KUALA LUMPUR (March 3): Bukit Aman said today that it has begun investigations into Datuk Dr Tawfiq Ayman for allegedly receiving funds linked to 1Malaysia Development Berhad (1MDB) in a Singapore bank account under his name.
Bukit Aman Commercial Criminal Investigation Department director Datuk Zainuddin Yaacob said in a press release that they are investigating Tawfiq under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.
He also said that the police will be investigating the matter under the Mutual Assistance in Criminal Matters Act 2002 in relation to the funds which are allegedly in Singapore, adding that this Act will enable them to interview witnesses abroad.
KUALA LUMPUR (March 1): Analysts have slashed their target prices for AMMB Holdings Bhd (AmBank) by 14.7% to 30.5%, citing the RM2.83 billion 1MDB settlement as a “negative surprise”.
CGS-CIMB analyst Winson Ng noted in a note today that the settlement was a “negative surprise” as “AmBank had not disclosed any discussions between the bank and the regulator previously”.
“Factoring in the RM2.83 billion 1MDB settlement, we are now forecasting a net loss of RM2 billion in FY21 versus our net profit forecast of RM829.6 million previously,” he said.
Ng also reduced the FY21 dividend per share to zero.
“To factor in the negative sentiment arising from the 1MDB settlement, we widen the discount to our dividend discount model (DDM) value from 15% previously (for the credit risk from Covid-19) to 40% (partly for the reputational risk from the 1MDB case). All these lower our DDM-based target price from RM3.97 to RM2.76,” he said.
Last week, The Edge Weekly published a surprise report saying that Porsche is setting up a CKD assembly plant in Malaysia. The news invariably conjures up images of Boxsters, Caymans and 911s on the cheap, […]
KUALA LUMPUR, Feb 9 ― German sports car maker Porsche AG is setting up an assembly plant in Malaysia under a partnership with trading conglomerate Sime Darby Bhd’s automotive business, The Edge Weekly reported citing sources. The newspaper reported over the weekend that the luxury car maker.
Porsche AG appears set to open a manufacturing facility in Malaysia, according to one of the country's leading local news outlets, The Edge Weekly. If accurate, this would be the brand’s first plant .