The resignation, effective yesterday, is “due to his unsuccessful efforts in assisting Country Heights and its group of companies in restructuring debts after exhausting all avenues with local financial institutions”, the group said in a filing with Bursa Malaysia.

The former premier's lead counsel Tan Sri Muhammad Shafee Abdullah alleged that the businessman, better known as Jho Low, pulled this move to impress the Terengganu government.

IHH said its wholly-owned unit, Pantai Holdings Sdn Bhd (PHSB), has signed a conditional share purchase agreement with Pulau Memutik Ventures Sdn Bhd (PMV), a wholly-owned subsidiary of Khazanah Nasional Bhd, for the acquisition of the stake comprising 100 million shares and 35,176 redeemable preference shares. PMV holds a 26.04% stake in IHH

Security costs could be imposed by the court when the plaintiff or the party filing the suit is a foreigner and the defendent is concerned that the company is not able to pay costs, should it lose the suit.

Shafee further read that the formation of TIA was to ensure that the state continues to receive some form of revenue should its oil well dry up.

The property developer made a sudden change by pleading guilty to the alternative charge prior to the trial which is scheduled to commence in two days.

“Open burning for carrying out agricultural activities has, to some extent, worsened the haze situation hitting the country now."

She said with the sale of the unsold houses, it would provide more opportunities for developers to build more affordable homes in the country.

It was reported that the Saturday attack on Saudi Arabia’s oil facilities had cut more than 5% of world crude oil supply.

The Air Pollutant Index Management System (APIMS) portal showed the API in Putrajaya as 203 at 9 am, having deteriorated from 199 at 7 am.