media platform Rednote to generate sympathy purchases, telling domestic consumers they are offloading stock at bargain prices amid US tariffs.

Chinese exporters on Rednote ask local consumers to buy goods meant for US

Sapura Industrial Bhd (KL:SAPIND) has launched its new corporate identity with a new logo, as it seeks to step away from being associated with the Sapura Group of companies.&nbsp;

‘No connection’ between Sapura Industrial and Sapura Group, says MD 

PwC&nbsp;has shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times&nbsp;(FT) reported on Wednesday.

PwC exits more than a dozen countries to avoid scandals, FT reports

OCK Group Bhd’s (KL:OCK) shareholders have approved a proposed RM91 million investment in a 116 megawatt (MW) large-scale solar photovoltaic (LSSPV) power plant in Malaysia through Solarpack Suria Sungai Petani Sdn Bhd (3SP).

OCK shareholders approve RM91 mil investment in large-scale solar plant 

ACE Market-listed Nexgram Holdings Bhd (KL:NEXGRAM) has been served with a winding-up petition by Maybank Islamic Bhd for allegedly failing to settle an outstanding amount of RM1.77 million.

Nexgram hit with winding-up petition from Maybank Islamic over RM1.77 mil debt

Wall Street's main indices slid on Wednesday, with chipmakers leading declines as Nvidia warned of steep charges from new US curbs on its chip exports to China, making it one of the biggest casualties of the trade war between the two countries.

Wall St tumbles, Nvidia drops after new US chip export curbs

His Majesty Sultan Ibrahim, King of Malaysia said the mistake of displaying the Jalur Gemilang without the crescent moon, as published on the front page of a local Chinese newspaper, could trigger public sensitivities and is unacceptable.

King lambasts Sin Chew over Jalur Gemilang error, labels lapse ‘unacceptable’

Malaysia is committed to working together with China in various fields&nbsp;of mutual interest encompassing the economy, trade, and investment, to new technologies including artificial intelligence (AI),&nbsp;said Prime Minister Datuk Seri Anwar Ibrahim.

Malaysia committed to deepening ties with China in economy, trade and AI, says Anwar

Chinese President Xi Jinping called for support for the international system centred around the United Nations (UN), trade and the rule of law, as he continued on a Southeast Asian tour amid a sharp deterioration in China-US&nbsp;relations.

Xi calls for UN, multilateral systems to be upheld

Oil palm planter and property developer Golden Land Bhd (KL:GLBHD) is disposing of two Indonesian palm oil units PT SKMA and PT SBS for RM151.5 million.

In a filing, Golden Land said it has faced persistent challenges in its palm oil plantation segment, despite efforts to expand its footprint in Indonesia with the acquisitions of 95% stakes in the two companies in 2019 and 2020.

Golden Land exits two Indonesian palm oil units for RM151.5m after six years

UOA Development Bhd (KL:UOADEV) has entered into a memorandum of understanding (MOU) with Alliance Bank Malaysia Bhd (KL:ABMB) to launch the Alliance Green Properties Financing initiative for its new Duo Tower Grade-A office project in Bangsar South, Kuala Lumpur.

UOA partners Alliance Bank to offer green property financing for Duo Tower Grade-A office project in Bangsar South

The Employees Provident Fund (EPF) is seeking to expand its exposure to other regions to ensure a well-balanced and resilient portfolio, it said on Wednesday.

The EPF, one of the world's biggest pension funds, in common with other major investors is grappling with the uncertainty triggered by US&nbsp;President&nbsp;Donald Trump's&nbsp;tariffs&nbsp;and policy orders.

EPF seeks more diverse exposure to mitigate Trump-triggered uncertainty

Automotive component manufacturer Sapura Industrial Bhd (SIB) (KL:SAPIND) is aiming to expand its electric vehicle (EV) battery servicing business by five times in the coming years.

Sapura Industrial targets fivefold growth in EV battery servicing biz

Republicans in the White House, Senate and House are drafting analyses on how best to craft a new tax bracket for the wealthiest Americans, work that signals the GOP under President Donald Trump is seriously considering ideas to raise taxes on the rich.

Millionaire tax hike gains steam as Trump signals openness

Chinese President Xi Jinping has expressed a strong commitment to deepening bilateral cooperation with Malaysia.

China’s Xi vows deeper ties with Malaysia ‘for generations to come’

Hextar Technologies Solutions Bhd (KL:HEXTECH) said the group is selling a three-acre industrial land together with a warehouse and office building in Pasir Gudang, Johor, for RM16 million.

Hextar Technologies to sell Johor warehouse, proceeds earmarked for fintech business

Gas Malaysia Bhd (KL:GASMSIA) said that gas supply to its customers in the northern region and parts of the Klang Valley has stabilised.&nbsp;

By Ahmad Naqib Idris, Timothy Achariam and Hafiz Yatim

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