News by Syahirah Syed Jaafar

Revenue for the quarter, however, fell 13% to RM1.23 billion from RM1.42 billion previously.

Its unit, Pestech Sdn Bhd, received the letter of award last Friday, which is to last two years, the group said in a filing yesterday.

During the cross-examination, Najib's lawyer Tan Sri Muhammad Shafee Abdullah went through various bank statements which showed that Good Star Ltd, a company linked to Low Taek Jho, had made the US$85 million payment to Tarek. Low is popularly known as Jho Low.

Datuk Shahrol Azral Ibrahim Halmi who was the former CEO to the now-defunct sovereign wealth fund, admitted to the High Court yesterday that he had raised the matter of the US$700 million transfer to Good Star, in a private meeting with Najib back in October 2009.

In a statement issued today, the Finance Ministry said based on calculations according to the Automatic Pricing Mechanism (APM), the retail prices of RON95 petrol and diesel for the same period should have been RM2.29 per litre.

“Which means anyone can accuse you of not having adequate procedures. The onus is on you to prove you did have adequate procedures. But how adequate is adequate?”

The water supply contracts were awarded by the Sarawak Rural Water Supply Department and are for the Sarawak Water Supply Grid Programme which entails the construction of water supply from Kota Samarahan to Sebuyau, the group said in a filing today.

This is because the purchaser, Bukit Selesa Developmemnt Sdn Bhd, has yet to obtain approval from the relevant authority in regards to the development order

The group said six shareholders, who claim to collectively hold at least 10% of its issued share capital, are seeking an EGM on Dec 3 to consider appointing six new directors and removing nine existing ones.

Previously, some transactions related to its SPV had led to its auditors raising concerns.