News about M

KUALA LUMPUR (Oct 17): 1Malaysia Development Bhd's (1MDB) Article 117 in its memorandum and articles of association (M&A), which requires written approval from the prime minister before the fund can decide on a wide range of matters, was not the first provision in a government-linked company to be structured that way, according to lead defence counsel Tan Sri Muhammad Shafee Abdullah.

KUALA LUMPUR (Oct 17): The transfer of decision-making power from the federal government to the prime minister in 1Malaysia Development Bhd (1MDB) was made by the board at the advise of Low Taek Jho, said 1MDB’s former chief executive officer Datuk Shahrol Azral Ibrahim Halmi.

KUALA LUMPUR (Oct 17): Sales campaigns and the falling number of available units owing to the “self-discipline” of developers will help improve the local property market, Bloomberg reported today.

KUALA LUMPUR (Oct 17): The cross-examination of former 1Malaysia Development Bhd (1MDB) chief executive officer Datuk Shahrol Azral Ibrahim Halmi is expected to turn a new page today, going into the second phase of 1MDB’s dealings with PetroSaudi International Ltd (PSI) in 2010-2011.

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KUALA LUMPUR (Oct 16): The implementation of RM1,200 minimum wage a month as proposed in Budget 2020 should be revised higher, unless Cabinet ministers themselves could live with that level of salary, said PKR lawmaker Wong Chen [PH-Subang].

KUALA LUMPUR (Oct 16): 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi admitted to inking a joint venture (JV) agreement between 1MDB and an impostor JV partner in 2009, despite noticing the inconsistencies in the name, on the advice of fellow 1MDB director Casey Tang.

KUALA LUMPUR (Oct 16): What sort of due diligence did 1Malaysia Development Bhd (1MDB) perform on PetroSaudi International Ltd (PSI) before spending US$1 billion on a joint venture (JV) with the Saudi-based company? An oral one, said former 1MDB chief executive officer Datuk Shahrol Azral Ibrahim Halmi.

KUALA LUMPUR (Oct 16): The lower property threshold for foreign ownership will help “solve the liquidity problem faced by developers”, LBS Bina managing director Tan Sri Lim Hock San (pictured) told China Press in an interview.

KUALA LUMPUR (Oct 16): Metronic Global Bhd’s board of directors will meet today to consider a request by its largest shareholder, Tan Sri Lee Kim Yew, for the appointment of an independent team of auditors to conduct a special audit on several corporate exercises undertaken by the company this year.