<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 4): The Malaysian Anti-Corruption Commission (MACC) raided the office of a local fashion business, along with three other business premises on Monday, in a probe into significant investment losses incurred by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).</p></div>

<div class=newsTextDataWrapInner><p>In a post shared on MACC's official TikTok account, the agency revealed that the operation was conducted as part of the investigation into the loss of public funds, totalling RM43.9 million.</p></div>

<div class=newsTextDataWrapInner><p>The 58-second video clip shows MACC officers arriving at the office of the online fashion business, here, and conducting inspections and interviews.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>The post also shared that the investigation was carried out under Section 18 of the MACC Act, although details regarding the locations of the other premises, which were raided simultaneously, were not disclosed.</p></div>

<div class=newsTextDataWrapInner><p><i>Bernama</i> is currently seeking additional information regarding the raid.</p></div>

<div class=newsTextDataWrapInner><p>On Saturday, MACC chief commissioner Tan Sri Azam Baki assured the public that the inquiry into the investment losses related to Khazanah and PNB, involving the online fashion business, would be carried out impartially and professionally.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:</em><br />
<a href="https://theedgemalaysia.com/node/732662" target="_blank"><em>Govt backbencher calls for 'heads to roll' over Khazanah and PNB's RM43.9m loss in FashionValet</em></a></p></div>

<div class=newsTextDataWrapInner><p><i>Uploaded by Magessan Varatharaja</i></p></div>


The Malaysian Anti-Corruption Commission (MACC) raided the office of a local fashion business, along with three other business premises on Monday, in a probe into significant investment losses incurred by Khazanah Nasional Bhd (Khazanah) and Permodalan Nasional Bhd (PNB).

MACC raids four business premises in FashionValet probe 

New-home sales in the US rebounded last month as builders and consumers sealed deals that had been delayed by storms in the South, and buyers took advantage of heavy sales incentives.

Sales of new single-family homes increased 5.9% last month to a 664,000 annualised rate, according to government data issued on Monday.

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The Malaysian Communications and Multimedia Commission (MCMC) is taking immediate action to address scams relating to MyPR (Red IC) application on Facebook, said Deputy Communications Minister Teo Nie Ching.

Deputy minister urges caution, vows swift action against red IC scams

US consumer confidence unexpectedly sank in December for the first time in three months on concerns about the outlook for the economy amid uncertainty around the Trump administration’s policies.

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Daiwa Securities Group Inc may need more time to achieve profit in China, according to the head of Japan’s second biggest brokerage, reflecting how investment banks continue to struggle on the mainland.

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Wall Street's main indexes were mixed at the start of a holiday-shortened week on Monday, after a stopgap government funding bill averted a partial shutdown and investors braced for a slower pace of rate cuts from the US central bank next year.

Wall Street opens mixed as holiday-shortened week starts

Luigi Mangione, the man accused of fatally gunning down UnitedHealth Group executive Brian Thompson on a Manhattan street, pleaded not guilty on Monday to New York state murder charges that brand him a terrorist.

Suspect in UnitedHealth executive's killing pleads not guilty to murder, terrorism charges

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

KLCCP Stapled, Tuju Setia, Coastal Contracts, Powerwell, Prolintas, Malayan Flour Mills, Malakoff, Heitech Padu, Supercomnet, ECM Libra, Esthetics International 

The Energy Commission (EC) was to inform winners of the fifth large scale solar bidding round (LSS5) beginning Monday, following nine months of deliberation since it was opened in April this year.

Energy Commission says LSS5 bids finalised but mum on winners

Walmart Inc and one of its financial technology partners allegedly opened expensive bank accounts for delivery drivers without their consent, a US consumer protection agency said on Monday.

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Orders placed with US factories for business equipment rebounded in November, posting the strongest monthly advance in over a year.

Orders for US business equipment rise by most in over a year

<p>HeiTech Padu Bhd (KL:HTPADU) said on Monday that its group managing director and group chief executive officer, Salmi Nadia Mohd Hilmey, is resigning voluntarily&nbsp;from all positions within the company, effective from Dec 31.</p>


HeiTech Padu deputy chairman's daughter relinquishes all positions

<p>Tuju Setia Bhd (KL:TJSETIA) has secured a contract worth RM389 million to build serviced apartments in Wangsa Maju, Setapak.</p>

<p>The contract involves construction of two blocks of 52-storey serviced apartments with 17 levels of automated car park, with rooftop facilities and common facilities&nbsp;at ground floor under the Milla Residence, the company said in a statement.</p>


Tuju Setia wins RM389 mil construction contract

<p>1Malaysia Development Bhd (1MDB), the former Malaysian sovereign wealth fund embroiled in one of the largest financial scandals in history, and its subsidiaries have initiated legal claims exceeding US$1 billion (RM4.5 billion) against Hong Kong-headquartered corporate services provider Amicorp Group and its co-founder and chief executive officer Toine Knipping.</p>


1MDB files US$1 bil suit in BVI against Amicorp Group over role in US$7 bil fraud

<p>As of the third quarter of 2024, highway-related projects awarded to Bumiputera contractors, in Grades G1 to G7, have reached RM15.09 billion, nearly matching the RM15.1 billion allocated to the group last year, said Deputy Works Minister Datuk Seri Ahmad Maslan.</p>


RM15.09 billion highway-related projects awarded to Bumiputera contractors — Ahmad Maslan

<p>The government on Monday announced an additional rooftop solar quota under the net energy metering (NEM) mechanism for households (NEM Rakyat) and the commercial and industrial segment (NEM Nova).</p>


Govt adds rooftop solar quota again; household rebate extended until April

<p>ECM Libra Group Bhd’s (KL:ECM) 50%-owned unit OHG Services Sdn Bhd will pay Malaysia Airports (Sepang) Sdn Bhd RM29.9 million to extend its concession agreement to manage and operate a 'limited-service hotel' at the Kuala Lumpur International Airport (KLIA) for another 35 years.</p>


ECM Libra unit pays RM30m to extend hotel concession in KLIA for another 35 years

<p>Capital A Bhd is expected to exit Practice Note 17 (PN17) status by the first quarter of next year after submitting its proposed regularisation plan to Bursa Malaysia Securities Bhd on Monday.</p>


Capital A to exit PN17 status by 1Q2025, says CEO

<p>Capital A Bhd is in discussions with aircraft manufacturers Airbus, Embraer and Comac to purchase new aircraft as part of its expansion strategy for its airline operations under the AirAsia brand.</p>


AirAsia in talks to buy new aircraft as part of expansion strategy — Tony Fernandes

<p>Public approval for Prime Minister Datuk Seri Anwar Ibrahim rose to 54% after two years in power, according to the latest polling published by the research house Merdeka Center last Friday.</p>


Public approval for Anwar, unity govt rises in second year, survey shows

<p>Power and water company Malakoff Corp Bhd (KL:MALAKOF) has redesignated its executive vice-chairman Tan Sri Che Khalib Mohamad Noh as non-independent non-executive chairman, effective from January 2025.</p>


Malakoff redesignates Che Khalib as non-executive chairman

<p>Two commercial projects by S P Setia Bhd (KL:SPSETIA) namely Pines Avenue at Setia EcoHill 2 and Baris Place 2 at Setia Mayuri, both located in Semenyih, Selangor, have been fully taken up, according to a statement on Monday.</p>


Two recently launched commercial projects in Semenyih by S P Setia fully taken up

<p>Oil and gas services provider Coastal Contracts Bhd (KL:COASTAL) said a consortium led by the group has secured the bid to develop a 15MWac large-scale solar photovoltaic (PV) plant on Sabah's east coast.</p>


Coastal Contracts consortium wins bid for Sabah LSS power plant project

<p>Asian investors should focus back on the domestic economy, and countries such as Malaysia, India, Indonesia, and Thailand have favourable demographics to support domestic consumption, said British asset management firm Schroders.</p>


Investors should refocus on Asia's economy, Malaysia's domestic spending — Schroders

<p>Local institutions continued to support Bursa Malaysia for the ninth consecutive week, recording net equity purchases of RM1.05 billion last week, according to MIDF Research.</p>

<p>This was an increase from the net inflow of RM995.5 million in the preceding week.</p>


Local institutions extend buying streak on Bursa Malaysia for ninth week

<p>The Biden administration on Monday announced a last-minute trade investigation into Chinese-made "legacy" semiconductors that could heap more US tariffs on chips from China that power everyday goods from autos to washing machines to telecoms gear.</p>


Biden launches new US trade probe into legacy Chinese chips

<p>Electrical products manufacturer Powerwell Holdings Bhd (KL:PWRWELL) has secured a RM27 million contract to supply low-voltage switchboards for a data centre project in Malaysia.</p>


Powerwell wins RM27m contract to supply switchboards for data centre

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Monday.</p>


<p>Greenland is not for sale, its elected leader said on Monday, responding to comments made by US President-elect Donald Trump regarding the "ownership and control" of the vast Arctic island that has been part of Denmark for over 600 years.</p>


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