The Edge - 07 Sept 2022

MALAYSIA’S SEMICONDUCTOR OUTLOOK TURNS
CLOUDY AFTER MIXED 2Q EARNINGS p6

WEDNESDAY, SEPTEMBER 7, 2022 w w w. t h e e d g e m a r k e t s. c o m

ISSUE 439/2022

CEOMorningBrief
HOME: UWC 4Q profit hit fresh high on robust semiconductor demand p7
What happened to TH Heavy, which Tabung Haji is distancing itself from? p12

WORLD: Truss plans £40 bil energy-aid package for UK businesses p15
Evergrande to exit Shengjing Bank in 7.3 bil yuan forced sale — sources p19

Najib files application to review Federal Court
decision in SRC case

Report on Page 2.

ZAHID IZZANI/THE EDGE

No further
delay in LCS
project despite
termination
of contractors
— BNS

Report on Page 3.

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Najib files application to review
Federal Court decision in SRC case

PUTRAJAYA (Sept 6): Jailed former by Hafiz Yatim his counsel, Hisyam Teh Poh Teik, did
prime minister Datuk Seri Najib Razak theedgemarkets.com not submit at all due to his state of un-
on Tuesday (Sept 6) filed a notice of mo- preparedness.
tion to review the Federal Court’s deci- sam fong/the edge
sion that confirmed his guilt and sentence “Instead of allowing my counsel a rea-
in the SRC International Sdn Bhd case. where the applicant will have to show that sonable adjournment in order to achieve
injustice has been done. substantive justice, the CJ (Chief Jus-
The motion was filed by the legal firm tice) ordered the full appeal to be argued
headed by senior lawyer Tan Sri Muham- Lawyer Rahmat Hazlan from Messrs where only the prosecution submitted.
mad Shafee Abdullah, who appears to Shafee & Co said the review motion was It was virtually a proceeding held in ex
have been appointed back to handle the filed at 4pm on Tuesday. parte mode,” the former premier said.
review after being dropped as Najib’s Claims made by Najib
lead counsel in his appeal hearing at the The former premier wants a review as he Najib further said the apex court failed
apex court. claimed that Tengku Maimun was con- totally to invite either party, especially
flicted when she openly defended Nazlan from his side, to submit on matters of
In the application, Najib is seeking by making statements in the media even the sentencing when the law demands a
a review of the Aug 16 decision by the before the hearing of the judge’s disqual- distinct and separate hearing for the same
Federal Court to reject his application ification application.This, Najib claimed, upon the Federal Court dismissing his
to adduce further evidence concerning amounted to a predetermination and a appeal against the conviction.
the trial judge in the SRC case, Datuk clear ground for conflict of interest.
Mohd Nazlan Mohd Ghazali. Najib, 69, was found guilty of abuse
Najib also said that his main appeal of power in relation to a RM4 billion
The former premier is also seeking a to set aside the conviction and sentence loan given by Retirement Fund (Inc)
review of the apex court’s decision on the was disposed of in spite of the fact that (KWAP) to SRC between August 2011
same day to dismiss his bid to postpone and March 2012.
his appeal hearing, and also a review of the
court’s decision on Aug 23 to recuse Chief He was also convicted of criminal
Justice Tun Tengku Maimun Tuan Mat. breach of trust and money laundering
involving RM42 million of SRC funds
The Pekan Member of Parliament is between Dec 26, 2014 and Feb 10, 2015.
also seeking a review of the court’s de-
cision on Aug 23 to affirm his convic- For this, Najib was sentenced to 12
tion and sentence. He is seeking a panel years’ jail and fined RM210 million by
of seven judges in a bid to overturn the the High Court, with the jail sentence
decision. and fine being upheld by the Court of
Appeal on Dec 8 last year, and further
However, before a review can be heard, affirmed by the Federal Court on Aug 23.
Najib will have to first gain leave from the
Federal Court for the motion to have the With this, Najib became Malaysia’s
review heard on its full merits. highest ranked politician to be convict-
ed and sentenced. He is also facing four
A review can be heard under Rule 137 ongoing trials in relation to SRC’s for-
of the Federal Court Rules where the mer parent company, 1Malaysia Devel-
court could use its inherent jurisdiction opment Bhd.
to hear any application or to make any
order as may be necessary to prevent in- The filing of the review motion comes
justice or to prevent an abuse of the court after Najib filed a motion seeking for par-
process. don from theYang di-Pertuan Agong with
regard to the offences he was convicted
However, it is to be noted that it is ex- of. With the motion for pardon filed, he
tremely rare that the apex court grants remains as the MP for Pekan until Par-
leave for a review as the threshold is high liament is dissolved.

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No further Payment milestones made by Boustead Naval Shipyard (BNS)
delay in LCS
project despite
termination LOA Vendor Value Mobilisation
of contractors (RM mil) payment by
BNS (RM mil)
— BNS
Combat Management System (CMS) CED 287 71.75
by Syafiqah Salim
theedgemarkets.com Combat System Equipment Integration (CSEI) CED 898

KUALA LUMPUR (Sept 7): Boust- Boustead Integrated Technology (BIT) Centre CED 305 300
ead Naval Shipyard Sdn Bhd (BNS)
has assured that there will be no ma- Fire Control System (FCS) CED 347 86.75
jor delays in the construction of lit-
toral combat ships (LCS) despite its Main Surveillance Radar (MSR) CAD Euro 54.28 mil 59.51
termination of two main contractors
of the project. Towed Array Sonar (TAS) CAD Euro 69.07 mil 75.75

Contraves Advanced Devic- Combined Integrated Communication System
es Sdn Bhd (CAD) and Con-
traves Electrodynamics Sdn Bhd (CICS-CESM) CAD 203.8 61.14
(CED) — previously appointed
by BNS to purchase equipment Medium Calibre Gun (MCG) CAD 180 26.58
from original equipment man-
ufacturers (OEMs) to build the Small Calibre Gun (SCG) CAD 79.88 12.84
vessels — recently had their let-
ters of awards (LOAs) voided in Torpedo Launching System (TLS) CAD 110.11 11.73
view of allegations of misconduct,
illegality and fraudulent dealings Supply Link Y System (SLY) CAD 20.61 3.05
in relation to the LOAs issued to
the contractors. Radar Electronic Support Measure (R-ESM) CAD 70.41 10.86

The latest developments come in Surface to Air Missile (SAM-VLS) CAD 263.11 26.89
the wake of findings by the Public
Accounts Committee (PAC), the Source: Forensic Audit Report by Alliance IFA (M) Sdn Bhd
Governance, Procurement and Fi-
nance Investigation Committee, the No penalty for Sdn Bhd (CAD) for the Boustead Inte-
ongoing investigation by the Malay- BHIC over LCS grated Technology Centre (BIT), which
sian Anti-Corruption Commission mismanagement amounted to RM305 million, although the
(MACC), and the released forensic cost of this BIT was already included in
audit report by Alliance IFA (M) by Syafiqah Salim an original RM898 million LOA issued
Sdn Bhd on the scandal-ridden LCS theedgemarkets.com by BNS for a combat management sys-
project. tem to Contraves Advanced Devices Sdn
KUALA LUMPUR (Sept 6): Boustead Bhd (CED).
“We do not foresee [that] the Heavy Industries Corp Bhd (BHIC) will
termination of CAD and CED not be penalised for mismanagement and The RM898 million LOA, together with
will further delay the project. BNS irregularities related to the troubled littoral another RM287 million, also for combat
is committed to deliver the ves- combat ship (LCS) project. management system, was reassigned from
sels in accordance with the new CAD to CED and endorsed by Tan Sri
schedule, which is to be negoti- “There will be no penalty on BHIC,” Ahmad Ramli Mohd Noor on behalf of
ated with the government,” BNS Azhar Jumaat, CEO of Boustead Naval BNS on April 9, 2012.
CEO Azhar Jumaat said on Tues- Shipyard Sdn Bhd (BNS), clarified in his
day (Sept 6) in response to que- response to The Edge’s query on Tuesday Notwithstanding that, BHIC incurred
ries by The Edge. (Sept 6). an estimated loss of RM537 million due
to double claims for the same services
“The termination will allow BNS BHIC controls a 27.77% stake in BNS, with different nomenclature related to
to negotiate directly with the relevant the Defence Ministry’s contractor for the services costs and combat system inte-
OEMs and this can be done within construction of six frigates under the LCS gration, which was confirmed by Azhar
the proposed delivery period for the programme.The LCS project is the largest Jumaat.
vessels,” Azhar added. defence procurement in Malaysia’s history,
with a total cost of RM9 billion. Additionally, BHIC faces potential loss-
continues on Page 4 es of RM4.58 million due to additional
BHIC’s forensic audit report, prepared variation orders issued in favour of IHC
by Alliance IFA (M) Sdn Bhd, revealed Metalix BV for Mill Certificate during
last month that BHIC could potentially 2017, despite its cost being part of the
incur losses of RM890.22 million due to original request for quotation.
double claims, dummy payments and over-
lapping letters of awards (LOAs) related There is also a potential loss of
to the LCS project. RM13.49 million due to the change in
currency from ringgit to euro for LOAs
The group is estimated to have lost issued in favour of CAD for main sur-
RM23.37 million amid alleged dum- veillance radar and towed array sonar in
my payments made to three companies 2013. In addition, there is a possible loss
for technical services related to sec- of RM6.78 million to Boustead Penang
ond generation patrol vessels in 2011 Shipyard due to the reorder of 23 non-de-
and 2012. livered items by Alizes Marine.

There was an overlapping LOA is- BHIC’s cumulative net profit in the
sued in April 2012, in favour of BHIC’s first half ended June 30, 2022 tum-
51%-owned Contraves Electrodynamics bled 47.4% to RM5.99 million, from
RM11.385 million in the same period
a year ago, due to higher finance costs
and negative contribution from the joint
venture companies.

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KUALA LUMPUR (Sept 6):The Federation FMM urges “During the opening of borders, we
of Malaysian Manufacturers (FMM) is urging members to should take the opportunity to ramp up
its members to brace for tougher days ahead prepare for our output to take advantage of the global
next year as various forecasts show that the tough 2023 demand. But because we are short of work-
economic outlook is not as positive as this year. ers, we are not able to increase our capacity.
by chester tay We might be able to achieve higher trade
“Forecasts on world economic outlook, theedgemarkets.com volume if we have enough workers,” he said.
it seems like next year might not be that
positive.We manufacturers need to be pre- “All these make our members preserve The survey also found that worker short-
pared, and make [ourselves] more competi- their investment, so business is likely to ages, coupled with high raw material and
tive. First, they need to upgrade and improve slow down in 2H with production costs still labour costs, will remain as the top business
their technology; they also need to reskill remaining at the high side. But members obstacles for manufacturers in 2H2022,
and upskill their workforce; and third, they have enough working capital for the next while other challenges include rising inter-
need to take care of their finances,” said the six months,” he said. est rates and the weakening of the ringgit.
federation’s presidentTan Sri SohThian Lai.
Soh said while the survey found that “Impact of weak ringgit is towards our cost
Nonetheless, Soh believes that local manufacturing activities have improved of production, [in 1H2022] because prices in
manufacturers are well-equipped to weath- in 1H, labour shortage issues have held the export sector also increased, so they offset
er through challenges in 2023. manufacturers back from taking advantage each other. For 2H2022, selling prices over-
of the strong global demand. seas might not be as good as 1H2022, inter-
“Depending on how fast the Rus- national customers who purchase from Ma-
sia-Ukraine conflict [can be resolved], but “For the last eight months, a shortage of laysia, some of them may have overstocked,
overall for the Malaysia side, with the right workers caused the whole industry to lose coupled with weak ringgit, that will further
policy in place, our strong exports as a trad- about RM50 billion, it is a rough estimat- erode our profit margin,” Soh explained.
ing nation, we believe that we will still be able ed figure.
to tide through when the tough time comes. “If our ringgit is too weak, hovering
around 4.45 [against the US dollar,] in
“We have faced the worst scenario; it the long run, [it] will weaken our compet-
cannot be worse than what we faced dur- itiveness.We hope Bank Negara Malaysia
ing the MCO (movement control order) is able to contain the weakening of the
time. Every manufacturer, when they do ringgit soonest,” he added.
business, they should expect bad days or
tough conditions ahead.We are quite confi-
dent that our members will get themselves
prepared,” he told reporters at the launch
of FMM-Malaysian Institute of Econom-
ic Research (MIER) Business Conditions
Survey for the first half of 2022 (1H2022).

The survey showed that both local and
export sales are expected to slow down for
2H2022, with production volume and ca-
pacity utilisation declining.

Soh said manufacturers are taking a
cautious approach in 2H amid rising in-
put costs, interest rate, labour shortages,
and increasing difficulty to pass through
additional costs during inflation.

from Page 3 Hishamuddin’s statement was in re- “That means BNS is only terminating
sponse to a report by PAC that not a sin- CAD and CED as intermediaries.Thus,
BNS’ major shareholders are Boust- gle ship had been completed, despite the there is no issue on [the] nomination of
ead Holdings Bhd, which owns a 68.85% government having spent RM6 billion on new contractors.There is no additional
stake; followed by Boustead Heavy In- the LCS project, which the government cost to the government [to complete the
dustries Corporation Bhd (BHIC), had awarded to BNS through direct ne- vessels] due to the termination of CAD
27.77%; and armed forces fund, Lem- gotiations. and CED,” Azhar said.
bagaTabung AngkatanTentera (LTAT),
10.38%. BNS only terminating intermediaries, Company checks showed that BNS
no nomination of new contractors had current liabilities (debts due with-
At the Dewan Negara sitting last Azhar, who was appointed BNS CEO in in six months) of RM2.05 billion as
month, Defence Minister Datuk Seri May, said the OEMs in the current con- at end-2021, and long-term liabili-
Hishamuddin Hussein said the govern- tract of the LCS project will remain in- ties of RM167.3 million. Its current
ment would report on the timeline and volved in the project, as BNS is only ter- assets stood at RM1.22 billion, while
progress of the LCS construction project minating the intermediaries. non-current assets were at RM298.5
in stages and that his ministry had been million.
given six months to mobilise efforts to “The contract termination only refers to
revive the project. He also said that the taking out intermediaries.We are not replacing For FY21, BNS incurred a net loss
first LCS ship would be delivered to the OEMs appointed through CAD and CED. of RM52.71 million, against a revenue
Royal Malaysian Navy within two years. of RM302.15 million.

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KUALA LUMPUR (Sept 6): Glove sup- Glove supply- prices are expected to reach pre-Covid-19
ply-demand equilibrium is expected within demand pandemic levels of about US$20 (RM89.84)
six to nine months, according to Malaysian to US$25 per thousand pieces.
Rubber Glove Manufacturers Association equilibrium in six
(Margma) president Dr Supramaniam to nine months, According to Supramaniam, global de-
Shanmugan. says Margma mand for rubber gloves is expected to be
around 399 billion pieces for 2022, with year-
“Based on our association’s estimates president on-year growth expected at 10% to 12%.
and our data, normalisation of equilibri-
um conditions will occur within six to nine by Syafiqah Salim “Last-mile automation will be aggres-
months,” Supramaniam told reporters on theedgemarkets.com sively continued. Malaysian producers cur-
Tuesday (Sept 6), after the 10th Interna- rently have the capability to produce at an
tional Rubber Glove Conference and Ex- Mohd Suhaimi Mohamed Yusuf/the edge advanced speed of 42,000 to 45,000 piec-
hibition held in conjunction with the 3rd es of gloves per hour, from a low of 3,000
International Rubber Industry Convention pieces per hour 12 years ago.
and Expo and the Rubber Conference 2022.
“Way back in 2008, it took us 9.7 workers
“The depletion of inventory in the pipe- per one million gloves per month. However,
line will bring about normalcy equilibrium due to investments in continuous automation,
between production capacity utilisation and we expect to hit — by 2024 — 1.5 workers
global demand.The [glove] industry is also per one million gloves per month,” he added.
advancing in the areas of [the] recycling
economy with new raw materials, additives He observed that each subsequent ep-
and substances that are environmentally idemic or pandemic continued to drive
friendly and biodegradable,” he said. awareness and use of rubber gloves, as was
the case of the recent Covid 19 pandemic
Furthermore, the local glove business will and the emergence of monkeypox.
do marginally better than in 2019, said Su-
pramaniam, adding that glove average selling The US continued to be the biggest con-
sumption market, with 75 pairs of gloves
According to Supramaniam, used per capita, followed by Europe at 50
global demand for rubber gloves is expected pairs per capita, while China and India av-
to be around 399 billion pieces for 2022, with eraged two to three pairs per capita.
year-on-year growth expected at 10% to 12%.
“The industry expects low-per-capita
countries in Africa to be the new market
for growth,” Supramaniam said.

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Malaysia’s semiconductor outlook turns
cloudy after mixed 2Q earnings

KUALA LUMPUR (Sept 7): Malaysian by Chester Tay agement Sdn Bhd chief investment officer
semiconductors players’ latest quarterly theedgemarkets.com Ang Kok Heng.
results were largely mixed with growth of
certain companies moderating, weighed reuters “Consumer electronics are showing
by prolonged supply chain disruptions and clear signs of slowing down, but some [of
the easing of consumer electronics demand to deliver sales growth in the latest quarter. the semiconductor players] are going into
from the pandemic high. the automotive chip segment quite success-
Vitrox, Pentamaster see better fully. LikeVitrox, they are into EV (electric
Outlook for the industry seems cloudy prospects vehicles), medical and telecommunication
as well, since these challenges are not likely Specifically, the outlook for Vitrox and infrastructure, quite diversified; Pentam-
to ebb in the near term, in view of ongo- Pentamaster should fare better than oth- aster, EV already account for half of their
ing labour shortages domestically, coupled er industry peers due to their diversified business now, it is a very good migration,”
with fluid macroeconomic conditions and customer base, said Phillip Capital Man- he observed.
persistent geopolitical uncertainties.
Vitrox is a vision-inspection equipment
Bigger industry players like Inari Amer- maker, while Pentamaster is a semicon-
tron Bhd,Vitrox Corp Bhd and Greatech ductor equipment vendor and automation
Technology Bhd have faced a setback in house.
terms of revenue growth in the second
quarter (2Q2022), but most of the other For Inari, being the largest outsourced
notable semiconductor peers like Malay- semiconductor assembly and test (OSAT)
sian Pacific Industries Bhd (MPI), Unisem company in Malaysia, earnings perfor-
(M) Bhd, D&O Green Technologies Bhd mance should remain resilient despite
and Pentamaster Corp Bhd were still able having larger exposure to consumer elec-
tronics, particularly in the second half of
Malaysia semiconductor companies’ earnings growth in latest quarter this year (2H2022), following the launch
of new iPhone this month, said an analyst
Companies Market cap Latest quarter who covers the local technology sector. In-
(RM mil) P/E y-o-y growth (%) ari’s key customer Broadcom Inc is a com-
ponent supplier to Apple Inc.
Revenue Net profit
“We expect Inari to be able to defend
OSAT its margins given the larger scale, but the
outlook for other OSAT players is quite
Inari Amertron Bhd 9,871.49 24.95 -6.96 -2.43 challenging,” said the analyst, who declined
to be named.
Malaysian Pacific Industries Bhd 5,775.95 17.53 13.90 7.17
While there are expectations that the
D&O Green Technologies Bhd 4,825.11 48.81 16.01 -42.75 US’ CHIPS and Science Act of 2022 would
accelerate trade diversion from China, Ma-
Unisem (M) Bhd 4,113.35 18.77 15.37 276.75 laysian semiconductor players are still being
held back by issues like labour shortages,
Globetronics Technology Bhd 830.11 15.16 2.66 78.98 the analyst pointed out.

KESM Industries Bhd 309.70 86.75 -4.82 -361.63 “Although the CHIPs Act is targeting
front-end players likeTSMC (Taiwan Sem-
EMS iconductor Manufacturing Company Ltd)
and Samsung, they will still need backend
V.S. Industry Bhd 3,836.94 21.60 -13.69 -30.10 players like OSAT as well, but it will be
hard for local companies to accommodate
SKP Resources Bhd 2,577.89 14.48 7.77 14.51 because we don’t have enough workers,”
he said.
ATA IMS Bhd 342.82 — -56.63 -165.23
Building up of inventory amid
K-One Technology Bhd 83.20 — 0.58 -299.65 slowdown in consumer spending
Fortress Capital Asset Management chief
ATE & Equipment executive officer Thomas Yong noted that
although guidance from management large-
ViTrox Corp Bhd 6,754.21 35.58 -3.46 1.40 ly remained optimistic for the remainder of
the year, the global semiconductor cycle is
Greatech Technology Bhd 4,445.08 40.11 -13.39 -34.44 currently facing a slowdown with inventory
building up, as consumer spending slows
UWC Bhd 4,405.50 41.32 61.31 54.03 after the pent-up demand during the pan-
demic period.
Pentamaster Corp Bhd 2,852.38 36.40 15.84 7.05
continues on Page 7
MI Technovation Bhd 1,003.58 15.60 -20.22 -28.50

Elsoft Research Bhd 453.00 27.38 69.27 163.36

QES Group Bhd 425.41 21.61 -2.17 22.56

Aemulus Holdings Bhd 303.86 19.04 4.14 -37.22

MMS Ventures Bhd 150.07 12.67 128.78 90.06

VisDynamics Holdings Bhd 124.04 10.44 8.17 175.31

Precision cleaning

Frontken Corp Bhd 4,292.70 37.09 18.02 30.17

High performance test socket/stiffener

JF Technology Bhd 648.94 37.43 17.82 0.86

FoundPac Group Bhd 284.38 23.03 82.11 24.60

Source: Bloomberg & Bursa Malaysia

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UWC 4Q profit hit fresh high on robust
semiconductor demand

by Chester Tay UWC Bhd’s quarterly earnings since 3QFY19
theedgemarkets.com
Net pro t (RM mil) Revenue (RM mil)
KUALA LUMPUR (Sept 6): UWC 50 103.14 120
Bhd’s net profit grew 54% year-on-
year to a fresh high of RM30.11 mil- 40 87.32
lion for the fourth quarter ended July 77.81 79.92
31, 2022 (4QFY22) from RM19.55 71.50 71.78 75.26 80
million a year ago, underpinned by ro- 40
bust demand from the semiconductor 30 61.41 63.94
industry.
54.94 55.80
The group is involved in the provi-
sion of precision sheet metal fabrica- 20 38.31 46.91 46.91
tion, value-added assembly services
and precision machined components, 10
mainly for the semiconductor, life sci-
ence, medical technology and heavy-duty 0 0
industries.
8.82 10.07 11.22 13.31 14.59 18.65 21.71 27.24 23.04 19.55 23.04 25.08 28.71 30.11
Gain from foreign exchange also in-
creased during 4QFY22 as UWC said 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
it transacted sales in US dollars exten-
sively. 2019 2020 2021 2022

Earnings per share rose to 2.73 sen Source: Bloomberg
for 4QFY22 from 1.78 sen last year.The
group declared a dividend of 2.91 sen timistic on its outlook given the contin- UWC Bhd RM
per share, with an ex-date on Sept 20. ued expansion of the global semicon- RM4.00
ductor market. 8 Sept 6, 2022
Revenue jumped 61% year-on-year 6
to RM103.14 million in 4QFY22, from “In spite of that, the group also en- 4
RM63.94 million a year ago. sures to evaluate any looming uncertain- 2 RM2.29
ties at the technological landscape and 0
For the full FY22, UWC’s net profit takes relentless effort to capitalise po-
rose 17% to RM106.94 million from tential business opportunities as part of Aug 13, 2020
RM91.54 million in FY21, while rev- its diversification strategy to adapt with
enue grew 21% to RM345.63 million the market dynamics,” it said. Source: Bloomberg
from RM285.02 million.
UWC said its order books remain
Going forward, the group remains op- strong from front-end semiconductor,
life science and 5G test equipment.

UWC closed 14 sen or 3.7% high-
er at RM4 per share on Tuesday (Sept
6), giving it a market capitalisation of
RM4.41 billion.

from Page 6 “Unisem and MPI are expected to see Fortress Capital’s Yong said the pros-
moderating growth in the immediate term pects for semiconductor companies with
“There are still some bright spots within due to the prolonged lockdown in China. exposure to 5G, EV and renewable energy
the sector that are likely to continue to face However, we learnt that workers are still are still intact, as these segments will con-
high demand in the near- to medium term, able to operate in the plants by living on- tinue to face high demand, given favour-
such as EVs and renewable energy. site during the movement restriction period. able government policies globally.

“We might need to re-adjust the growth “D&O and Inari’s earnings results met “The reason that general sentiment has
prospects of semiconductor companies, expectations but we tweaked our earnings turned is really [a result of] equity mar-
depending on which segments they are ex- forecasts slightly lower (4% and 5% re- kets’ reaction to interest rate hikes and
posed to. Certainly, expectations of growth spectively) post-briefing, on the back of risk premium. Semiconductor and tech-
might need to be adjusted downwards for minor delays in their respective ramp-up nology stocks have been trading at high
certain segments such as consumer elec- of new capacity,” he said. valuations in the past two years. Hence, a
tronics (computers, phones, etc), where derating in valuation given current mac-
demand was exceptionally high during It is worth noting that MPI, despite ro environment is unavoidable,” he said,
the pandemic,” he told theedgemarkets. recording growth in both revenue and net adding that fundamentals for local sem-
com when contacted. profit for its fourth quarter ended June 30, iconductor companies remain largely in-
2022 (4QFY22), has cautioned investors tact, despite softer equity prices.
In a research note on Monday (Sept 5), in its quarterly report that the operating
Kenanga Research SamuelTan said OSAT environment will remain challenging, aris- Trading at a current price-to-earnings
companies like Unisem and MPI, which ing from supply chain disruptions, inven- ratio of 22.6 times against a high of 38 times
have operations in China, may see occasional tory adjustment, inflation and manpower a year ago, the technology index on Bursa
challenges with prolonged lockdowns in the limitations. Malaysia has contracted 35% year to date.
world’s second-largest economy.

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Malaysia weak when backing US$3 bil
1MDB loan, says former MOF officer

KUALA LUMPUR (Sept 6): Former dep- by Timothy Achariam & Tarani Palani for the country, to which Siti Zauyah an-
uty secretary-general at the Ministry of theedgemarkets.com swered that it was Irwan’s prerogative to
Finance (MOF) Datuk Siti Zauyah Mohd do so.
Desa said that in 2013 — when 1Malaysia Zahid Izzani Mohd Said/The Edge
Development Bhd (1MDB) was trying to Wan Aizuddin: And he moved forward
get the Government to back a US$3 bil- Najib is charged with four counts of abuse of with it. Did it frustrate you?
lion (RM13.36 billion) loan for the pur- power and 21 counts of money laundering of
pose of a joint venture (JV) with Abu Dha- Siti Zauyah: It was his prerogative. My
bi — Malaysia’s debt rating was weak, and RM2.28 billion of 1MDB funds. concern was to alert him to the liabilities.
there was also a lack of confidence in the
loan subscription. tary-general (Tan Sri Dr Mohd Irwan Wan Aizuddin asked if the witness
Serigar Abdullah). agreed that it was represented to the Cab-
Testifying as the prosecution’s 26th inet that the LOS was a necessity.
witness in the ongoing 1MDB-Tanore Wan Aizuddin also asked the witness
trial, where former prime minister Da- about a memo in March 2013 for the then “I can’t answer that. You have to ask
tuk Seri Najib Razak is the only accused, finance minister based on changes to the the Treasury secretary-general (Irwan),”
Siti Zauyah explained that the Govern- LOS. The memo contained suggestions she said.
ment’s move led by Najib to issue a letter by MOF Inc regarding the JV.
of support (LOS) was not the right move Wan Aizuddin then moved on to ask
for the country because its fiscal situation The memo was sent to Najib from then Siti Zauyah whether 1MDB had ever pro-
was “weak”. Treasury secretary-general Irwan’s office. vided MOF Inc an update of what they did
with the US$3 billion that they received
An LOS is an indirect guarantee, where In her witness statement, Siti Zauyah through the Government LOS.
the parent company would have to settle said that each of the suggestions presented
the debt obligation if the company fails to in the memo was discussed between her The witness said that 1MDB was unre-
repay the loan. And if the holding compa- division — the MOF’s loans management, sponsive, even though she had called the
ny fails to do so, the Government would financial market and actuarial division — company and sent letters to them.
be held accountable for the loan. and the Treasury’s lawyer.
Wan Aizuddin: You said that many
Upon cross-examination by Najib’s She said that Irwan did not want MOF times, the MOF had requested for doc-
lawyer Wan Aizuddin Wan Mohammed officers to make any suggestions in the uments and information from 1MDB. If
who asked her about the LOS, Siti Zauyah memorandum that the prime minister it was not given to the MOF, it was be-
said that it was part of her division’s duty would not agree with. In fact, she fur- cause of the weakness of the company’s
to take care of the country’s image, and ther elaborated that Irwan asked the MOF management.
her responsibility included looking out for to accept everything Goldman Sachs had
the financial implications for the country. asked for. Wan Aizuddin then suggested that Na-
jib cannot be blamed if it was the fault of
Siti Zauyah: It was so obvious that Goldman Sachs was given the mandate 1MDB’s management.
our Government was weak at that time. to raise US$3 billion for 1MDB.
Siti Zauyah: That was their respon-
Wan Aizuddin: Are you talking about “His (Irwan’s) instruction was to ac- sibility.
now or then? Can you elaborate — weak cept everything that Goldman Sachs asked
in what sense? for,” the witness said. Wan Aizuddin: You can’t attribute
the fault of 1MDB officers to the prime
Siti Zauyah: I can’t recall our rating at Wan Aizuddin asked her if it frustrated minister, the minister of finance or the
that time. [If it is] an A-, it means we are her that Irwan moved on with the LOS chairman of the board of advisers [back
bankable, and we can repay the liabilities. despite her opinions that this was not right then]. (All these roles were held by Najib.)

Wan Aizuddin: Are we talking about Siti Zauyah added that in situations
the Cabinet paper? before and after the LOS issuance, there
were no details of the nature of 1MDB’s
Siti Zauyah: No. The fact that we investments.
(Malaysia) had a lack of support shows
no confidence from whoever that wanted The trial before judge Datuk Collin
to subscribe to the loan and who wanted Lawrence Sequerah continues in the af-
to provide the loan. ternoon.

Wan Aizuddin then asked the witness Najib is charged with four counts of
about her previous statement. abuse of power and 21 counts of money
laundering of RM2.28 billion of 1MDB
Wan Aizuddin: Did you say the LOS funds.
was a necessity (crucial in getting the
US$3 billion loan)? Read also: Najib given combined
RM3 mil credit card limit, among
Siti Zauyah: I didn’t say that. highest for AmBank account holders
Wan Aizuddin: Who said that?
Siti Zauyah: The Treasury secre-

wednesday september 7, 2022 9 TheEdge CEO morning brief

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SHAH ALAM (Sept 6):The fact that for- Prosecution: Fact Court judge Datuk Mohd Yazid Mustafa.
mer deputy prime minister and then home that Zahid asked This is with regards to the 40 alternative
affairs minister Datuk Seri Dr Ahmad Za- for money shows charges under Section 165 of the Penal Code
hid Hamidi had asked for cash shows he he acted beyond on a public officer receiving gratification.
had acted beyond his ministerial functions,
deputy public prosecutor (DPP) Datuk Raja functions of a Raja Rozela, who is the deputy head of
Rozela RajaToran told the High Court here minister Prosecution II at the Attorney General’s
onTuesday (Sept 6). Chambers, said that to prove the element
by Hafiz Yatim of graft, the prosecution has to prove that
She said this also showed that Zahid had theedgemarkets.com Zahid is a public servant, he had obtained
abused his authority and position to ask for something valuable, he obtained it without
money and that it was in Singapore dollars. Patrick Goh/The Edge consideration, and he obtained it in connec-
tion with his official business.
Raja Rozela said two witnesses from Ultra in the form of a political donation to Umno
Kirana Sdn Bhd (UKSB) — directors Harry after Zahid helped UKSB. She said evidence from the prosecution
LeeVui Khiun, who is the 15th prosecution witnesses had shown there was preferential
witness, and Wan Quoris Shah Wan Abdul “WhileWan Quoris did not ask [about] it treatment accorded to UKSB, such as Home
Ghani, who is the 16th prosecution witness in the open, but from his conversation with Affairs Ministry immigration division’s for-
— had testified about giving the cash money the minister, the UKSB director understood mer secretary Datuk Shahril Ismail’s testi-
delivered in packages to Zahid’s official resi- that [Zahid] was hoping for financial contri- mony that while it was common for Shahril
dence in Seri Satria and his private residence bution from UKSB,” she added. to bring documents to Zahid’s house, that
in Country Heights, Kajang. was the first time he had seen a stakeholder
The prosecution was submitting at the (UKSB) at a minister’s house.
“Ahmad Zahid did not make any at- close of the prosecution’s case before High
tempts to return the money. This showed “The prosecution respectfully submits
the element of graft had been proven when that the accused (Zahid) had more than suf-
he obtained something that was valuable in ficient knowledge that UKSB had connec-
consideration,” she added. tions with his official functions as minister
of home affairs,” she added.
She pointed out that Lee told the court
that Zahid indicated he needed a contribu- UKSB’s dealing with Zahid and the
tion to his political fund and asked Lee to Home Affairs Ministry are with regards to,
assist him in matters relating to Umno. among others, a one-stop centre (OSC) to
offer visa for Chinese tourists from China
Lee, she said, understood this request and the foreign visa system (VLN).
was that Zahid wanted financial assistance Read the full story
from UKSB. Read also: Zahid’s lawyer asks why oth-
ers not charged with graft when witnesses
“Ahmad Zahid never mentioned about testify monies were donations to Umno
the amount he wanted although he did say
that the contribution should be made in cash
and in Singapore dollars, Lee had said,” Raja
Rozela said in reading the court transcript.

She said that similarly,Wan Quoris testi-
fied that the money was to be given to Zahid

KUALA LUMPUR (Sept 6): Malaysian Fat Leonard border crossings. But he may have already
national Leonard Glenn Francis, a military escapes house crossed south, Castillo acknowledged.
contractor better known as Fat Leonard, arrest just before
who had been under house arrest in San Francis was arrested in San Diego in
Diego after pleading guilty to mastermind- sentencing 2013 and pleaded guilty in 2015, admitting
ing the worst public corruption scandal in to bribing numerous high-ranking naval
US Navy history, is on the run. by Surin Murugiah officers and swindling the Navy out of at
theedgemarkets.com least US$35 million in overcharges.
In a report on Monday (Sept 5), the
San Diego Union-Tribune (SDUT) quoted trucks going in and out of Francis’ home He was alleged to have bribed a large
Supervisory Deputy US Marshal Omar in the days leading up to his escape. number of uniformed officers of the US
Castillo as saying that Francis, cut off his Seventh Fleet with at least a half million
GPS monitoring ankle bracelet sometime “He was planning this out, that’s for dollars in cash, plus travel expenses, lux-
Sunday morning. sure,” Castillo said. ury items, and prostitutes, in return for
classified material about the movements
San Diego police officers who then went He said law enforcement agencies will of US ships and submarines, confidential
to his home found it empty, Castillo said. be notified to be on the lookout, and alerts contracting information, and information
will be placed at international borders and about active law enforcement investigations
The US Marshals Office was notified airports. into Glenn Defense Marine Asia.
about 2pm on Sunday and activated the
San Diego Regional FugitiveTask Force to Investigators will also see if his U-haul Francis then “exploited the intelli-
begin the high-profile manhunt.The Na- trucks show up on license plate readers gence for illicit profit, brazenly order-
val Criminal Investigative Service, which throughout the state or at the US-Mexico ing his moles to redirect aircraft carriers
spearheaded the massive case against Fran- to ports he controlled in Southeast Asia
cis more than a decade ago, is also assisting. so he could more easily bilk the Navy for
fuel, tugboats, barges, food, water and
The SDUT said neighbors told author- sewage removal”.
ities that they had seen U-haul moving

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BNM expected to ing. If realised, it would be the first time Ringgit drops
deliver two more since 2010 the central bank raised rates to lowest level
25 bps rate hikes three times in a row.
since Asian
this year One economist expect a 50 bps hike. financial crisis
“Given the robust gross domestic prod-
by Devayani Sathyan uct growth print in the second quarter, by Marcus Wong
Reuters signs of further economic expansion in the Bloomberg
second half of 2022, albeit at a moderate
(Sept 6): Malaysia’s central bank will deliv- pace, and broadening second-round ef- (Sept 6):The Malaysian ringgit tum-
er a third consecutive 25-basis-point (bps) fects on inflation, BNM will likely follow bled to a 24-year low as a stronger
interest rate hike on Thursday (Sept 8), through with a third 25 bps rate hike,” not- US dollar and domestic political risks
and a fourth in November, to quell grow- ed Julia Goh, a senior economist at UOB. damped sentiment.
ing inflationary pressures, but will opt to “Besides internal factors, we believe the
move slowly despite a hawkish US Federal expected outsized Fed rate hikes in the The ringgit fell as much as 0.2% to
Reserve (Fed), a Reuters poll found. coming months and global monetary con- 4.5015 per US dollar as it breached
ditions would also be taken into consider- the 4.5002 mark reached in January
Although Malaysian inflation rose to ation by BNM in the September meeting.” 2017.The Malaysian currency is now
4.4% in July, well above the target range of Eighty per cent of respondents, 16 of 20, at its weakest level since January 1998,
2-3%, it was relatively moderate compared forecast another 25 bps hike in the November during the Asian financial crisis.
to other Southeast Asian countries, allowing meeting, and the median showed it at 2.75%.
the central bank to move at a slower pace. Nearly 60% of economists, 11 of 19, A resurgent greenback is exert-
who had a long-term view on rates expect ing pressure on regional currencies
Bank Negara Malaysia (BNM) has the rate to reach 3.00% by end-March. as traders speculate that the Federal
raised rates by a modest 50 bps since May The remaining eight said 2.75%. Reserve will press ahead with large
to 2.25%. If the majority view prevails, interest rate hikes to tame inflation. For Ma-
rates would be where they were before the laysia, politics is adding another layer
All but one of 20 economists in the Aug Covid-19 pandemic. They were then ex- of uncertainty with some party leaders
30-Sept 5 Reuters poll forecast BNM to pected to stay unchanged until the end of pushing for an early election to cap-
hike by 25 bps to 2.50% in its Sept 8 meet- next year at least. italise on better-than-expected eco-
A net exporter of oil, Malaysia’s econo- nomic growth.
my grew 8.9% in the April-June quarter, the
fastest pace in a year. Robust growth along
with signals of further US Fed rate hikes will
nudge policymakers to continue tightening.
Still, with risks of a sharp slowdown
in China, Malaysia’s biggest trading part-
ner, economists only expect the pace to
be modest.
“BNM’s preference for gradual policy
rate hike adjustments balances a recover-
ing domestic economy that faces down-
side global growth risks and rising infla-
tion pressures,” noted HanTeng Chua, an
economist at DBS.

KUALA LUMPUR (Sept 6): Lagenda Lagenda and tend to dismantle the perception that land-
Properties Bhd has joined hands with the Selangor ed homes within Selangor are out of reach
Selangor government to develop the first for the public by providing landed homes
large-scale landed affordable township govt to jointly that are not only affordable, but also a part
within the state known as Bernam Jaya. develop large- of a sustainable and well-planned township.
scale affordable
In a statement, the property developer “Lagenda as the developer and KHSB
said its wholly-owned unit, Blossom East- township as the landowner aims to develop the land
land Sdn Bhd, has entered into a joint ven- into an affordable township with over
ture with Kumpulan Hartanah Selangor Bhd by Izzul Ikram 2,000 units of affordable landed homes
(KHSB), a wholly-owned subsidiary of the theedgemarkets.com that are priced at below RM250,000,” the
Selangor government, to develop a 191-acre property developer said.
plot of development land in the township.
Lagenda said the joint venture with KHSB
Lagenda said the development will be came after it won a competitive selection pro-
the group’s first foray into Selangor and cess carried out by the state-owned firm. It
marks its presence in another state after added that it targets to launch the Bernam
Perak, Kedah, Johor and Pahang. Jaya township by the fourth quarter of 2023.
Read the full story
“Conscious of the urgent need for more
affordable homes within Selangor, given its
high population, Lagenda and KHSB in-

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What happened toTH Heavy, which
Tabung Haji is distancing itself from?

KUALA LUMPUR (Sept 7): The recent by adam aziz THHE’s latest comment on the slipway
statement by LembagaTabung Haji (TH) dis- theedgemarkets.com was that it incurred RM13 million capital
associating itself from now-delistedTH Heavy commitment in second quarter ended June
Engineering Bhd (THHE) came following TH Heavy Engineering Bhd 30, 2022 (2QFY22) for the infrastructure
THHE’s alleged delay in delivering three ves- of a slipway at its fabrication yard in Pulau
sels under a RM738.9 million government (RM mil) Net pro t/loss Revenue Indah, Klang, Selangor with completion
contract, which came to light last month. expected by February 2023.
100 100.6 17.8 12.4 57.6 -56.3 61.9 100
TH said it is no longer a shareholder 0 5.4 0 The Edge has reached out to the Minis-
of THHE after opposition politician and -2.6 2.6 -15.8 9.4 -100 try of Home Affairs for comment, but has
former religious affairs minister Datuk Seri -100 -44.8 -6.2 0.5 -200 yet to receive any response at press time.
Dr Mujahid Yusof Rawa questioned the -200 -365.8 -300
delivery delay of the offshore patrol ves- -300 -99.5 -400 More troubled projects
sels (OPVs) by THHE to the Malaysian -400 The OPV project is not the only failed
Maritime Enforcement Agency, an agency project by THHE, of which TH first
under the Ministry of Home Affairs. 6MFFFFFFFFYYYYYYYY2111112291670825 emerged as a substantial shareholder in
late 2007 (then Ramunia Holdings Bhd)
Muhajid also urged the Public Accounts Source: Bloomberg before becoming the controlling share-
Committee to investigate the matter, to holder in 2012.
prevent the recurrence of a case similar to TH Heavy Engineering Bhd
the littoral combat ship (LCS) scandal, in Recall that MISC Bhd was mooted to
which another government-linked com- Vol (mil) RM/Sen undertake a reverse takeover of the firm
pany, Boustead Naval Shipyard Sdn Bhd, 250 2.0 in 2008 — but later called it off due to
failed to deliver six LCS to the Royal Ma- “unsatisfactory due diligence findings”.
laysian Navy under a RM9 billion contract, 200 1.5
despite several deadline postponements THHE’s fabrication yard in Pulau In-
and after over RM6 billion had been paid. 150 RM1.15 1.0 dah was blacklisted by Petroliam Nasion-
100 al Bhd for four years from April 2016 to
For THHE, the OPVs’ delivery falls 0.5 January 2020 following non-performance
under a January 2017 contract that was 50 1 sen of the Kinabalu Non-Associated Gas De-
secured when TH was the single largest velopment Project.
shareholder of THHE. 0 0.0
Jan 3, 2007 Dec 9, 2021 The company, after a two-year exten-
In a Sept 3 statement, TH said it trans- sion, also failed to deliver a US$900 mil-
ferred its stake to government-owned Source: Bloomberg lion (RM4.05 billion) contract to charter
Urusharta Jamaah Sdn Bhd (UJSB) “due to a floating production storage offloading
weak performance by the company and as it between Destini Bhd and THHE in 2017, (FPSO) asset at the Layang oil and gas
did not provide the expected returns toTH”. whenTH owned a 29.8% stake inTHHE.TH field offshore Sarawak in 2018. The pro-
transferred itsTHHE stake to UJSB in 2018. ject was eventually taken over by Yinson
TheTHHE share transfer — alongside Holdings Bhd.
more than 100 more listed companiesTH In 2021, THHE, now under UJSB,
invested in whose shares underperformed bought the remaining stake in the JV from In the last nine financial years,THHE’s
— was actually part of a rehabilitation ex- Destini for RM121,131. An 18-month ex- worst year was FY16, when it incurred a
ercise forTH in December 2018.This was tension was granted by the government to net loss of RM365.84 million with a rev-
becauseTH’s investments deteriorated to deliver the vessels in August 2022, from enue of RM17.78 million, due to the ab-
the point it was illegal for the pilgrim fund the original deadlines in February, May, sence of projects and the impairment of
to pay dividends to its contributors. and August 2020. assets. By 2QFY22, its accumulated losses
stood at RM645.99 million, with borrow-
In fact, TH’s overall financial decline It is unclear if any of the vessels has ings at RM151.87 million against cash of
went beyond the contract and was at least been delivered by now. The Edge Malaysia RM3.59 million.
nine years in the making, during whichTH weekly, quoting sources in its article for
was the single largest shareholder of the the Aug 15-21 publication, reported that Shares of THHE, which entered the
troubled heavy engineering group, which THHE would unlikely be able to, what Practice Note 17 status in April 2018, were
only turned to shipbuilding six years ago. with the first OPV being stranded onshore suspended from trading from December
without a slipway to launch it. 2021.THHE was delisted on Monday (Sept
Apart from the financial year ended 5) after failing to secure an eighth extension
Dec 31, 2019 (FY19), THHE has been to submit a regularisation plan to Bursa Ma-
loss-making since FY14. laysia.The counter last traded at one sen —
a far cry from its peak of RM1.91 in 2008.
How did the heavy engineering group,
once a stock market darling, collapse on UJSB now owns a 64.45% stake in
its own weight? THHE. In 2020, the Ministry of Finance’s
special-purpose vehicle sought a waiver
One OPV stranded with infra to from making a mandatory general offer
deliver due in seven months for shares it did not own inTHHE follow-
The contract for the supply of three OPVs ing a preference share conversion exercise.
was awarded to a 51:49 joint venture (JV)

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news In brief

Majuperak says CEO gone on garden leave based on mutual agreement Destini unit slapped with winding-up
KUALA LUMPUR (Sept 6): Majuperak Holdings Bhd on Tuesday (Sept 6) clarified petition after failing to settle payment
that the garden leaven accorded to its outgoing group chief executive officer cum to IRB
executive director Nizran Noordin is based on a mutual agreement between the
board and Nizran. Majuperak, which is mainly involved in property development, said KUALA LUMPUR (Sept 6): Destini Bhd’s
indirect subsidiary, Destini Shipbuilding
Nizran has been on garden leave from Sept 2 to clear his leave balance and Engineering Sdn Bhd (DSBE), has
before his contract ends on Oct 31, and to facilitate the transition been served with a winding-up petition
to a new leadership team. “Nizran will be pursuing other interests from the government after it failed to pay
after the expiry of his contract,” the company said in a filing with RM6.24 million of a settlement payment
Bursa Malaysia. Majuperak, which is 51%-owned by Perak State proposal to the Inland Revenue Board
Development Corp, announced on Monday that Nizran was told (IRB). DSBE had been embroiled in a
to go on garden leave, about two months ahead of the expiry of legal dispute with the IRB in relation to
his service contract on Oct 31. Nizran was appointed as RM6.58 million it owed the agency in
Majuperak’s group CEO on Nov 1, 2019, and to the board as outstanding tax for the year of assessment
an executive director on June 10, 2020. — by Shazni Ong 2016, which culminated with a summary
judgement being granted by the High
Nizran will be pursuing other interests after the expiry Court last year ordering DSBE to pay
of his contract, according to a filing with Bursa. IRB the sum. Subsequently, Destini said
it would submit a payment settlement
Lawyer Sreesanthan Eliathamby PPB subsidiary secures proposal to the IRB with a view of settling
loses appeal in insider trading case one-month extension to submit the judgement sum for the suit. Moving
written representation over MyCC’s forward, Destini said it is in negotiation
KUALA LUMPUR (Sept 6): Lawyer Datuk proposed decision with the IRB and will submit a payment
Sreesanthan Eliathamby has lost in his settlement proposal. — by Izzul Ikram
appeal against a High Court decision in KUALA LUMPUR (Sept 6): PPB Group
November 2020 that found he had engaged Bhd said its 80%-owned subsidiary FFM Mestron secures another RM13 mil
in insider trading of Worldwide Holdings Bhd has secured a one-month extension telco contract, total YTD order book
Bhd shares in 2006. In a statement to submit its written representation to the at RM53 mil
on Tuesday (Sept 6), the Securities Malaysia Competition Commission (MyCC)
Commission Malaysia (SC) said the Court in response to the proposed decision on KUALA LUMPUR (Sept 6): Mestron
of Appeal had on Sept 5 affirmed the the poultry feed price-fixing allegations it Holdings Bhd has secured another
High Court’s decision. It said Sreesanthan faces. “FFM had requested for an extension RM13 million worth of orders for its
acquired a total of 600,000 Worldwide of time for the submission of written telecommunications segment, after
shares between June 7 and July 11, 2006 representation, and has on Sept 5 received bagging a RM17.5 million job from the
while in possession of material non-public MyCC’s letter dated Sept 2 which granted national digital infrastructure plan,
information relating to the proposed FFM an extension of time until 12pm noon namely National Digital Network
privatisation of Worldwide by Perbadanan on Oct 21,” PPB said in a bourse filing. (Jendela), back in June this year. In a
Kemajuan Negeri Selangor. It said that at FFM’s initial deadline to submit its written statement on Tuesday (Aug 6), Mestron
the material time, Sreesanthan was a senior representation to the MyCC over the matter noted the orders secured are under
partner in a law firm which was engaged was Sept 20, said PPB. FFM is the second the Digital Nasional Bhd (DNB) and
to act as the legal adviser of the proposed feed miller involved in the poultry feed price- Universal Service Provision (USP)
privatisation of Worldwide. The High Court fixing allegations levied by MyCC to be given projects. DNB is actively rolling out its 5G
had ordered Sreesanthan to pay the SC an extension of time by the competition deployment while USP initiatives bridge
RM1.99 million, which is three times the watchdog. Leong Hup International Bhd the digital divide between developed and
profits gained as a result of the insider announced on Monday (Sept 5) that its unit underserved areas. The RM13 million
trading. In addition, he was also ordered to Leong Hup Feedmill Malaysia Sdn Bhd (LFM) worth of contracts are expected to be
pay to the SC a civil penalty of RM1 million had been granted a one-month extension to completed within the next six months
and was barred from being a director of any submit its written representation, providing and contribute positively to the group’s
listed company for 10 years starting from it with an extension to Oct 21 from the initial revenue in the near term. This brought
Nov 18, 2020. — by Surin Murugiah deadline of Sept 20. — by Izzul Ikram its total order book secured year to date
(YTD) to RM53 million. — by Shazni Ong

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reuters Investigation 5, but were handed back yet again for
papers on Najib’s, several details to be completed.
Taiwan drops Rosmah’s cases
Malaysia from handed back to “We are doing our best to complete the
visa-free entry investigation papers as soon as possible, af-
police ter obtaining advice from the deputy public
category prosecutor,” he said at a media conference
Bernama at the Kuala Lumpur contingent police
theedgemarkets.com headquarters here onTuesday (Sept 6).
KUALA LUMPUR (Sept 6): The in-
KUALA LUMPUR (Sept 6): In a sur- vestigation papers relating to the leaked A total of 27 individuals were called
prise move, Taiwan has temporarily documents on former prime minister up to record their statements, 17 related
suspended visa-free entry from trav- Datuk Seri Najib Tun Razak and his to Najib’s case and 10 for Rosmah’s case,
ellers from a slew of countries, includ- wife Datin Seri Rosmah Mansor’s cases after the Chief Registrar’s Office of the
ing Malaysia. have been handed back to the police for Federal Court lodged police reports over
several clarifications. the alleged leaked documents.
Other countries that are on the
“suspension list” include Singapore, Kuala Lumpur police chief Datuk In a separate development, Azmi said
Israel, Japan, South Korea,Thailand, Azmi Abu Kassim said the papers on both the investigation papers on PKR depu-
Brunei, the Philippines, Russia, Chile, cases were handed back the first time af- ty president Rafizi Ramli, who allegedly
Dominican Republic and Nicaragua, ter being referred to the deputy public slandered Minister in Prime Minister’s
according toTaiwan’s Ministry of For- prosecutor on Aug 30, and the papers on Department (Special Functions) Datuk
eign Affairs website. Najib’s case were referred again on Sept Dr Abd Latiff over the littoral combat
ship (LCS) project, were still being com-
No reason was given for the tem- pleted and are expected to be referred to
porary suspension. the deputy public prosecutor this week.

This comes after Taiwan said on Rafizi is alleged to have made four
Monday (Sept 5) that it would re- slanderous statements on Aug 22, 25, 26
sume visa-free entry for travellers from and 29, on a blog that was then shared
countries it currently shares diplomat- on Facebook,Twitter and TikTok.
ic ties with.
COA dismisses Sitting with Vazeer were judges Datuk
TheTaipei Representative Office in Zuraida’s M Gunalan and Datuk Seri MarianaYahya.
Singapore said a press release on the RM10 mil
adjustment of border control meas- The court also ordered Zuraida, who
ures issued on Monday had been breach of bond is now with Parti Bangsa Malaysia, to pay
“misunderstood”, CNA reported. agreement costs of RM10,000.
appeal
“Some media and the public mis- Earlier, Zuraida, represented by coun-
understood that from Sept 12, Sin- theedgemarkets.com sel Muhammad Nizamuddin Abdul Ha-
gaporeans can enter Taiwan without mid, attempted to argue that her case was
a visa. PUTRAJAYA (Sept 6): A three-member dissimilar to one where the Federal Court
Court of Appeal (COA) bench has dis- had ruled that a provision under an en-
“After coordination and commu- missed an appeal by Plantation Industries actment in Penang’s anti-party-hopping
nication with the Consular Affairs and Commodities Minister Datuk Zurai- law was valid and constitutional.
Bureau, the (information) has been da Kamaruddin to strike out a RM10 mil-
corrected ... to clarify the misunder- lion suit by Parti Keadilan Rakyat (PKR) However, the judges interjected that it
standing,” the office was quoted as against her for leaving the party in 2020 was too early for the court to decide on
saying. in breach of a bond agreement. striking out the matter as there are vari-
ous issues at hand.
Judge Datuk Vazeer Alam Mydin
Meera, who led the bench, declared that PKR, through its secretary general Da-
the High Court judicial commissioner had tuk Seri Saifuddin Nasution Ismail, had
not erred in her decision, and that the filed the suit in October 2020, after Zu-
appellate court decision was unanimous. raida and nine other PKR MPs defected
from the party, triggering the fall of the
“The court finds that this is not a suit- Pakatan Harapan government.
able case for this court to strike out the
suit.The legality and validity of the con- Saifuddin, represented by Ranjit Singh
tract needs a mature deliberation via viva andWilliam Leong, argued that this was not
voce (oral evidence). Hence this appeal a proper case to allow a striking out as there
is dismissed,” he said in a hearing con- are many issues to be decided by the court.
ducted online.
“This case is different from the Nor-
din Salleh matter as this involves a private
contractual position as Zuraida signed the
bond on her own free will when she was
a PKR vice president,” he added.

Last November, High Court JC Datuk
Seri Latifah Mohd Tahar disallowed the
striking out application and ordered the
case to go for a full trial, as she ruled there
are triable issues to be decided.

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LONDON (Sept 6): Incoming Prime Min- Truss plans Bloomberg
ister LizTruss is finalizing plans for a £40 £40 bil energy-
billion (US$46 billion) support package aid package for billion to £42 billion over six months,
to lower energy bills for UK businesses. UK businesses depending on how low the cap is set.
Over a year, the estimated costs to the
Truss is considering two options, one by Alex Wickham government range from £28 billion to
of which is a cap on firms’ energy costs Bloomberg £67 billion.
similar to a proposal that would protect
British households. The other option is a is currently no price cap for businesses, The plan for business is cheaper than
percentage or unit price reduction that all many companies’ energy contracts tend Truss’s proposal to help households be-
energy suppliers must offer companies, ac- to be renewed in October, the documents cause industrial users are typically able to
cording to documents seen by Bloomberg. said. Officials are in the process of drafting negotiate lower energy prices.
emergency legislation.
The government would reimburse en- The unit price could be further reduced
ergy suppliers for their losses, under the A spokesperson for Truss declined to for some sectors in order to target sup-
plans, and the price of energy charged to comment. port for industries that are particularly vul-
businesses would be reviewed quarterly. Factories and Hospitality nerable to high prices, including factories,
Energy prices have soared since Russia’s hospitality and leisure. Companies with
Very small businesses could receive even invasion of Ukraine, triggering warn- low energy costs relative to revenues and
more help, possibly in the form of a low- ings that thousands of businesses may profits, such as financial services firms,
er price cap. Ministers have a “key objec- go bankrupt. may not require support, according to the
tive” to give local firms — such as fish and documents.
chip shops, and independent pubs — the Limiting households’ bills could cost
same protection as households, the doc- as much as £130 billion over the next 18
uments said. months, according to policy documents
seen by Bloomberg. The cost of the plan
The incoming government is planning to protect businesses will range from £21
on capping average annual household
energy bills at or below the current level
of £1,971, Bloomberg reported on Mon-
day.The move would prevent household
bills from jumping 80% in October, af-
ter the regulator Ofgem said the price
cap would rise to an average annual rate
of £3,548 without further government
intervention.

The protections for households and
businesses will be announced in the com-
ing weeks, and the aim is to implement
both programs next month. While there

DUBAI/LONDON (Sept 6): Saudi Ara- Saudi Arabia cuts of them by US$2 a barrel. The company
bia cut oil prices for customers in Asia and oil prices for Asia raised pricing for US buyers by 50 cents,
Europe, as coronavirus lockdowns and sag- except for Arab Light, which was kept un-
ging economies cool energy demand in the and Europe as changed.
two regions. demand cools
Saudi Arabia sells most of its oil to Asia.
State-controlled Saudi Aramco lowered by Anthony Di Paola & Alex Longley China, Japan, South Korea and India are
its key Arab Light grade for next month’s Bloomberg the biggest buyers.
shipments to Asian refineries from a re-
cord to US$5.85 a barrel above the Middle Bloomberg Despite signals of slowing consump-
Eastern benchmark. That’s a decrease of tion in many major economies, the global
almost US$4 from September. market remains tight. Many analysts fore-
cast that demand will outstrip supply in
The move was largely in line with trad- the final quarter of this year, especially if
ers’ expectations and follows a 25% drop Russia reacts to a G7-proposed cap on its
in Brent crude futures in the past three oil prices by limiting exports.
months to below US$95 a barrel.
Saudi Energy Minister Prince Abdu-
It also came a day after OPEC+, the laziz bin Salman said in an interview late
producers group that Riyadh leads along last month that futures markets were “in
with Russia, agreed to a surprise, albeit a state of schizophrenia”, following Rus-
token, production cut for October. The sia’s invasion of Ukraine.They are giving
23-nation alliance is seeking to stabilize “a false sense of security at times when
oil markets amid faltering economies and spare capacity is severely limited and the
rising inflation. In China, the world’s big- risk of severe disruptions remains high,”
gest crude importer, the spread of virus he said.
lockdowns is hurting manufacturers and Read also: China’s energy giants sell LNG
retailers. to world scrambling for supply

Aramco lowered all grades to North-
west Europe and the Mediterranean, most

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reuters

China is taking which is preparing for a twice-a-decade Asia coal price
more visible party reshuffle next month. That’s why hits record as
measures to keeping the global hunt for
fuel escalates
slow currency’s foreign-exchange market steady is par-
descent amount for authorities, as a disorderly by Stephen Stapczynski
plunge in the yuan could spill over to & David Stringer
by Bloomberg News, Charlie Zhu, stocks and endanger financial stability. Bloomberg
Wenjin Lv & Ran Li, David Finnerty
The PBOC has stepped up efforts to SINGAPORE/MELBOURNE (Sept
& Neha D’silva stem yuan deprecation in the past two 6):Thermal coal in Asia advanced to a
Bloomberg weeks. Stronger-than-expected fixings for record as a threat of supply disruptions
10 straight sessions mark the longest run adds new risks to a global energy sector
SHANGHAI/BEIJING (Sept 6): Chi- of strong biases since 2019. Monday’s cut already engulfed in crisis.
na set a stronger-than-expected ex- in the FX deposit ratio was twice as large
change-rate fixing for a 10th straight as April’s reduction. Also on Monday, Spot physical coal loaded at Aus-
day and said it will allow banks to hold PBOC Deputy Governor Liu Guoqiang tralia’s Newcastle port was priced at
less foreign currencies in reserve, its most told reporters in Beijing that China was US$436.71 a tonne on Friday, an all-
substantial moves yet to stabilize a weak- able to maintain the yuan at a stable lev- time high, according to a biweekly in-
ening yuan. el, adding that it will be a “norm” in the dex compiled by OPIS seen by Bloomb-
short term for the Chinese currency to erg News.That’s nearly triple the price
The People’s Bank of China set the move in two ways. this time last year.
yuan’s reference rate at 6.9096 per dollar No panic
onTuesday, trailing behind the currency’s Tuesday’s fixing marks the first time in Newcastle futures for October
move to a two-year low.That came a day two years that it breached the crucial jumped 5% to US$463.75 a tonne
after the central bank said financial insti- 6.90 level, the last major barrier before on Monday, according to ICE Fu-
tutions will need to hold just 6% of their the yuan crosses the key milestone of 7. tures Europe, to the highest price in
foreign exchange in reserve from Sept 15, In 2019, when the PBOC allowed the ref- data stretching back to January 2016.
effectively increasing the supply of dollars erence rate to rise above it, the offshore Europe’s benchmark coal price is also
and other currencies onshore. yuan tanked 1.8% in a single day. trading at a record.

The decrease of 2 percentage points The central bank’s move caused few Uncertainty over gas flows to Eu-
is the biggest in data going back to 2004. ripples this time, with the yuan shedding rope and forecast stronger coal demand
less than 0.1% against the greenback both from the continent is continuing to
While the moves should limit the yu- onshore and offshore. On a trade-weight- propel prices of the fuel. There’s also
an’s declines against the greenback, they ed basis, a Bloomberg real-time replica of a prospect of weather disruptions at
do little to suggest the central bank is try- the CFETS RMB Index dropped 0.2%. mines in Australia, a key global sup-
ing to reverse the losses. Authorities may plier, with a third straight La Nina
want to slow down the pace of depreci- Signaling an absence of panic, bearish forecast for late 2022 likely to deliver
ation but they are not “drawing a line in sentiment toward the Chinese currency, as heavier rainfall.
the sand to hold any particular level for reflected in the sensitive options market,
now”, said Khoon Goh, Head of Asia Re- has been waning.The one-month option “Any severe disruptions to Aus-
search at Australia & New Zealand Bank- premium to hedge the dollar-yuan pair’s tralian coal shipments could push the
ing Group. upside versus its downside has been fall- high-calorific value price even to fresh
ing over the last two weeks and touched highs,” Morgan Stanley analysts includ-
The question is whether there will be its lowest level since July 12 on Tuesday. ing Marius van Straaten said in a note.
more firm action from the authorities
should the yuan start to approach the Read the full story Some previous La Nina periods
psychological 7-per-dollar level, he said. have seen coal mines and railroads
Read also: in Australia’s New South Wales and
Betting against the yuan has been a China growth to average 4.5% this Queensland states disrupted by heavy
successful strategy in the past month.The decade, Oxford Economics says rainfall, and output fell by an estimat-
yuan has plunged 2.5%, as China’s Cov- ed 20% to 30% in a particularly se-
id-Zero strategy hurt an already fragile China delays key annual financial vere weather event that spanned several
economy and aggressive rate hikes by the forum amid Covid flare-up months in 2010 and 2011.
US quicken capital outflows.The depreci-
ation comes at a sensitive time for Beijing, Coal has seen a demand resurgence
as a result of a squeeze on global gas
supply, as some buyers shun fuel im-
ports from Russia, and with slow in-
vestments in other sources including
renewables in many nations. Several
European countries have resumed coal
plants, while other key consumers in-
cluding India have boosted imports.

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SYDNEY (Sept 6): Australia’s central Australia’s central commodity prices brought record trade sur-
bank raised interest rates by a half-percent- bank raises key pluses and boosted national income.
age point for a fourth consecutive meet-
ing and signalled further hikes ahead in rate to seven-year Australia reports gross domestic prod-
its drive to rein in inflation. high, signals more uct for the three months through June on
Wednesday and economists predict a 0.9%
The Reserve Bank of Australia (RBA) to come gain from the prior quarter and 3.4% from
took the cash rate to 2.35%, the highest level the year earlier period.
since 2015, in a widely expected announce- by Swati Pandey
ment onTuesday.The tightening is Austral- Bloomberg Yet, with inflation exceeding wage
ia’s quickest in a generation with the cycle growth, Australians’ incomes are being
beginning in May at a record-low 0.1%. flation peaking at just under 8% late this eroded, while rising rates in an economy
year and holding above the upper end of with among the highest household debt in
Tuesday’s decision reflects a resolve among its 2%-3% target over 2023, underscoring the developed world means consumption
global central bankers to keep increasing bor- the need for further tightening. is set to be squeezed.
rowing costs until inflation meaningfully eas-
es, even at the cost of economic growth. RBA It has highlighted the strong performance Lowe acknowledged this is an “impor-
chief Philip Lowe has been pushing rates to- of Australia’s A$2.2 trillion (RM6.71 tril- tant source of uncertainty”, adding it is
ward 2.5%, close to a neutral level that is nei- lion) economy, which has been rare benefi- clear the trajectory of policy and prices is
ther expansionary nor contractionary. ciary of Russia’s war on Ukraine as soaring “putting pressure on household budgets”.
The full effects of 2.25 percentage points
The governor’s relatively vanilla of rate hikes are also still “yet to be felt in
post-meeting statement means investors and mortgage payments”, the governor added.
economists are now turning their attention Read the full story
to his major set-piece speech on Thursday
for guidance on Australia’s policy path.

“I think they will move to quarter-point
hikes from here,” said Gareth Aird at Com-
monwealth Bank of Australia (CBA), the na-
tion’s largest lender. “They are recognising
that they are now at a neutral policy setting.”

Aird, head of Australia economics at
CBA, sees the central bank pausing at
2.6%-2.85%, a call he plans to firm up
after Lowe’s speech on Thursday.

Highlighting the approach toward neu-
tral, Lowe’s statement removed a reference
to the RBA’s hikes representing a normal-
isation of rates.The central bank is leaning
on a tight labour market and still-strong
household spending to keep the economy
buoyant during the rapid tightening phase.

The central bank’s forecasts showed in-

LONDON (Sept 6): Gazprom PJSC has Gazprom to shift was estimated to be worth US$400 billion over
said it will shift its contract to supply gas gas sales to China its 30-year life. Shipments have been increas-
to China to rubles and yuan from euros, as ing steadily and are due to reach at least 15
the Kremlin steps up efforts to move trade to rubles, yuan billion cubic metres in 2022, compared with
out of currencies it considers “unfriendly” from euro 10.4 billion cubic metres delivered last year.
amid US and European sanctions.
by James Herron In February, as Putin visited Beijing in the
The state-run gas giant signed an addi- Bloomberg build-up to the war, Gazprom signed a sec-
tional agreement to its existing contract with ond deal to deliver a further 10 billion cubic
China National Petroleum Corp on the issue sumers agreed to Moscow’s new terms. metres a year over 25 years via a new pipeline,
on Tuesday, Gazprom said in a statement. Russia is also shifting to ruble payments although supplies have not yet begun. A few
Payment will be made 50% in rubles and weeks later, the gas producer also signed a
50% in yuan, effective immediately, accord- for gas with Turkey, which has not joined contract to design the SoyuzVostok link across
ing to a person familiar with the plans who sanctions and enjoys close ties with the Mongolia toward China, which could carry
spoke on condition of anonymity to discuss Kremlin. But initially only a quarter of the as much as 50 billion cubic metres a year.
matters that are not yet public. total will be paid in the Russian currency, Read also:
with the remainder in dollars and euros, Russia will respond to oil price caps by
Russian President Vladimir Putin de- the person said. The share in rubles will shipping more to Asia — energy minister
manded Gazprom’s main customers in Eu- grow over time, the person added.
rope to pay for their gas in rubles earlier this Russia privately warns of deep and
year after the US and its allies froze more Gazprom’s contract to supply China via prolonged economic damage
than US$300 billion (RM1.35 trillion) in the Power of Siberia pipeline, signed in 2019,
Russia’s central bank reserves held in dol-
lars and euros over his invasion of Ukraine.
Several buyers refused and Gazprom cut
off their supplies, while the biggest con-

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Singapore hunts for global ‘rainmakers’
with new expat visa

(Sept 6): Singapore won’t limit the number by Michelle Jamrisko Tan’s comments follow Prime Minister Lee
of applicants for its newest work permit, Min- Bloomberg Hsien Loong’s speech last month, where he
ister of ManpowerTan See Leng said, as the said the government will repeal a colonial-era
city-state seeks to burnish its appeal to the What we are really hoping law that criminalizes sex between men, while
best minds globally. to bring to Singapore pledging to protect the nation’s definition of
marriage, which excludes same-sex unions.
The introduction of the Overseas Net- are the rainmakers,” Tan
works and Expertise (ONE) pass last week as said, referring to the Here are some more excerpts fromTan’s
well as other steps that make it easier to hire interview:
expats are a response to the tight labor mar- efforts to bring in leaders On talent acquisition:
ket,Tan said in an interview with Bloomberg in fields across science, • “We are always open for business, always
Television’s Juliette Saly on Monday. technology, engineering
open for global talent”
“What we are really hoping to bring to and math, as well as • “If I give you a clear articulated list, every-
Singapore are the rainmakers,”Tan said, re- finance, arts, culture
ferring to the efforts to bring in leaders in and sports. “It is an body would then go after the same group
fields across science, technology, engineering offensive strategy for us.” of people and then I end up compromising
and math, as well as finance, arts, culture and myself and our country in terms of where
sports. “It is an offensive strategy for us.” The minister suggested the government we want to hunt,”Tan said, referring to the
was willing to pull out all the stops to sup- specific sectors Singapore is targeting
The ONE pass — a visa that will allow its port growth, and he signaled some flexibility • “The last thing you want is it becomes a
holders as well as their partners to work for five with regards to accommodating LGBTQ+ bidding system”
years — is Singapore’s renewed effort to lure workers and their partners to live and work On entry threshold:
global talent after its pandemic-era restrictions in the city-state. He said the prevailing immi- • “Salary is just one proxy,” so one
and efforts to protect local workers made it ap- gration laws that are “very pro-family” would shouldn’t over-emphasize the S$30,000
pear less welcoming.As economies reopen and not be a hurdle to allowing entry of leaders threshold for the ONE visa
find growth still stuttering, nations including in the identified fields. On target:
the UK, the United Arab Emirates, Germany • “Talented people are extremely mobile”
andThailand are seeking out top achievers to “When you talk about this new pass that and “we also do not delude ourselves” into
power their recovery by providing easier access. we’re targeting, I don’t think there is a spe- thinking of a specific number to attract
cific quota or number,” he said, adding that • To give a sense of what top 5% of employ-
“In the competition for talent, we’re in a “these are people that are really in the top ment pass holders is,in volume:that’s about
very, very hyped-up mode,”Tan told a panel space itself. I think we would be able to man- 7,000 or little more currently in Singapore
of Bloomberg editors and reporters separately. age those kinds of applications.” On competition with Hong Kong:
“There’s hyper competition, and we are very • Hong Kong and Singapore “are very sim-
careful about what we reveal, because we’re ilar” and whenever either has had a crisis
not going after the numbers.We’re going af- in past several decades, each has shown to
ter really the quality — it’s not the quantity.” “bounce back even stronger.” Talent will
move back and forth between the two Asian
Boosting innovation and increasing produc- financial hubs, and “we are welcoming to
tivity are key for Singapore as it seeks to raise them but we don’t target them”
manufacturing value-add by 50% and annu-
al exports to S$1 trillion (US$712 billion) by Read also:Tycoon Enrique Razon bets on
2030. That target would be difficult at the renewables in biggest 2022 Philippine IPO
current rate of expansion, with esti-
mates compiled by Bloomberg show-
ing the economy will probably grow
3.7% this year, among the slowest
rates in Southeast Asia, with the pace
seen easing further to 2.8% next year.

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Bloomberg

Everything World Index is down some 20% in 2022. Evergrande to
pointing upward Global funds have poured almost US$5 exit Shengjing
for Indonesia’s billion (RM22.5 billion) into Indonesian Bank in 7.3 bil
equities this year. yuan forced sale
irresistible
markets “Commodity and energy stocks with — sources
good financial reports, especially coal,
by Fathiya Dahrul are expected to continue to book higher by John Liu, Zheng Li & Lulu Yilun Chen
Bloomberg profits and dividend distributions are cer- Bloomberg
tainly attractive,” said Panin Asset Man-
JAKARTA (Sept 6): At a time when most agement director Rudiyanto. BEIJING/SHANGHAI/HONG KONG
of the world’s stock markets are languishing (Sept 6): China Evergrande Group will
due to the Federal Reserve’s (Fed) tighten- It also helps that Bank Indonesia has exit its investment in Shengjing Bank Co
ing cycle, Indonesia’s equity benchmark is adopted a more measured approach to- under a deal brokered by the local gov-
pushing toward a record high. ward normalising policy, as it only began ernment, according to people familiar
tightening last month with a quarter-point with the matter, as Chinese authorities
The benchmark Jakarta Composite In- hike.The authorities have been able to buy take another step to ring-fence the finan-
dex (JCI) closed just 0.6% away from a themselves time by using the reserve re- cial system from the embattled property
peak set in April after briefly surpassing quirement and bond sales to mop up excess developer.
that level. Elevated commodity prices and liquidity in the financial system.
optimism about the economic outlook are A state-owned entity will buy Ev-
driving gains in Southeast Asia’s biggest eq- Sentiment has also been boosted by an ergrande’s remaining 14.57% stake in
uity market — which has powered its way improving economic outlook after the na- Shengjing Bank for about 7.3 billion yuan
to a gain of almost 10% this year. tion’s annual budget unveiled last month (RM4.72 billion) after a local court put the
included plans to shrink the fiscal defi- stake on the block, said the people, asking
From stocks to credit and sovereign cit and return growth to pre-pandemic not to be identified discussing a private
debt, Indonesia has emerged as a haven levels. Authorities expect the Indonesian matter.The proceeds are earmarked to re-
of sorts from the turmoil fuelled by rising economy to expand 5.1%-5.4% this year pay debt that Evergrande owes the bank,
US interest rates. A less aggressive pace of and 5.3% in 2023. one of the people said, meaning the sale
policy tightening and resilient growth have will not help bondholders or homebuyers
left the economy in a better shape to with- That does not mean there are no con- of stalled projects.
stand the fallout from a global downturn. cerns. China’s slowing growth will likely
hurt demand for commodities and the Turmoil at Evergrande — and a num-
“Indonesia is still relatively attractive Fed’s resolve to keep raising rates is ex- ber of its key competitors — has roiled
with strong growth and favourable com- pected to weigh on the global economy markets in China over the past year as
modity prices,” said Mandiri Investasi and exports. firms and regulators struggle to cushion
president director Aliyahdin Saugi. “Fis- the embattled property sector amid slid-
cal and monetary policies are still quite But for now, the optimism has spilled ing home prices and tumbling sales. Gov-
good, so that rupiah stability is main- over into other Indonesian markets. Gov- ernment-backed entities have stepped in
tained. Foreign investors should see that ernment bonds have gained almost 2% to acquire some of Evergrande’s assets,
this is still quite positive for Indonesia, this quarter to beat all their emerging although Beijing has shown little sign of
and they can support our market.” Asian peers while the rupiah has proven offering a full bailout for the developer.
to be the most resilient against a resur-
The JCI has advanced for two straight gent dollar during the period. The stake is currently being auctioned
months and Citigroup Inc analysts includ- online for 7.3 billion yuan, with the process
ing FerryWong expect it to climb to 7,575 In the corporate dollar bond market, the set to close at 10am onWednesday. A state-
by year end. A key exporter of commodi- average premium demanded by investors owned entity is the only bidder to have
ties such as palm oil, coal, nickel, and tin, to hold the nation’s US currency credit registered so far, one of the people said.
Indonesia has benefitted from a surge in dropped 46 basis points this quarter, the
prices and its stock market has beaten all most among its peers in the region. A total of 1.28 billion of Shengjing Bank
its major Asian peers this year. shares are being offered, according to the
Indonesia marketed a benchmark-sized auction site run by Alibaba Group Hold-
Even for a dollar-based investor, the dollar bond onTuesday, with the debt be- ing Ltd.
benchmark has climbed 6%, an attractive ing offered across three tenors, from five
return when you consider the MSCI AC years to 30 years. Investors have been Evergrande previously sold 20% of
buoyed by the nation’s improving credit Shengjing Bank to the local government
fundamentals.The government announced in September last year. Evergrande did not
a lower fiscal deficit target of 2.85% of immediately respond to a request seek-
gross domestic product for 2023, below ing comment. Shengjing Bank and She-
the mandated 3% threshold, while its cur- nyang State-owned Assets Supervision
rent account position has been boosted by and Administration Commission, which
rising commodity prices. oversees all local state entities, declined
to comment.

Read the full story

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SINGAPORE/HONG KONG (Sept 6): Tech workers left Southeast Asia, Mexico and Latin Amer-
Southeast Asia’s largest e-commerce firm hanging as Sea ica. Shopee declined to comment on those
Shopee has rescinded dozens of job offers e-commerce arm reports.
in the past two weeks, sources said, a move Shopee rescinds Pessimistic tone
that began shortly after its parent compa- As recently as March, Sea said it would
ny Sea Ltd reported widening losses and job offers continue to invest in Shopee, which com-
sharply slower revenue growth. petes with Alibaba Group Holding’s South-
by Chen Lin & Josh Ye east Asian arm Lazada, and that growth for
Four people interviewed by Reuters, who Reuters the unit remained at the top of its mind.
have participated in a WeChat group of
some 60 people that was set up to discuss bloomberg But last month, Sea withdrew its e-com-
Shopee’s withdrawal of offers, said their merce forecast for the year. Founder and
offers were pulled just days before they unit Garena, were told they would be let chief executive officer Forrest Li noted an
were due to begin work. go, and the app would no longer be up- increasingly uncertain market environ-
dated, separate sources have told Reuters, ment, and stressed the need to prioritise
One 27-year-old engineer, who asked adding that projects at Sea’s development profitability and efficiency. Sea reported
that only his first nameWang be used, said unit were also shut down. a net loss of US$931 million (RM4.19
his call came a week after arriving in Sin- billion) for the second quarter, more than
gapore, having quit a job in Shanghai with Earlier this year, media reports also double the loss it made for the same peri-
TikTok owner ByteDance. said Shopee had shed its headcount in od a year earlier.

“I thought it was a scam call...until I “Their tone has never been more pes-
realised it was a widespread rescinding of simistic,” said KeYan, the lead analyst of
offers by Shopee,” said Wang, who had Singapore-based DZT Research, who add-
by then paid an advance to rent a house. ed that Sea’s strategy of using Garena’s
cash flow to compensate for Shopee’s cash
Singapore-based Sea said it had recently burn was unsustainable.
cancelled some offers at Shopee, but de-
clined to say how many. Read the full story

“Due to adjustments to hiring plans Read also: Sea says Tencent executive
for some tech teams, a number of roles resigns from board
at Shopee are no longer available.We are
working closely to support those affected,”
a company representative said.

The move follows other recent job cuts
at Sea. Staff at Booyah!, a gaming lives-
tream app, which is part of Sea’s gaming

(Sept 6): HappyFresh’s board hired turn- HappyFresh The global firm with more than 6,000 em-
around firm Alvarez & Marsal Holdings board said to hire ployees has expanded its Asia forensic tech-
LLC, and is conducting a review of the on- Alvarez & Marsal nology team this year, and appointed Manas
line grocer’s financial situation, according Tamotia, a 20-year consulting veteran and
to people familiar with the matter. for review former chief strategy officer of HappyFresh,
as a managing director to lead private equity
The move comes after the Jakarta-based by Yoolim Lee & Ol ivia Poh for its Southeast Asia and Australia division.
start-up struggled to raise additional capital Bloomberg
to fund its operations, said the people, who Formally known as ICart Group Pte
asked not to be named as the matter is pri- duty pending further clarity,” the company Ltd, HappyFresh operates in Indonesia,
vate. In addition, some senior executives have said, without giving further details. A rep- Malaysia and Thailand. In February, the
stopped handling their day-to-day duties. resentative of Alvarez & Marsal declined start-up launched HappyFresh Supermar-
Founded as one of the first Instacart-style to comment. ket to extend fresh and dry grocery acces-
grocery delivery services in Southeast Asia, sibility by expanding its footprint of dark
HappyFresh has raised at least US$97 mil- HappyFresh suspended grocery deliv- stores, or storage facilities where delivery
lion (RM436.45 million) in equity funding eries in parts of Jakarta in its key market staff pick up products from.
in addition to debt financing. Indonesia this week, according to a per-
son familiar with the matter. Checks by However, the market for grocery de-
“We have recently come to be aware of Bloomberg showed that customers in the livery services has soured amid slowing
new information on the company’s financ- capital were unable to book time slots for economic growth, surging inflation and
es.We are currently understanding and un- delivery on the online grocer’s platform or higher interest rates.
packing this financial situation of the or- make payments through its app. Custom-
ganisation more closely, with the board of ers in Bangkok and Kuala Lumpur were Grab Holdings Ltd, a Southeast Asian
directors taking the lead in this exercise,” able to use the app as ofTuesday (Sept 6). ride-hailing and delivery company and a
HappyFresh said in response to questions backer of HappyFresh, said last month it
from Bloomberg News. “This development, Alvarez & Marsal was the restructuring decided to shut its dark-store operations in
and taking a holistic view of the company’s adviser that wound down Lehman Brothers Singapore,Vietnam and the Philippines to
future, has necessitated us reviewing our Holdings’ operations about a decade ago. cut costs and streamline its delivery oper-
structures and making certain hard but ations, retreating from the earlier strategy.
necessary decisions.” Pandemic darling Instacart Inc, which was
valued at US$39 billion in a March 2021
“Certain members of the senior man- funding round, slashed its internal valua-
agement have stepped aside from active tion by about 40% a year later.

W E D N E S D A Y S E P T E M B E R 7 , 2 0 2 2 21 T H E E D G E C E O M O R N I N G B R I E F

WORLD

NEWS IN BRIEF

Volkswagen triggers landmark Protests across Indonesia as anger mounts over fuel price increase
Porsche IPO plan, defying market
doubts JAKARTA (Sept 6): Thousands of people rallied in Indonesia’s biggest cities on
Tuesday, demanding the government reverse its first subsidised fuel price increase
HAMBURG/FRANKFURT (Sept 6): in eight years amid soaring inflation. Under pressure to control a ballooning energy
Volkswagen on Monday announced subsidy budget, President Joko Widodo on Saturday said he had little choice but to
its intention to float sports car brand cut the subsidy and let fuel prices rise by about 30% in the country of 270 million
Porsche, triggering what could become people. Oil prices are about 32% higher than a year ago. Protests took place in
one of the world’s largest listings even and around the capital, Jakarta, and in the cities of Surabaya, Makassar, Kendari,
as markets jitter over record inflation Aceh, and Yogyakarta, among a series of demonstrations led by students and labour
and a Russia-Europe energy stand-off. groups that police say could draw big crowds this week. — Reuters
The carmaker published a so-called
intention to float for an initial public Citi strategists say signs point to Japan arrests Kadokawa execs in
offering in late September or early buying dip in EM equities Olympic bribery probe
October to be completed by the end
of the year. The move to list shares in LONDON (Sept 6): Citi’s bear market TOKYO (Sept 6): Japanese
Frankfurt was announced after VW’s checklist suggests buying the dip in prosecutors made more arrests and
supervisory board gave the go-ahead emerging markets equities, according to served fresh charges against a former
late on Monday. Investors expect a strategists including David Groman and Tokyo Olympics organizing panel
valuation between €60 billion and €85 Robert Buckland. The list — which screens member on Tuesday, widening their
billion. At the high end of estimates, for various fundamental and market factors investigations into alleged bribery
the IPO could be the largest in German — shows 4.5 out of 18 red flags, including in the games sponsorship process.
history and the biggest in Europe since yield curves, bullish analysts and China Prosecutors arrested publisher
1999, Refinitiv data showed. Qatar will debt, the strategists write. Still, valuations Kadokawa Corp’s adviser and former
be a cornerstone investor intending to look attractive, corporate activity is muted senior executive officer Toshiyuki
commit to a 4.99% stake in the newly and flows are subdued. Emerging equities Yoshihara, as well as former manager
listed company, Volkswagen said. provide diversification opportunities Kyoji Maniwa, alongside a fresh
— Reuters amid easing prospects in some nations warrant for former Tokyo 2020
and as they are less sensitive to further board member Haruyuki Takahashi,
Read the full story US monetary tightening than developed according to a statement by the
markets. Korea and Taiwan are most prosecutors office on Tuesday.
Huawei unveils marquee phone sensitive to US rates among EM, while The executives at Kadokawa were
with Chinese-made screen, Brazil, India, South Africa track local rates, arrested on suspicion of making
software they say. — Bloomberg bribes to win sponsorship for the
games, the statement said. Kadokawa
TOKYO/BEIJING (Sept 6): Huawei paid Takahashi a total of 69 million
Technologies Co on Tuesday unveiled yen (US$489,000) of bribery between
a phone that features a number of 2019 and 2021 through an account
Chinese innovations designed to of Kazumasa Fukami, who was
replace American technology, leaning also arrested on Tuesday, it said. —
into Beijing’s localization effort as US Bloomberg
tensions escalate. The new Mate 50
lineup has Huawei’s own Android-like Read the full story
Harmony OS and in-house shatterproof
glass, as well as satellite-based
messaging using China’s alternative to
GPS, the BeiDou Navigation Satellite
System. It comes mere days before
Apple Inc’s next iPhone event, which
is expected to showcase similar
technology. The BeiDou system’s
communication capabilities are intended
as a fallback measure to share location
or emergency short messages in cases
of poor connectivity. Beside its headline
feature, the 6.7-inch Mate 50 features
a new protective screen developed by
Huawei called Kunlun Glass, intended to
replace US supplier Corning Inc, whose
Gorilla Glass is the industry standard
among mobile device manufacturers.
— Bloomberg

Read the full story

W E D N E S D A Y S E P T E M B E R 7 , 2 0 2 2 22 T H E E D G E C E O M O R N I N G B R I E F

WORLD

Fortune of jailed Chinese billionaire’s
family survives in exile

(Sept 6): Xiao Jianhua was one of China’s BY BLAKE SCHMIDT holder is listed as ZiQiang Xiao, also known
wealthiest people when a group of men ab- Bloomberg as Ivan, whose surname is also spelled as
ducted him at the Four Seasons resort in Hong Shaw in some filings. Ziqiang Xiao was also
Kong, and rolled him out in a wheelchair with BLOOMBERG the name of a director of J17 Capital, who
a blanket over his head. stepped down in April.
Chinese-Canadian billionaire Xiao Jianhua.
He was held in secret detention for five Alpha Square has been an informal ad-
years in mainland China, while regulators ing to Guy Saint-Jacques, the Canadian am- viser to the Zhou family, according to a per-
picked apart a financial empire that helped him bassador to China from 2012 to 2016, based son familiar with the arrangement. Filings
build an estimated US$6 billion (RM26.93 partly on private research about the origins of show the firm has US$1.3 billion in assets
billion) fortune at its peak. Xiao emerged in the wealth of which he has knowledge. under management, and has origins as a
public last month for the first time since 2017, Hiring spree single-family office that catered to an un-
only to be sentenced to 13 years in jail. WinnerMax and Sixty Degree have hired named female anchor investor.Alpha Square
dozens of people in Toronto over the past declined to comment.
Yet hiding in plain sight is one of the world’s two years, according to an analysis of Linke- Reclusive family
most enigmatic family office operations built dIn, and a person familiar with the matter The family is reclusive given Xiao’s uncer-
by Xiao’s kin. It represents only a portion of said the constellation of firms has tripled its tain future. Human rights groups have called
the wealth that he and his family once lord- headcount to more than 100 people since Xiao’s case one of the most outrageous exam-
ed over, but its survival is remarkable given 2018. They all share the same Toronto ad- ples of China’s secret detention system, which
the odds against Xiao, whose financial con- dress in company documents: 251 Con- was once reserved for political dissidents, but
glomerate authorities said paid bribes to state sumers Road.The 13-storey building, off a is increasingly used to target business moguls.
employees and illegally raised more than 312 highway amid office parks and condos, has The kidnapping served “as an act of intimida-
billion yuan (RM201.89 billion), including a directory that features the names of several tion to the greater business mogul communi-
through shadow loan products.The Shanghai companies linked to the family. ty”, said Peter Dahlin, the Swedish activist who
court that convicted Xiao said he was given a was held in secret detention in China in 2016.
lenient sentence — and credited him for his Sixty Degree has made dozens of in-
“voluntary surrender” — even though human vestments with exits in healthcare, digital Xiao’s five-year saga reflects injustices in
rights groups denounced how he resurfaced health and information technology, Pitch- China’s detention system, including forced
in custody after his abduction. His case ignit- Book data show, amassing a portfolio that confessions, being held without public charges
ed fears over the long arm of Chinese justice, has included Nanjing-based pharmaceuti- and secret trials, said Irwin Cotler, a former
and contributed to outrage that fuelled Hong cal company TransThera Biosciences and Canadian justice minister. He called on Can-
Kong’s massive street protests in 2019. NewYork-based healthcare software com- ada and its allies to sanction Chinese officials
pany Schrodinger. J17’s website shows in- involved in cases like Xiao’s.
Meanwhile, in its home base of Toronto, vestments in venture capital firm Andrees-
the small but influential family operation has sen Horowitz and exiting DigitalOcean, a Meanwhile, Canadian diplomats, who are
backed firms involved in billions of dollars New York-listed software firm. offering consular services to Xiao’s family, said
worth of deals from Silicon Valley to China. they’ve been denied access to the mogul at
It’s a striking example of how family offices WinnerMax Capital has business part- every turn, even during his trial.
can cultivate wealth through financial mar- ners in New York and Hong Kong — its
kets, even in the direst of circumstances — a LinkedIn page says that helps “capture mar- It’s the latest case in which China cut off
disappeared patriarch. ket opportunities”. Five people familiar with consular access to Canadian citizens of Chi-
the matter said the group works closely with nese origin, said Saint-Jacques, the former am-
Xiao, who was born in China and became a Alpha Square Group, an investment adviso- bassador. He said he suspects the government
Canadian citizen before he was taken, parlayed ry firm with an office in Manhattan’s Empire used Xiao to try to obtain information about
some of his fortune overseas by borrowing State Building. Its principal and top share- rival political factions to Chinese President
against Chinese assets with the help of local Xi Jinping, given the mogul’s connections.
banks starting in the 2000s, when the govern-
ment still encouraged investments abroad.The “According to China’s law, we don’t recog-
family started diversifying its wealth outside nise dual nationality,”Wang Wenbin, a Min-
of the country well before he vanished, but its istry of Foreign Affairs spokesman, said last
main management firm,WinnerMax Capital, month after Xiao’s sentence. “China tries its
was created in Toronto in 2017, weeks after citizens for criminal acts according to law, and
his abduction. he doesn’t have the right to consular protec-
tion of other countries.”
The family of Xiao’s wife, Zhou Hongwen,
is linked to WinnerMax via her sister, Zhou Xiao can apply for a shortened sentence
Liwen, who is listed as a director. Zhou Liwen once he pays about US$1 million personal-
is also a director of RedJay Asset Management, ly. His Tomorrow Holding was fined US$8
which is part of the family-backed group of billion.The court said his sentence was leni-
Toronto-based companies that includes J17 ent because he cooperated with authorities
Capital and Sixty Degree Capital, as well as in recovering stolen assets.
real estate armWinnerMax Property.
Read the full story
The Zhou family’s fortune in Canada was
built independently of Xiao’s in China, accord-

W E D N E S D A Y S E P T E M B E R 7 , 2 0 2 2 23 T H E E D G E C E O M O R N I N G B R I E F

MARKETS

CPO RM 3,797.00-119.00 OIL US$ 92.63-3.11 RM/USD 4.4985 RM/SGD 3.2025 RM/AUD 3.0496 RM/GBP 5.207 RM/EUR 4.4765

Top 20 active stocks

NAME VOLUME CHANGE CLOSE YTD MARKET
(MIL) (RM) CHANGE CAP
(%) (RM MIL)

METRONIC GLOBAL BHD 75.20 0.000 0.075 -38.56 114.8

MY EG SERVICES BHD 75.00 0.025 0.835 -21.96 6,162.7

SANICHI TECHNOLOGY BHD 64.70 0.000 0.025 0.00 35.1

JADE MARVEL GROUP BHD 51.20 -0.020 0.270 -59.09 88.6

SOUTH MALAYSIA INDUSTRIES 46.20 -0.075 0.180 -10.00 37.8

UMEDIC GROUP BHD 42.50 0.075 0.720 0.00 269.2

TOP GLOVE CORP BHD 42.20 -0.020 0.800 -69.11 6,405.9

DAGANG NEXCHANGE BHD 41.60 0.015 0.825 8.55 2,604.0

SNS NETWORK TECHNOLOGY BHD 40.40 0.010 0.270 0.00 435.5 World equity indices

BUMI ARMADA BHD 33.80 0.030 0.425 -9.57 2,515.2

WIDAD GROUP BHD 32.20 0.000 0.350 -4.11 963.4 CLOSE CHANGE CHANGE CLOSE CHANGE CHANGE
(%)
AGMO HOLDINGS BHD 27.50 0.040 0.930 0.00 302.3 (%) INDONESIA 7,233.16 1.27 0.02
DOW JONES 31,318.44 -337.98 -1.07 JAPAN 27,626.51 6.90 0.02
CNERGENZ BHD 26.00 0.065 0.910 0.00 453.2 KOREA 2,410.02 6.34 0.26
PHILIPPINES 6,709.60 33.56 0.50
AIMFLEX BHD 24.20 -0.005 0.120 -17.24 176.3 S&P 500 3,924.26 -42.59 -1.07 SINGAPORE 3,224.18 8.70 0.27
TAIWAN 14,677.20 16.10 0.11
TA WIN HOLDINGS BHD 23.20 0.000 0.070 -44.00 239.7 NASDAQ 100 12,098.44 -176.19 -1.44 THAILAND 1,633.87 11.87 0.73
VIETNAM 1,277.40 0.05 0.00
EP MANUFACTURING BHD 23.10 0.000 1.060 -0.93 183.2 FTSE 100 7,304.71 17.28 0.24
Source: Bloomberg
HEXTAR INDUSTRIES BHD 22.30 0.005 0.410 156.25 470.4 AUSTRALIA 6,826.54 -25.69 -0.37

DESTINI BHD 21.30 -0.015 0.080 -55.56 133.1 CHINA 3,243.45 43.54 1.36

MESTRON HOLDINGS BHD 18.00 0.005 0.375 10.29 348.9 HONG KONG 19,202.73 -22.97 -0.12

INFOLINE TEC GROUP BHD 17.30 0.010 0.440 0.00 159.8 INDIA 59,196.99 -48.99 -0.08

Data as compiled on Sep 6, 2022 Source: Bloomberg Data as compiled on Sep 6, 2022

Top gainers (ranked by %) Top losers (ranked by %)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(%) (‘000) CHANGE CAP (%) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

VSOLAR GROUP BHD 0.010 100.00 932.6 -33.33 48.3 AT SYSTEMATIZATION BHD 0.010 -33.33 1,080.1 -66.67 60.0

MLABS SYSTEMS BHD 0.020 33.33 50.0 -33.33 29.0 MERIDIAN BHD 0.020 -33.33 1,600.0 -69.23 18.1

TALAM TRANSFORM BHD 0.020 33.33 349.8 0.00 85.9 SOUTH MALAYSIA INDUSTRIES 0.180 -29.41 46,168.7 -10.00 37.8

EDUSPEC HOLDINGS BHD 0.020 33.33 257.0 33.33 60.9 XOX BHD 0.015 -25.00 1,028.4 -50.00 75.8

PASUKHAS GROUP BHD 0.020 33.33 1,033.0 -20.00 38.1 SINARAN ADVANCE GROUP BHD 0.055 -21.43 985.0 -8.33 50.3

BARAKAH OFFSHORE PETROLEUM 0.030 20.00 0.1 -62.50 30.1 ZEN TECH INTERNATIONAL BHD 0.020 -20.00 702.0 -82.61 16.2

MARINE & GENERAL BHD 0.095 18.75 394.6 72.73 68.8 SCOMI ENERGY SERVICES BHD 0.020 -20.00 252.7 -63.64 9.4

SERBA DINAMIK HOLDINGS BHD 0.035 16.67 10,457.4 -90.00 129.8 XOX NETWORKS BHD 0.025 -16.67 777.3 -16.67 28.4

S&F CAPITAL BHD 0.070 16.67 153.3 -22.22 38.5 G3 GLOBAL BHD 0.025 -16.67 1,029.6 -68.75 72.6

FAST ENERGY HOLDINGS BHD 0.035 16.67 200.1 -63.16 25.8 DOLPHIN INTERNATIONAL BHD 0.025 -16.67 2,436.1 -64.29 33.4

EONMETALL GROUP BHD 0.715 14.40 11,834.7 48.96 197.7 DESTINI BHD 0.080 -15.79 21,318.9 -55.56 133.1

EA TECHNIQUE M BHD 0.040 14.29 60.6 -50.00 21.2 PDZ HOLDINGS BHD 0.030 -14.29 178.0 -33.33 17.4

REACH ENERGY BHD 0.040 14.29 0.3 -33.33 43.9 BOUSTEAD HEAVY INDUSTRIES 0.355 -13.41 35.0 -26.04 88.2

ENGTEX GROUP BHD 0.630 13.51 3,142.0 7.69 273.9 BINA PURI HOLDINGS BHD 0.035 -12.50 666.2 -22.22 55.9

ALPHA OCEAN RESOURCES BHD 2.600 13.04 20.0 103.13 260.0 MENANG CORP M BHD 0.500 -12.28 8.5 -7.41 253.1

KIM TECK CHEONG CONSOLIDATED 0.175 12.90 8,953.7 20.69 119.3 SILVER RIDGE HOLDINGS BHD 0.075 -11.76 121.4 -63.41 14.7

IVORY PROPERTIES GROUP BHD 0.090 12.50 443.3 -28.00 44.1 RALCO CORP BHD 0.740 -11.38 10.0 -22.11 37.6

SMTRACK BHD 0.045 12.50 783.9 -76.32 38 MTOUCHE TECHNOLOGY BHD 0.040 -11.11 15.7 -55.56 37.1

DELEUM BHD 0.810 12.50 6,071.9 62.00 325.3 KANGER INTERNATIONAL BHD 0.040 -11.11 343.2 -80.00 24.1

UMEDIC GROUP BHD 0.720 11.63 42,516.7 0.00 269.2 LAMBO GROUP BHD 0.040 -11.11 110.10 -52.94 61.6

Data as compiled on Sep 6, 2022 Source: Bloomberg Data as compiled on Sep 6, 2022 Source: Bloomberg

Top gainers (ranked by RM) Top losers (ranked by RM)

NAME CLOSE CHANGE VOLUME YTD MARKET NAME CLOSE CHANGE VOLUME YTD MARKET
(RM) (‘000) CHANGE CAP (RM) (‘000) CHANGE CAP
(%) (RM MIL) (%) (RM MIL)

MALAYSIAN PACIFIC INDUSTRIES 29.500 0.460 88.7 -40.24 5,867.4 NESTLE MALAYSIA BHD 133.100 -1.800 161.1 -0.82 31,212.0

ALPHA OCEAN RESOURCES BHD 2.600 0.300 20.0 103.13 260.0 PPB GROUP BHD 16.800 -0.560 449.1 -1.75 23,899.7

HARRISONS HOLDINGS MALAYSIA 6.000 0.280 14.2 25.00 410.9 BATU KAWAN BHD 22.960 -0.220 5.9 1.15 9,036.2

PERUSAHAAN SADUR TIMAH 4.790 0.270 81.2 21.57 618.4 PETRONAS DAGANGAN BHD 20.900 -0.200 380.7 1.46 20,763.2

TA ANN HOLDINGS BHD 4.130 0.180 568.1 17.66 1,819.1 KESM INDUSTRIES BHD 7.010 -0.190 0.3 -42.92 301.5

PETRONAS CHEMICALS GROUP BHD 8.990 0.170 11,497.5 0.78 71,920.0 FRASER & NEAVE HOLDINGS BHD 21.780 -0.180 58.0 -11.96 7,988.4

UWC BHD 4.000 0.140 636.2 -35.59 4,405.5 AJINOMOTO MALAYSIA BHD 11.780 -0.160 4.9 -23.51 716.2

CARLSBERG BREWERY MALAYSIA 23.020 0.120 77.8 14.64 7,038.3 PLENITUDE BHD 0.980 -0.120 286.1 -6.67 373.9

CHIN TECK PLANTATIONS BHD 8.420 0.120 1.1 22.25 769.3 QL RESOURCES BHD 5.010 -0.110 1,562.5 9.63 12,192.6

GAMUDA BHD 4.010 0.120 8,112.4 38.28 10,390.2 RALCO CORP BHD 0.740 -0.095 10.0 -22.11 37.6

QUALITY CONCRETE HOLDINGS 1.230 0.120 11.1 -8.21 71.3 UNITED PLANTATIONS BHD 15.200 -0.080 314.7 10.90 6,282.2

PIMPINAN EHSAN BHD 1.290 0.110 24.0 -11.64 89.2 CAN-ONE BHD 3.720 -0.080 80.4 0.81 714.8

AURELIUS TECHNOLOGIES BHD 1.620 0.110 762.9 -31.36 580.3 SOUTH MALAYSIA INDUSTRIES 0.180 -0.075 46,168.7 -10.00 37.8

UPA CORP BHD 2.120 0.110 2.0 -7.42 163.7 MENANG CORP M BHD 0.500 -0.070 8.5 -7.41 253.1

SFP TECH HOLDINGS BHD 1.290 0.100 13,036.7 0.00 1,032.0 BINTULU PORT HOLDINGS BHD 5.050 -0.070 2.8 5.21 2,323.0

DAYANG ENTERPRISE HOLDINGS 1.140 0.090 11363.4 41.61 1,319.9 TRANSOCEAN HOLDINGS BHD 2.090 -0.070 3.0 -32.58 136.1

SCIENTEX BHD 3.590 0.090 230.0 -25.05 5568.1 ALLIANCE BANK MALAYSIA BHD 3.630 -0.070 2638 26.92 5619.6

LGMS BHD 1.140 0.090 8043.2 0.00 519.8 BRITISH AMERICAN TOBACCO 10.220 -0.060 227.9 -26.9 2918.1

DRB-HICOM BHD 1.640 0.090 8258.7 14.69 3170.5 PINTARAS JAYA BHD 2.180 -0.060 11.2 -22.14 361.6

DELEUM BHD 0.810 0.090 6071.9 62.00 325.3 ONE GLOVE GROUP BHD 0.610 -0.060 17 -51.59 173.2

Data as compiled on Sep 6, 2022 Source: Bloomberg Data as compiled on Sep 6, 2022 Source: Bloomberg

INSIDE

TELLING IT AS IT IS National centre Graduates

for SDG page mismatch page
programmes affecting FDI
2 3

FEST EXTENDED ... Two wooden
prancing horse sculptures capture the attention
ON WEDNESDAY of a visitor to the Royal Floria Putrajaya 2022
SEPTEMBER 7, 2022 exhibition yesterday. The flower and garden

No. 8103 PP 2644/12/2012 (031195) www.thesundaily.my festival has been extended to Sunday,
and admission will be free from
today. – HAFIZ SOHAIMI/THESUN Story on

—
page 2

Gender equality
oNGOs want speedy constitutional amendments to give
women same right as men concerning citizenship of children

█ BY MUHAMMAD YUSRY the UN special rapporteurs, especially religion, race, descent, place
[email protected] WGDAWG chair-rapporteur Melissa Upreti, for of birth or gender in any law.
PETALING JAYA: The government must keeping close tabs on developments related to
swiftly make constitutional the long-standing gender-based discrimination, “Unfortunately, every
amendments and uphold its and continuously calling for equal rights successive government has
commitment to zero tolerance for concerning nationality and citizenship. failed to remove the
gender discrimination. discrimination in Article
This is particularly needed after criticism by “On Aug 25, as part of the gender-responsive 14(1)(b) that recognises the
the UN Working Group on Discrimination budget announcement, Prime Minister Datuk right of fathers to
Against Women and Girls (WGDAWG), which Seri Ismail Sabri Yaakob committed to improving automatically (accord)
issued a statement yesterday on the Court of and fine-tuning existing policies, legislations and Malaysian citizenship to
Appeal decision that denied women the same programmes to be more gender sensitive. their children wherever
rights as men to automatically accord citizenship they are born, regardless of
to children. “In light of the far-reaching implications of the mother’s citizenship.
All Women’s Action Society (Awam) unequal citizenship rights on Malaysian women
information and communications officer Jernell and their children, it is only right that the “The archaic notion
Tan Chia Ee, who said this, added that the government prioritises amending the Federal that citizenship by
inability of women to automatically accord Constitution as soon as possible,” she said. operation of law, which is
nationality to their children is an expression of a the automatic conferment
state’s position that the father plays a more Family Frontiers executive council member of citizenship from parent to
significant role in their child’s legal identity. Chee Yoke Ling said the UN was correct to say child is only viable through
She said this perpetuates the patriarchal idea that Malaysia has not fulfilled its obligations the father, is found in only 25
of women’s inferiority and discounts women’s under two UN human rights treaties that were countries in the world today.
equal responsibility and role as a parent. merged in 1995.
UN experts said affected women were less “Celebrating 65 years of
likely to leave abusive relationships and that their These are the Convention on the Elimination Merdeka is overshadowed
children risk statelessness. The decision of All Forms of Discrimination against Women, by 65 years of continuing
contravenes Malaysia’s obligations under which ensured that Malaysian women have discrimination against Malaysian “So, the struggle for equal rights for Malaysian
international law and the need to interpret all equal rights as men to accord citizenship on their mothers,” Chee added. women to accord citizenship to our children will
constitutional provisions concerning citizenship, children born overseas to non-Malaysian continue, an application for leave to appeal
and its transference, without discrimination spouses, and the Convention on the Rights of the She said this human rights issue has the against the majority decision of the Court of
based on sex. Child to ensure that every child has rights to the support of the majority of Malaysians across the Appeal has been filed in the Federal Court,”
Tan said Awam extended its appreciation to nationality of both parents. country and captured international attention. she said.

“In September 2001, Parliament “I am very encouraged that there is a strong
unanimously supported the amendment of dissenting judgment in the Court of Appeal that
Article 8(2) of the Federal Constitution to include supported the landmark High Court decision to
the word ‘gender’ so that there would be no end this unacceptable discrimination in our
discrimination against Malaysians based on citizenship law.

2 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
NEWS WITHOUT BORDERS

Drone Technology Action Plan
to be made national agenda

KUALA LUMPUR: The Malaysian plan, which will submit progress
Drone Technology Action Plan reports to Emerging Technology
2022-2030 will be developed as a Clusters.”
national agenda to support a drone
ecosystem, said Prime Minister Ismail Sabri said a Traffic
Datuk Seri Ismail Sabri Yaakob. Management for Unmanned
Aircraft System (UAS) will also be
He said this was decided at the developed to improve the efficiency
National Digital Economy and the of the Drone Operator Registration
Fourth Industrial Revolution Process to increase registration of
Council meeting he chaired UAS by 2030.
yesterday, which was also attended
by ministers, heads of departments He added that the meeting also
and relevant agencies. took note of matters raised by
industry players, such as
“The Malaysian Research bureaucracy, that would be looked
Accelerator for Technology and into as part of efforts to develop the
Innovation will be the coordinating country’s drone industry.
agency and secretariat of the action – Bernama

No new polls nomination conditions

PUTRAJAYA: There is no need to jail for not less than one year or
add new conditions for the fined not less than RM2,000, and
nomination of candidates to did not obtain a pardon, would
contest in the coming general lose his eligibility.
election, especially for
representatives whose cases are Wan Junaidi said the matter
still pending in court, said Minister needs to be read together with
in the Prime Minister’s Article 48(5) related to the
Department (Parliament and Law) nomination process, election or
Datuk Seri Dr Wan Junaidi Tuanku appointment of any person to
Jaafar. Parliament.
He said in a statement yesterday
the existing election nomination “If there are more legislations, it
conditions enshrined in Article will go back to the 90s era where
48(1) of the Federal Constitution the nomination process was
are adequate. complicated. It is appropriate for ROYAL RECOGNITION ... The Raja Muda of Selangor Tengku Amir Shah Sultan Sharafuddin Idris Shah presenting a mock
He added that an individual us to be guided by the existing law, cheque for RM23,000 to national badminton doubles player M. Thinaah at a ceremony at Istana Alam Shah in Klang for Selangor
who is convicted and sentenced to which is indeed complete and athletes who participated in the 2022 SEA Games in Hanoi and Commonwealth Games in Birmingham. – BERNAMAPIX
sufficient for the election
nomination process.” – Bernama

National centre to be set up Royal Floria
for SDG programmes Putrajaya
extended to
o Move given nod to empower, keep tabs on progress of general and heads of departments, cluster Sept 11, with
nation’s sustainable development goals, says PM leaders of the SDG Working Committee and free entry
several MPs.
KUALA LUMPUR: The government will set up minimum of one report must be provided by PUTRAJAYA: The Royal Floria
a sustainable development goals (SDG) centre each state. The SDGs are being implemented in three Putrajaya 2022, a flower and garden
to empower SDG programmes in the country phases according to national development festival exhibiting various species and
and to keep track of their progress, said Prime He said each state is encouraged to prepare plans, starting with the 11th Malaysia Plan cultivars as well as ornamental plants,
Minister Datuk Seri Ismail Sabri Yaakob. the VLR as a guide to monitor Malaysia’s (11MP) from 2016 to 2020, the current 12MP has been extended to Sunday, said
progress to achieve social, environmental and (2021-2025) and 13MP (2025-2030). Federal Territories Minister Datuk Seri
He said the centre’s establishment under the economic balance. Dr Shahidan Kassim.
Economic Planning Unit of the Prime Malaysia’s SDG progress report is carried
Minister’s Department was given the nod He added that the Environment and Water out every four years, in line with the United He added that in conjunction with
during the National SDG Council meeting Ministry has also been asked to finalise a Nations recommendation that reports be school holidays, entrance to the festival
which he chaired on Monday. carbon market framework at the end of this presented periodically through a voluntary will be free beginning today to enable
year to help the transition of Malaysia to a low- national review (VNR). parents to take their children to the
“This sustainable development agenda carbon nation. festival.
requires comprehensive and inclusive Ismail Sabri said Malaysia had presented
involvement, as well as efforts from all parties Ismail Sabri chaired the National SDG the VNR in 2017 and 2021 at the UN High-Level “This is a gift for Keluarga Malaysia.
to raise the level of awareness among Keluarga Council meeting for the first time since its Political Forum on Sustainable Development With free entrance, we are targeting
Malaysia at the grassroots level and also among establishment in 2016, Bernama reported. to fulfil the country’s obligations at the global 100,000 visitors during the five-day
private companies,” he said in a statement level, where the VNR provides inclusive reports extension period,” he said after
yesterday. The meeting, which discussed the country’s on the country’s progress and challenges in attending the closing ceremony of the
sustainable development agenda, involved implementing the SDGs at the national level. festival yesterday.
Ismail Sabri said the meeting had also stakeholders from the public and private
agreed on voluntary local reviews (VLR) at the sectors, academics and civil society He said the meeting also took note of Shahidan said various interesting
local authority, municipal and district councils organisations. current global and local challenges and activities will continue to be held,
as well as state government levels, for which a situations as well as the decline in several including performances by a group of
Council members include mentris besar countries’ SDG achievements due to the buskers and a lucky draw on the last
and chief ministers, ministers, secretaries- negative impact of the Covid-19 pandemic, day of the festival, which offers a
challenges of global climate change, inflation motorcycle as the main prize.
crisis and international geopolitical turmoil.
More than 400,000 people visited
East Coast Expressway Phase 3 study completed: Minister the festival since it opened to the
public on Aug 29. Located in Anjung
KUALA LUMPUR: The study on the “Our responsibility is to conduct research. following the re-entry of foreign workers into Floria, Precinct 4, there are about
construction of the East Coast Expressway We now have to see what is the next course of the country since last month. 10,000 orchids and 400,000 plants on
Phase 3 has been completed and submitted to action in terms of allocation.” display.
the Economic Planning Unit (EPU) of the Prime He said the Malaysian Road Conference and
Minister’s Department, said Senior Works He was speaking after the soft launch of the the 4th International Road Federation Asia- The Royal Floria Putrajaya 2022 also
Minister Datuk Seri Fadillah Yusof. 11th Malaysian Road Conference and Pacific Regional Congress would be held showcases Taman Keluarga Malaysia
Exhibition and the 4th International Road simultaneously from Oct 11 to 13 at the Kuala (Malaysia Family Park), with a concept
He said the ministry is awaiting further Federation Asia-Pacific Regional Congress Lumpur World Trade Centre. adapted through the three values of
action from relevant agencies, and the EPU yesterday. inclusivity, togetherness and gratitude.
would decide if the expenditure for it would be Fadillah expressed hope that innovative
allocated in the first rolling plan of the 12th The government had previously approved designs, building materials, new methods and Also showcased at the festival are
Malaysia Plan or later. the construction of the expressway’s Phase 3, techniques would be introduced during the Taman Koboi and Sukulen, Taman
with preliminary works costing RM35 million, three-day event. Instagrammable, Hiasan Dinding
Fadillah said this would depend on the involving a 150km-stretch from Gemuroh, Orkid and Terowong Oncidium.
government’s financial capability and would Terengganu to Tumpat, Kelantan. He said the planning, construction,
also take into consideration the priority of the maintenance and management of federal and Shahidan also declared the bunga
project in the relevant states. On labour shortage in the construction state roads covering 254,000km, must be given raya (hibiscus) as the official flower of
sector, Fadillah said the problem had eased priority. – Bernama Putrajaya. – Bernama

Graduates mismatch 3theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
affecting investments NEWS WITHOUT BORDERS

o Varsities need to produce technically skilled candidates high-technology and high-value-added Johor BN needs
to boost workforce needed by industries: Expert manufacturing environment,” said Soh. mandate for state
development
█ BY RAJVINDER SINGH play. Technical schools can produce skilled “To become a high-income economy, a
[email protected] students who focus on industry needs. It is skilled workforce is vital. Increasing KULAI: Barisan Nasional (BN) needs the
PETALING JAYA: Mismatch in the skills also important for such schools to constantly enrolment in TVET and raising the training mandate of the people of Johor in the 15th
required by industries and the qualifications upgrade their programmes and adapt to the quality is the key to supporting economic general election (GE15) to ensure compatibility
of graduates are so wide that it would impact ever-changing needs of a skilled workforce.” growth.” between the state and federal governments,
foreign direct investments (FDI). said Mentri Besar Datuk Onn Hafiz Ghazi.
He said it was important for TVET He said the industry is currently facing a
Malaysia currently records the lowest FDI institutions to pay close attention to industry critical skilled labour shortage, which is a He said parallel cooperation between the
in Southeast Asia. In 2021, Malaysia attracted needs, as the inability of the country to pressing issue, adding that there has been an state and federal governments is crucial to
just RM48.1 billion while Indonesia had provide a highly skilled workforce has seen a acceleration in technological transformation, ensure continuous efforts in advancing and
RM130 billion, Thailand received RM90 drop in FDI. especially during the Covid-19 pandemic accelerating development of the state.
billion, Vietnam closed RM130 billion and the when many companies were forced to
Philippines signed up RM48.5 billion. Yeah also said investors are unwilling to implement digital strategies to adapt to the “I am thinking about the agenda to advance
expand funds if they are unable to get the “new normal” over a short period to maintain Johor. However, to advance Johor, it is not
Sunway University economist Prof Dr Yeah workforce they require, adding that FDI have competitiveness. enough to have local authorities’ presidents,
Kim Leng said while the country embraces remained relatively low in Malaysia state government councillors, district officers
the digital economy and requires highly compared with the rest of Southeast Asia due “This shift has placed a huge demand for and state assemblymen alone because we also
skilled workers, educational institutions have to the scarcity of skilled labour. skilled manpower. As the country moves need a stable federal government.
yet to meet the challenges. towards a more knowledge-based, high-
Federation of Malaysian Manufacturers technology and high-value-added economy, “What happened in 2018 (during the
“Inadequate skills in the workforce have president Tan Sri Soh Thian Lai said a high there is added demand for skilled labour. administration of the Pakatan Harapan
seen local investment hover in the region of quality, relevant and TVET-trained workforce Reliance on TVET workers is increasing as government), the projects agreed by BN were
16% to 17% of gross domestic product (GDP). has a key role in the realisation of the nation’s skilled ones are required in almost all sectors.” cancelled. So, let’s not let this happen again.
economic and industrial transformation That is why the people need to give (BN) a
“The actual figure should be about 20% to goals, adding that a globally competitive Soh said ongoing efforts in promoting mandate,” said the Machap assemblyman when
25% of GDP if there were enough trained labour force that can adapt and adjust to IR4.0 TVET education and career pathways must be speaking at a Kulai parliamentary event
workers to meet industry needs,” Yeah said, technologies is critical to driving economic enhanced and intensified through yesterday.
adding that if no action is taken to provide growth. collaborative initiatives between skills
skilled workers, the structural integrity of the institutes and industries. GE15 is expected to only involve a tussle for
nation’s economy would be hurt. “TVET is pivotal in providing the skilled 26 parliamentary seats in Johor. The state
workforce required for economic He said this would help build up a pool of election in March saw BN winning 40 of the 56
He attributed the problem to universities transformation and next stage growth. A pool skilled manpower with the right fit that state seats.
producing more liberal arts and general of highly trained TVET graduates will be a key industry requires.
degree graduates instead of those who are determinant in attracting investments, Earlier, Onn Hafiz said Kulai has great
technically qualified. supporting the knowledge-based “Industries are increasing their efforts in potential to be developed and is a strategic
manufacturing ecosystem and driving collaborating with TVET institutions to train investment destination.
“This is where technical and vocational innovation and productivity in a students to enhance their employability and
education and training (TVET) comes into provide skilled workers. “For Johor, including Kulai, it is fairly easy to
attract investment. When the (investment)
“The TVET route provides a clear career value is high, it means there will be an
path for skilled workers to further their studies economic impact in terms of job opportunities,
and secure jobs that are highly technical and higher wages and income that will all bring
in demand to support economic growth.” benefits to us,” he said.

CRUSHING At the event, Onn Hafiz announced an
LOSS ... Banana allocation of RM1 million to upgrade the
farmer Ahmadul drainage system in Kampung Jaya Sepakat to
Masrah Alias address flood problems in the area. – Bernama
surveying the
damage caused Muda eyes 15 seats
by wild in GE15
elephants at his
plantation in KUALA LUMPUR: Parti Ikatan Demokratik
Kampung Malaysia (Muda) is targeting to field candidates
Basong, in 15 Parliamentary seats in the 15th general
Terengganu. election (GE15), including Muar, which is
– BERNAMAPIX currently represented by its president Syed
Saddiq Syed Abdul Rahman.
Illegal agricultural activities damaging roads
Syed Saddiq said the main objective of the
KUALA LUMPUR: Illegal land use for recently, found that illegal agricultural enforcement operations with the state party is to give added value to the Opposition in
agricultural purposes in highland areas has activities have encroached on the road government and other related agencies. GE15 and not only to solely win seats.
been identified as the main cause of damage reserve in the area concerned, causing
to federal roads and slopes that come under accumulation of rainwater at the site. He said agricultural activities in highland “We are not looking at the Parliamentary seat
the purview of the Works Ministry. areas must be managed properly with proper of a constituency. In fact, we are looking at all
Landslides have occurred in the area and coordination, planning and integrated action, Parliamentary seats in every state, including
The situation is endangering road users, caused the road to be cut off. especially if it involves the issue of land being Sabah and Sarawak. We also have a strong team
particularly during downpours, when acquired or used without approval. in Borneo, so we are fielding candidates there,”
landslides or mud floods are likely to occur at The risks posed by illegal land use along he said after the Muda election conference
such places. federal roads were among the main issues the The East Zone FTRoadpedia Tour 3.0, took yesterday.
ministry focused on during the FTRoadpedia participants on a 1,105km journey on federal
One of the sections prone to landslides is Tour 3.0 from Aug 11 to 13. roads from Kuala Lumpur to Pahang, He added that unofficial discussions
the East-West Highway, notably in the Lojing Kelantan and Perak. between Muda and the Pakatan Harapan (PH)
area in Gua Musang, Kelantan. Works Minister Datuk Ser Fadillah Yusof leadership began after the Johor elections in
said as part of efforts to curb damage to its The ministry is responsible for planning, March. Syed Saddiq also said Muda was waiting
A recent survey by media personnel who roads and slopes, the ministry will take firm building and maintaining all federal roads for an official meeting with the PH presidential
accompanied ministry staff on the third action to put a stop to illegal agricultural totalling 17,830km, including in Sabah and council to discuss its participation in the
edition of its East Zone FTRoadpedia Tour activities by carrying out integrated Sarawak. – Bernama coalition. – Bernama

Penang committed to
LRT project: CM

GEORGE TOWN: The Penang government is
committed to continuing the implementation
of the Light Rail Transit (LRT) project for the
Komtar-Bayan Lepas route, said Chief
Minister Chow Kon Yeow.

He said the Komtar-Bayan Lepas Phase 1
LRT project, estimated to cost RM10 billion,
was one of the 126 projects that was applied
for under the Third Rolling Plan Year 2023 of
the 12th Malaysia Plan.

“I read a media report that the opposition
party (raised a dispute on) why the LRT
project was not listed in the presentation of
the 2023 Federal Budget during the meeting
with the Finance Ministry on Sept 3,” he
said yesterday.

Chow added that the state government
only listed 10 projects, with costs estimated at
RM2.27 billion, as reference at the meeting
due to time constraints. – Bernama

4 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022 FOLLOW ON TWITTER SCAN
NEWS WITHOUT BORDERS ME
@thesundaily

King, Queen congratulate team

KUALA LUMPUR: The Yang di-Pertuan success, that has made the country proud. Al-Sultan Abdullah and Tunku Azizah also
Agong Al-Sultan Abdullah Ri’ayatuddin “Their Majesties also commended wished the team all the best in upcoming
Al-Mustafa Billah Shah and the Raja tournaments and prayed that they would
Permaisuri Agong Tunku Hajah Azizah national player Carlos Goonting, who was continue to shine on the world stage.
Aminah Maimunah Iskandariah yesterday named the tournament’s ‘Most Valuable
congratulated the national men’s dodgeball Player.’ Malaysia captured the men’s World
squad for winning the 2022 World Dodgeball Dodgeball Championships gold medal for the
Championship in Canada on Sunday. “The royal couple also expressed hope that third time after beating Australia 10-5 at the
the achievement will spur the players to train Saville Community Sports Centre in
Istana Negara said on Facebook Their harder for future tournaments, and that Edmonton, Canada on Sunday (Monday
Majesties expressed joy and pride at the Malaysians would emulate their spirit of morning in Malaysia). – Bernama
enthusiasm.”

The national Financing must
men’s support ‘health
dodgeball for all’ approach,
squad says Khairy
celebrating
after winning PUTRAJAYA: Health Minister Khairy
the gold medal Jamaluddin (pix) said at the Asia-Pacific
in Canada. Economic Cooperation (Apec) Health
Financing Forum yesterday that any innovative
Malaysia hits bulls-eye health financing should ensure that there is
in dodgeball event sufficient investment into funding a “Health for
All” approach.
oTeam thanks Better Malaysia Foundation for Krishnan said MAD approached many
support after winning world championships parties but some could not contribute. “Better health financing through adequate,
in Canada efficient and equitable public sector funding is
“However, founder and chairman of the key to a sustainable health system,” Khairy said
█ BY MUHAMMAD YUSRY said: “Dodgeball is a growing sport in Better Malaysia Foundation (BMF) Tan Sri during the opening of the virtual forum.
[email protected] Malaysia. We can see this in schools, colleges Vincent Tan agreed to fund us with a sum of
PETALING JAYA: The impressive and communities. This win will be the start of RM55,000, as dodgeball is a rising sport in He said the Covid-19 pandemic showed the
achievements by Malaysian teams at the Malaysia’s dodgeball reputation worldwide. Malaysia and we are a team comprising need to refocus economies and prioritise
World Dodgeball Championships in Malaysians of different backgrounds, which investments in health to ensure a more
Edmonton, Canada on Monday will be the “We are very proud of our team’s reflect national unity.” sustainable and resilient health system.
starting point of the country’s dominance in achievements as we faced some of the world’s
the sport at international level, said the best. The team will be rewarded accordingly. Krishnan added that BMF has helped He pointed out that Covid-19 had disrupted
Malaysian Association of Dodgeball (MAD). I also want to thank our coaches for their many athletes in the industry, such as tower- global service delivery, health workforce, health
excellent work in preparing our team.” running champion Soh Wai Ching and track information system, health financing and
The men’s team won the gold medal by and field athlete Shereen Vallabouy to go governance, as well as accessibility to
defeating Australia 10-5. It was the country’s Krishnan said the last tournament that further in their careers and make Malaysia medicines and vaccines.
third victory after winning the competition in MAD, which was founded in 2009 under the known internationally.
2017 and 2018. The mixed team won the Youth and Sports Ministry, participated in Khairy said in learning from experience, it
silver, after losing 5-3 to the home team. was in 2019 in Mexico, where it clinched the He also expressed hope that more was vital for Apec members to re-evaluate and
first runner-up spot before the height of organisations would emulate BMF in chart a strong and clear course to ensure
The men’s team, captained by the Covid-19 restricted activities worldwide. supporting sports. sustainability and resilience of the health
competition’s Most Valuable Player Carlos system to face future health crises and improve
Goonting, topped their group with four “We created the National Dodgeball “Tan Sri Vincent Tan is very supportive of safety nets, especially for the low and middle
victories and one tie, before another win Championship, a local event to scout and us competing in the championship. My income groups.
against Canada in the semifinal. shortlist the best players to play for the deepest appreciation to him and the whole
national team. It was a long process. BMF team. Public support also made a He said better health financing could be
MAD president Datuk Radha Krishnan We needed RM350,000 to train our tremendous difference to the players in terms achieved through strengthening primary
players and send them to tournaments.” of motivation to win this competition.” healthcare (PHC).

Krishnan said MAD is hoping that BMF “PHC is essential as it is at the core of all
would continue supporting it for the next efforts towards universal health coverage by
championship and beyond. The dodgeball providing comprehensive and continuous care
national team will take part in another through a much wider range of
tournament in April next year, that will be multidisciplinary health services.
held in Kuala Lumpur.
“It is the most inclusive, effective and
efficient way to protect the health of people and
communities.”

Khairy told the forum that Malaysia is
currently developing a Health White Paper
(HWP), with the aim of further strengthening
the country’s health system holistically.

“The effort recognises the importance of
innovative healthcare financing in pursuit of
sustainable healthcare and goes beyond direct
healthcare delivery that includes tackling the
social determinants of health.

“Besides addressing population-level
challenges such as an ageing society and the
burden of non-communicable diseases and
gaps in our system, including an imbalance in
service delivery, limited funding for health and
underutilisation of data, innovation and
technology.”

On Aug 15, Khairy said the HWP, which is
expected to be tabled in Parliament in
November, should be the country’s collective
statement of intent on how it can make the
health system more sustainable and resilient
through a “whole of government” and “whole of
society” mindset. – Bernama

Continuous reform for social security

KUALA LUMPUR: The Human pandemic, there were many more care economy, which includes “Therefore, I presented proposals agreed to the necessary amendments
Resources Ministry will continuously reforms required of policymakers domestic helpers and housewives, is to the Cabinet and in Parliament to and enacting a new law to narrow the
reform social security in Malaysia to and it has been his mission to see to equally important in contributing to extend Social Security Organisation social security coverage gap in the
make it all-inclusive, said its minister the implementation of the reforms economic growth. But they are not protection to housewives (beginning country,” he said at an Asian Workers’
Datuk Seri M. Saravanan. during his tenure. protected against mishaps related to last month). Compensation Association technical
their services. seminar yesterday. – Bernama
He said beyond the Covid-19 “Recently, I recognised that the “Parliament has collectively

5theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
NEWS WITHOUT BORDERS

Zahid should not be receiving cash contributions: DPP

SHAH ALAM: The High Court here was told “He was paid to serve the public,” said for Ultra Kirana Sdn Bhd (UKSB) to make himself as then home minister to extend the
yesterday that Datuk Seri Dr Ahmad Zahid Raja Rozela in her submission at the end of monthly payments to Ahmad Zahid for a contract of the company as the operator of
Hamidi, as a public servant (home minister), the prosecution’s case. period of four years while he was home the OSC service in China and the VLN
should not be receiving cash contributions or minister. system, as well as to maintain the contract
valuables, based on Section 165 of the Section 165 states that whoever, being a agreement to supply the VLN integrated
Penal Code. public servant, accepts or obtains, or agrees “If (they were) political contributions, system.
to accept or attempts to obtain, for himself or these should not have been disbursed this
DPP Datuk Raja Rozela Raja Toran said the for any other person, any valuable thing, way. It should be in one payment but in this On another seven counts, he was charged
receiving of such contributions by Ahmad without consideration, from a person case, the payments were made monthly for with obtaining for himself S$1,150,000
Zahid was making a mockery of the law. concerned in any proceeding or business four years. The payments were made to him (RM480,659), RM3 million, 15,000 Swiss
transacted by such public servant, commits (Ahmad Zahid), not to Umno.” francs (RM68,532) and US$15,000
“He may be a politician, My Lord, but at an offence which carries a jail term of up to (RM67,200) from the same company, which
the material time, he was holding the position two years or a fine, or both. Ahmad Zahid, 69, faces 33 charges of had official links with his official duty.
of minister, his salary was paid by the receiving bribes amounting to S$13.56 – Bernama
government using taxpayers’ money. Raja Rozela contended that it was illogical million (RM43.4 million) from UKSB for

Witness: No response from Khat calligraphy case:
1MDB after US$3b loan Trio’s bid for judicial
review dismissed
o Court told various efforts were made by ministry to get Wan Aizuddin then referred to Siti
informationonhowfunds wereused,tonoavail Zauyah’s witness statement, which stated PUTRAJAYA: Three individuals lost their
that Malaysia was forced to repay the 1MDB appeal to get leave to commence a judicial
KUALA LUMPUR: The High Court US$3 billion loan,” she said when debt due to the letter of support issued by review in their bid to challenge the decision of
yesterday was told that the management of cross-examined by lawyer Wan Aizuddin the government and signed by Najib as the previous government to introduce khat
1Malaysia Development Bhd (1MDB) Wan Mohammed, who was representing then finance minister in 2013. calligraphy in the Bahasa Melayu subject for
never gave any feedback after securing a former prime minister Datuk Seri Najib pupils in national-type Chinese and Tamil
US$3 billion (RM13.44 billion) loan Abdul Razak at the trial involving the Siti Zauyah confirmed that she had no schools.
through a letter of support issued by the misappropriation of RM2.3 billion from personal knowledge of the matter but made
government. 1MDB. a statement based on hearsay from the A Court of Appeal three-member panel
officer in charge of managing the letter of comprising judges Datuk P. Ravinthran, Datuk
Former finance ministry deputy The 26th prosecution witness then support process. S. Nantha Balan and Datuk Nordin Hassan,
secretary-general Datuk Siti Zauyah Mohd agreed with Wan Aizuddin’s suggestion that dismissed their appeals in a unanimous
Desa, 63, said various efforts were made by 1MDB’s lack of response underscored the Asked if she had seen any document decision.
the ministry to get the latest information weakness of the company’s management. showing that 1MDB failed to make
from 1MDB on how the US$3 billion was repayments, causing the government to The three are former Chinese School
used, but the company never responded. Wan Aizuddin: “Do you agree with me bear the debt, Siti Zauyah replied: “I don’t Students Association president Tan Kim Sen @
that you can’t attribute the fault of 1MDB remember... there must be some evidence, Tan Boon Tak, Persatuan Hindu Agamam Ani
“I tried to contact the management of management to the prime minister, finance that’s why I said that in my witness Malaysia chairman D. Ravi and R. Visa
1MDB through letters and phone calls. We minister and the chairman of the board of statement”. Letchumy.
also contacted the representative of 1MDB advisers?” (All these positions were held by
at the time, Zahid Taib, to give feedback and Najib). Wan Aizuddin: “Interestingly, you made Justice Nordin, who delivered the decision in
submit a report to the Finance Ministry, but this statement “Letter of support signed by online proceedings, said the High Court was
there was no reply, Bernama reported. Siti Zauyah: “From what I can Najib as minister of finance”. Are you correct in dismissing the trio’s leave application
remember, there was a letter from Datuk (saying) that the government has to bear for judicial review as it was filed out of time, in
“I also confirm that I have never seen the Shahrol Azral Ibrahim Halmi (former the debt because Najib signed the letter of addition to them not showing good reason to
joint venture agreement document 1MDB CEO) stating that the management support, therefore he is at fault? extend the time period to file their application.
between 1MDB and Aabar Investment BVI cannot reveal any information about the
Co, which is in their letter of support use of the US$3 billion because they have to Siti Zauyah: “No comment”. Nordin said the law provided that an
application to the government to secure the refer to the 1MDB board of directors first.” Najib, 69, is facing four charges of using application for leave to commence a judicial
his position to obtain bribes totalling review should be filed within 30 days when the
RM2.3 billion from 1MDB funds and 21 decision which an applicant sought to
charges of money laundering involving the challenge was first communicated to him or her,
same amount. adding that the court may extend the period for
filing the leave application if there was a good
Duo planning to reason given by the applicant.
rob jewellery shop
nabbed In the court’s decision, Nordin also said
when the appellants filed their application for
KUALA LUMPUR: Police nabbed two Azmi (right) and another police officer with the two pistols and live ammunition seized from the suspects. leave, there was no decision to implement the
local men on suspicion of planning to – BERNAMAPIX teaching of khat as evidence showed that based
rob a jewellery shop at Jalan 7/62A, on a Cabinet decision, the implementation of
Bandar Manjalara in Kepong last khat calligraphy was replaced with Jawi-based
Sunday. writing. – Bernama

Kuala Lumpur police chief Datuk Datuk charged with
Azmi Abu Kassim said the incident posing as royalty official
happened at 8.54pm while four
policemen who were out on patrol to KUALA LUMPUR: A businessman with the title
deter vehicle window-breaking “Datuk” was charged in the magistrates’ court
activities in the area chanced upon the yesterday for impersonating the private
two suspects, aged 42 and 43, in a car secretary of the Tengku Mahkota of Pahang two
behaving suspiciously. years ago.

“Upon investigation, they found two Datuk Redzuan Zainuddin, 40, pleaded not
pistols and live bullets in the vehicle. guilty before magistrate Nadia Othman.
The policemen also found eight more
bullets in the pockets of one of the He was accused of trying to deceive the
suspects, while another 10 bullets were acting chief executive officer of a bank
found in the possession of the other subsidiary, Abd Samad Khalid, 58, by
suspect. impersonating the private secretary to the
Tengku Mahkota Pahang/Pahang Regent,
“Preliminary investigations revealed thereby prompting the victim to appoint the
that the duo were planning to rob a accused as a trustee member of the Bank Rakyat
jewellery shop nearby but were Foundation.
thwarted by police presence in the
area,” he said yesterday. – Bernama The offence was allegedly committed at
Menara 1, Menara Kembar Bank Rakyat in
Brickfields at 2.14pm on March 27, 2020, under
Section 419 of the Penal Code read together
with Section 511, which provides a maximum
imprisonment of seven years or a fine, or both.

The court set bail at RM5,000 and fixed
Oct 25 for remention of the case. – Bernama

Investigation papers on Najib and Rosmah handed back to police

KUALA LUMPUR: The investigation papers Kuala Lumpur police chief Datuk Azmi Abu back again for several items to be completed. A total of 27 individuals were called to
relating to leaked documents on former prime Kassim said the papers on both cases were “We are doing our best to complete the record their statements, 17 relating to Najib’s
minister Datuk Seri Najib Abdul Razak and his handed back for the first time after being case and 10 for Rosmah’s case after the Chief
wife Datin Seri Rosmah Mansor’s cases have referred to the deputy public prosecutor on investigation papers as soon as possible Registrar’s office of the Federal Court lodged
been handed back to the police for Aug 30, and the papers on Najib’s case were following advice from the deputy public police reports over the alleged leaked
clarification. returned again on Sept 5, but were handed prosecutor,” he said at a media conference documents. – Bernama
yesterday.

6 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022 China quake kills dozens,
NEWS WITHOUT BORDERS hundreds missing

School gardens o At least 65 people dead, reported yesterday. provincial capital of Chengdu, where millions
lifeline for 200 more trapped as Video from state broadcaster CCTV showed are confined to their homes under a strict
Cambodian children rescuers scour rubble Covid-19 lockdown, and in the nearby
to search for victims firefighters pulling a bruised and bloodied megacity of Chongqing, local residents
SIEM REAP: Among the spinach crops at a woman from the rubble and carrying a told AFP.
rural Cambodian school garden, children test BEIJING: Rescuers scoured through rubble for survivor on a stretcher across a river on a
their maths skills while weighing produce, hundreds of missing people in parts of makeshift bridge as well as damaged buildings At least 10 aftershocks of magnitude 3.0 and
but as food prices rise, the vegetable patch southwestern China yesterday after an and streets strewn with fallen masonry. above had been detected as of 7am local time,
has become a safety net for struggling earthquake killed more than 60, as local CCTV said.
families. weather services warned rain was set to Footage shared by the China Earthquake
inundate the area. Networks Centre showed boulders thundering The local meteorological department has
Long before Covid-19 restrictions ravaged down mountainsides in Luding county, said Luding county, the epicentre of the quake,
the economy, malnutrition and poverty The magnitude 6.6 quake hit about 43km kicking up clouds of dust as the tremors will experience rain for three days, potentially
stalked Cambodia’s youth, the legacy of southeast of the city of Kangding in Sichuan swayed roadside telephone wires. hampering rescue work.
decades of conflict and instability following province at a depth of 10km on Monday,
the Khmer Rouge’s genocidal rule in the according to the US Geological Survey. At least one town suffered “severe damage” China’s Cabinet last night said it has
1970s. Food insecurity has worsened since from landslides triggered by the quake, CCTV dispatched a special team to lead the efforts,
Russia’s invasion of Ukraine stoked global At least 65 people were killed, with more reported. with CCTV reporting more than 6,500 people
shortages and inflation. than 200 still trapped in a remote scenic area had been sent to assist in emergency rescue.
and scores missing elsewhere, state media “Before 5 o’clock, I heard a rumbling sound.
The World Food Programme (WFP) says The house shook so badly that I woke up President Xi Jinping called for local
the prices of local staples have shot up in the immediately,” one woman surnamed Zheng authorities to “make saving lives the first
past year – duck eggs by more than 20% and from Sichuan’s Lu county told Beijing News. priority, go all-out to rescue people in disaster-
cooking oil by almost 40%. stricken areas and minimise loss of life”,
“My brother’s house collapsed. His house is according to CCTV.
Noodle seller Chhon Puthy, 31, lost half an old one built more than 10 years ago. My
her income during the pandemic and worries house is newly built, so the situation is better.” Local officials have launched a public
about her children’s health. appeal for donations. – AFP
The quake also rocked buildings in the
“We parents have to reduce our rations
BRIEFSsometimes,” said the mother-of-two from the Children
village of Chroy Neang Nguon, about two reaching out for
hours from Siem Reap. flood relief
rations in Dera
In recent months, her family has come to Allah Yar town,
rely on the garden and the free breakfast Balochistan
programme at her children’s school to ease province in
the financial pressure. Pakistan.
– AFPPIX
“This community depends on the meal
because every morning, parents are busy Pakistan engineers divert floodwaters into lake
with farming and cannot cook for their
children,” she said. FAZILPUR: Engineers breached Pakistan’s “There is nowhere to shower or go to the million. Still, thousands had to be evacuated
biggest freshwater lake to drain water bathroom,” said Zebunnisa Bibi, sheltering from smaller settlements submerged by the
Remote schools in Siem Reap province threatening nearby towns as heavy rain poured near Fazilpur in Punjab province, where 65 newly-directed channel.
use the gardens to teach pupils life skills such misery on millions affected by the country’s tents are now home to more than 500 people
as cultivation and cooking. worst floods in history. who fled their inundated villages. “Foodwaters were diverted but the threat is
still far from over,” Memon said.
“I learn about growing vegetables, making Nearly a third of Pakistan is under water, an Similar tent camps have mushroomed
organic fertiliser, how to work on soil,” area the size of the United Kingdom, following across much of the south and west of Pakistan, Much of Sindh and parts of Balochistan
12-year-old Seyha told AFP, adding that the months of record monsoon rains that have where rain has nowhere to drain because have become a vast landscape of water, with
know-how has helped improve her family’s killed 1,300 people and washed away homes, rivers were already in full flow. displaced locals huddled miserably on
own vegetable patch. More than 1,000 businesses, roads and bridges. elevated roads, rail tracks and other high
schools around Cambodia have meal Sindh province Information Minister ground. Human and animal waste in the fetid
programmes supported by the WFP. – AFP Officials say the repairs will top US$10 Sharjeel Inam Memon told AFP on Monday water attract swarms of flies, while outbreaks of
billion (RM44.92 billion) for a country already that engineers had to cut a channel into Lake dengue were being reported.
AUSTRALIA OFFERS TO FUND in the grip of economic crisis, with hundreds of Manchar to drain water that was threatening
SOLOMON ISLANDS POLLS thousands homeless as the monsoon draws to the towns of Sehwan and Bhan Saeedabad, One pregnant woman said she was
an end and winter approaches. with a combined population of nearly half a desperate for medical attention as her baby
HONIARA: Australia said yesterday it has was due any day now. – AFP
offered to fund Solomon Islands’ 2023
election, as the Pacific nation’s leader Typhoon leaves one dead in S. Korea, nine missing
pushed ahead with a controversial Bill to
delay the vote over budgetary BUSAN: Typhoon Hinnamnor killed one Countermeasures Headquarters. North Korea had also been bracing for the
constraints. Prime Minister Manasseh person and left nine missing yesterday, before Authorities said death tolls could climb, storm, with leader Kim Jong-un overseeing a
Sogavare has sought to alter the heading back to sea, with few reports of major meeting in Pyongyang to assess the country’s
Constitution and delay the election by property damage. having identified at least nine people missing preparedness, state media reported yesterday.
months until after the country hosts the as of yesterday afternoon, including seven at a
2023 Pacific Games, arguing that The typhoon, one of the most powerful to submerged underground parking lot in Kim said “nothing is more precious than the
Solomon Islands cannot afford to do bear down on the country in decades, hit the Pohang. people’s lives and safety”, news agency KCNA
both. But critics have accused Sogavare southern island of Jeju yesterday night before reported.
of attempting to “bulldoze” democracy making landfall near the port city of Busan, More than 60,000 households nationwide
by rushing the Bill through Parliament. which was battered by huge waves and heavy lost power because of the typhoon. Yesterday morning, the typhoon was over
The Australian funding offer “reflects rain, damaging beachfront roads and shops. the Sea of Japan, 100km off Tsushima island,
our longstanding and historical As a precaution, authorities closed more according to the Japan Meteorological Agency.
commitment to supporting democracy In the eastern port city of Pohang, an elderly than 600 schools nationwide, and local carriers
and democratic processes in Solomon woman in her 70s was swept away by floods, grounded some 250 domestic flights, but More than 35,000 households were without
Islands”, Foreign Affairs Minister Penny said the Central Disaster and Safety service gradually resumed as Hinnamnor power in Japan’s Kyushu region, Kyushu
Wong said yesterday. The offer has not headed towards Japan. Electricity said in a statement. – AFP
yet been accepted. – AFP

JAPAN TO SPEND US$12M
ON ABE’S STATE FUNERAL

TOKYO: Japan expects to spend around
¥1.7 billion (RM54 million) on a state
funeral for assassinated former premier
Shinzo Abe, the government said
yesterday, despite controversy over the
plan. Abe was shot dead on a campaign
trail in July, and the government expects
dozens of current and former heads of
state to pay condolences at the Sept 27
service in Tokyo. But recent polls show
about half of Japanese voters oppose
the publicly-funded event. Security is
expected to cost around ¥800 million,
with another ¥600 million to be spent on
hosting and ¥250 million for the
ceremony, top government spokesman
Hirozaku Matsuno said yesterday.
“Delegates from more than 190 foreign
(countries and regions) will likely
participate,” he told reporters. The
funeral will be held at Tokyo’s Nippon
Budokan, a venue used for concerts and
sports events that also hosted Japan’s
last state funeral for a former prime
minister in 1967. – AFP

7theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
NEWS WITHOUT BORDERS

Truss named next UK prime minister

o Conservative Party leader promises to deal Sunak, who has been lukewarm higher borrowing – even at the risk of She added: “We will deliver for our
with surging energy costs, cut taxes, after about whether he would serve in stoking double-digit inflation. country and I will make sure that we
winning challengingToryleadershiprace Truss’s Cabinet, tweeted that now use all the fantastic talents of the
was the time for the party to unite as She also promised to deal on the Conservative Party.
LONDON: Britain’s new early election to confirm her new “one family”. challenges facing the National Health
Conservative leader Liz Truss on mandate, vowing instead to “deliver a Service, reported The Independent. Truss, 47, will be the UK’s third
Monday vowed “bold” action to fix great victory for the Conservative But Truss ignored her applauding woman to become prime minister
the country’s worst economic crisis in party in 2024”. rival as she marched up to the stage In her speech, she thanked Tory following Theresa May and Margaret
decades, as she was confirmed as of the central London convention voters “for putting your faith in me to Thatcher.
Prime Minister Boris Johnson’s Truss beat her rival, former hall, calling it an “honour” to be lead our great Conservative Party, the
successor after a gruelling party finance minister Rishi Sunak, by elected after undergoing “one of the greatest political party on earth. Johnson, who formally tendered
contest. about 57% to 43% after a summer- longest job interviews in history”. his resignation to Queen Elizabeth II
The foreign secretary resisted long contest decided by just over “I know that our beliefs resonate yesterday, tweeted: “I know she has
pressure for a politically perilous 170,000 Conservative members – a “I campaigned as a Conservative, with the British people: Our beliefs in the right plan to tackle the cost-of-
tiny sliver of Britain’s electorate. and I will govern as a Conservative,” freedom, in the ability to control your living crisis, unite our party and
she said, touting Tory values of low own life, in low taxes, in personal continue the great work of uniting
taxes and personal responsibility. responsibility. and levelling up our country.

Truss vowed to address tax cuts “I know that is why people voted “Now is the time for all
and the energy crisis, which she has for us in such numbers in 2019, and Conservatives to get behind her
indicated will be financed by much as your party leader I intend to 100%.” – AFP/The Independent
deliver what we promised.”

Shelling of nuclear plant fuels disaster fears Manhunt for stabbing
suspect extended
KYIV: The last working reactor at Ukraine’s connecting the plant to the energy system of said it was informed by Ukraine that the line
Zaporizhzhia nuclear plant was disconnected Ukraine was damaged due to another Russian would be reconnected when the fire is JAMES SMITH CREE NATION: Canada’s
from the grid after shelling caused a fire, with provocative shelling,” Ukrainian President extinguished. largest manhunt extended into its third day
the United Nation’s atomic watchdog due to Volodymyr Zelensky said in an address on yesterday, with hundreds of officers searching
brief the Security Council about the crisis. Monday. The atomic watchdog was due to release a for the lone surviving suspect in a stabbing
report yesterday night on its mission to the spree that killed 10 people on Sunday, roiling a
Soon after it invaded in February, Moscow “Due to Russian provocation, the plant last week, with its chief Rafael Grossi country where mass violence is rare.
largely took control of the Kherson and Zaporizhzhia plant is one step away from a scheduled to also brief the United Nations
Zaporizhzhia regions of southern Ukraine radiation disaster.” Security Council on the situation. Myles Sanderson, 30, remained on the loose
and is now aiming to absorb them into Russia and possibly injured, police said, after they
through referendums, as it did with Crimea in The Zaporizhzhia nuclear plant has been In 1986, Ukraine – a part of the Soviet found his brother Damien Sanderson, 31, dead
2014. shelled in recent weeks, with Ukraine and Union at the time – was the scene of the in a grassy area of the James Smith Cree Nation
Russia blaming each other for the attacks as world’s worst nuclear disaster, when a reactor in Saskatchewan on Monday.
Russia also blamed Western sanctions for fears grow of a possible nuclear incident. at the Chernobyl plant exploded and spewed
its halting of gas supplies to Germany and on radiation into the atmosphere. The brothers are suspected of murdering 10
top of the crisis in Europe, there are fears of a Ukraine’s state-run power company people and wounding 18 more in a stabbing
nuclear disaster at Zaporizhzhia, Europe’s Energoatom said on Monday that the last Making comparisons with that disaster, the rampage that devastated an indigenous
biggest atomic facility. working reactor was disconnected from the European Union’s foreign policy, chief Josep community in one of the deadliest attacks in
grid because shelling had started a fire. Borrell, on Monday accused Russia of Canada’s modern history.
“Today the last power transmission line “reckless behaviour”. – AFP
The International Atomic Energy Agency Police said some of the victims appeared to
have been targeted, while others were
apparently random.

Hundreds of police officers were searching
for Myles Sanderson, who was considered
armed and dangerous, said Assistant
Commissioner Rhonda Blackmore of the
Saskatchewan Royal Canadian Mounted Police.

Sanderson had previous run-ins with the
law, and has been wanted since May when he
stopped meeting his parole officer after serving
a sentence for assault, robbery, mischief and
uttering threats, CBC News reported.

Police said they were investigating whether
Sanderson may also have killed his brother.
– Reuters

BRIEFS THREE FACE OFF IN SWEDEN’S
ELECTION RACE
IN RUINS ... A man walks through debris from severe flood damage following heavy rainfall in the village of Slatina, Bulgaria on Monday.
– REUTERSPIX STOCKHOLM: Swedish Prime Minister
Magdalena Andersson, the head of the
Malaysian contractor in US Navy scandal flees house arrest Opposition conservative Moderates Ulf
Kristersson, and far-right leader Jimmie
WASHINGTON: A military contractor who Singapore, pleaded guilty in 2015 to offering are being investigated.” Akesson face off as the three main
pleaded guilty in the US Navy’s worst ever some US$500,000 (RM2.25 million) in bribes The San Diego Union-Tribune reported candidates in Sunday’s general election.
corruption scandal has escaped house arrest to Navy officers to steer official work to his Andersson came to power in November
in San Diego, the US Marshals Service said on shipyards, carrying out work on US vessels that the cut-off GPS bracelet was found in the 2021 with the aim of breathing new life into
Monday. that prosecutors say he overcharged the Navy house, while neighbours said they had seen the Social Democrats and ended up leading
to the tune of US$35 million. moving trucks coming and going at the the charge for the nation’s historic North
“Leonard Francis cut off his GPS property in the days leading up to his escape. Atlantic Treaty Organisation membership
monitoring ankle bracelet on Sunday Police were sent to his San Diego residence bid. Andersson is Sweden’s first woman
morning,” Supervisory Deputy US Marshal on Sunday after the agency monitoring his Francis was arrested in 2013 and pleaded prime minister despite the country’s
Omar Castillo told AFP in a statement. ankle bracelet reported a problem with the guilty two years later. He suffered numerous reputation as one of the most feminist in the
device, Castillo said. health problems, including kidney cancer, world. She has vowed to defend Swedes’
Widely known as “Fat Leonard”, Francis which led to him being released to house cherished welfare state and pursue the
was due to be sentenced in three weeks, US “Upon arrival they noticed that nobody arrest in 2018, while acting as a cooperating toughening stance on immigration. – AFP
media said. was home. They then notified US Marshals witness for federal prosecutors.
who went to the house and verified that he LONG UNIVERSITY STRIKE
Francis, a Malaysian national who ran a was no longer there. As of now, multiple leads He was due to be sentenced on Sept 22. TAKES TOLL ON STUDENTS
military contracting company out of – AFP
LAGOS: For almost seven months, students
in government-owned universities in
Nigeria have been stuck at home, forced out
of class by a protracted strike by staff. The
protest over pay, welfare and crumbling
facilities by the Academic Staff Union of
Universities has shut down universities since
Feb 14, in the latest industrial action by the
country’s public sector workers. After several
extensions to give the government time to
meet their demands, the union’s leadership
last week declared an indefinite strike in
universities across Africa’s most populous
nation. In 2020, teachers went on strike for
nine months, the longest in the nation’s
history. Parents and students are now
getting desperate, with no sign of the strike
ending after more than 200 days. – AFP

8 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
SPEAK UP

COMMENT by Anis Chowdhury and Jomo Kwame Sundaram

AS rich countries raise interest 1980’s Redux? New
rates in double-edged efforts context, old threats
to address inflation,
developing countries are government-guaranteed, states often “Debt- have promoted private finance, urging financing, even if economic
struggling to cope with slowdowns, have to take them on in case of default. distressed “public-private partnerships” and fundamentals are sound.
inflation, higher interest rates and countries once “blended finance” in “From billions to
other costs, plus growing debt distress. Hence, such debt needs to be seen again seek trillions: converting billions of official The absence of orderly and fair debt
as potential contingent government support from assistance to trillions in total restructuring mechanisms has not
Rich countries’ interest rate hikes liabilities. the financing”. helped.
have triggered capital outflows, Washington-
currency depreciations and higher debt Sri Lankan international capital based lenders Sustainable development outcomes Commercial lenders charge higher
servicing costs. market borrowings grew from 2.5% of of last resort. of such private financing, especially in interest rates, ostensibly for default
foreign debt in 2004 to 56.8% in 2019. But without promoting poverty reduction, equity risks.
Developing country woes have been enough debt and health, have been mixed at best.
worsened by commodity price Its dollar denominated debt share relief, a But then, they refuse to refinance,
volatility, trade disruptions and less rose from 36% in 2012 to 65% in 2019, temporary But private finance has nonetheless restructure or provide relief, regardless
foreign exchange earnings. while China accounted for 10% of its liquidity crisis imposed heavy burdens on of the cause of default.
Rising debt risks external borrowings. threatens to government budgets. When will we learn?
Almost 60% of the poorest countries become a debt Following the 1970s’ oil price hikes,
were already in, or at high risk, of debt Private borrowings for less than ten sustainability, Third, since the GFC, developed western, especially US banks, were
distress even before the Ukraine crisis. years were 60% of Sri Lankan debt in and hence, a economies have resorted to swimming in liquidity as oil exporters’
April 2021. solvency crisis, unconventional monetary policies – dollar reserves swelled.
Debt service burdens in middle- as in the “quantitative easing”, with very low or
income countries have reached 30-year The average interest rate on 1980s. even negative real interest rates. These banks pushed debt, getting
highs, as interest rates rise with food, commercial loans in January 2022 was developing country governments to
fertiliser and fuel prices. 6.6% – more than double the Chinese With access to cheap funds, borrow at low real interest rates.
rate. managers seeking higher returns
Developing countries’ external debt invested lucratively in emerging After the US Fed began raising
has risen since the 2008-2009 global In 2021, Lankan interest payments markets before the recent turnaround. interest rates from 1977 to fight
financial crisis (GFC) – from US$2 alone came to 95.4% of its declining inflation, other major central banks
trillion (RM9 trillion) in 2000 to US$3.4 government revenue. Large investment funds and their followed, raising countries’ debt
trillion in 2007 and US$9.6 trillion in collaborators, e.g, credit rating service burdens.
2019. External debt’s share of gross Commercial debt – mostly agencies, have profitably created new
domestic product (GDP) fell from Eurobonds – made up 30% of all means to get developing countries to Ensuing economic slowdowns cut
33.1% in 2000 to 22.8% in 2008. African external borrowings with debt float more bonds to raise funds in commodity exporters’ earnings.
to China at 17%. international capital markets.
But with sluggish growth since the Making things worse In the past, the IMF and World Bank
GFC, it rose to 30% in 2019, before the Zambian commercial debt rose Policy advice from donors and imposed “one-size-fits-all” “stabilisation”
pandemic. from 1.6% of foreign borrowings in multilateral development banks and “structural adjustment” measures,
2010 to 30% in 2018; 57% of Ghana’s (MDBs), rating agencies’ biases and impairing development.
The pandemic pushed up foreign debt payments went to private the lack of an orderly and fair sovereign
developing countries’ external debt to lenders, with Eurobonds getting 60% of debt restructuring mechanisms have Developing countries have to
US$10.6 trillion, or 33% of GDP in 2020, Nigeria’s and over 40% of Kenya’s. shaped commercial lending practices. implement severe austerity measures,
the highest level on record. More commercial borrowing liberalisation and privatisation. As real
Thus, external debt increasingly Favouring private market solutions, incomes declined, progress was set
The external debt/GDP ratio of involved more speculative risk. donors, MDBs and the IMF have back.
developing countries other than China discouraged proactive development
was 44% in 2020. Public bond finance, foreign debt’s initiatives for over four decades. With the pandemic, developing
most volatile component, rose relative countries have seen massive capital
Borrowing from international to commercial bank loans and other Hence, many developing countries outflows, more than in 2008.
capital markets accelerated after the private credit. remain primary producers, with narrow
GFC as interest rates fell. export bases and volatile earnings. Meanwhile, surging food, fertiliser
Meanwhile, more stable and less and fuel prices are draining developing
But commercial debt is generally of onerous official credit has declined in They have urged debilitating countries’ foreign exchange earnings
shorter duration, typically less than ten significance. Various factors have made reforms, e.g, arguing tax cuts are and reserves.
years. things worse. necessary to attract foreign direct
investment. As the US Fed raises interest rates,
Private lenders also rarely offer First, most rich countries have failed capital flight to Wall Street is
restructuring or refinancing options. to make their promised annual aid Meanwhile, corporate tax evasion depreciating other currencies, raising
disbursements of 0.7% of their gross and avoidance have worsened import costs and debt burdens.
Lenders in international capital national income, made more than half developing countries’ revenue losses.
markets charge developing countries a century ago. Thus, many countries need
much higher interest rates, ostensibly Thus, net revenue has fallen as such financial help.
for greater risk. Worse, actual disbursements have reforms fail to generate enough growth
actually declined from 0.54% in 1961 to and revenue. Debt-distressed countries once
But changes in public-private debt 0.33% in recent years. again seek support from the
composition and associated costs have Credit rating agencies often assess Washington-based lenders of last
made such debt riskier. Only five nations have consistently developing countries unfavourably, resort.
met their 0.7% promise. raising their borrowing costs.
Private short-term debt’s share rose But without enough debt relief, a
from 16% of total external debt in 2000 In the five decades since promising, Quick to downgrade emerging temporary liquidity crisis threatens to
to 26% in 2020. rich economies have failed to deliver markets, they make it costlier to get become a debt sustainability, and
US$5.7 trillion in aid. hence, a solvency crisis, as in the 1980s.
Meanwhile, international capital – IPS
markets’ share of public external debt Second, the World Bank and donors
rose from 43% to 62%.

Also, much corporate debt,
especially of state-owned enterprises,
is government-guaranteed.

Meanwhile, unguaranteed private
debt now exceeds public debt.

Although private debt may not be

9theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
SPEAK UP

RUKUN NEGARA: THE PRINCIPLES THE OBJECTIVES

BELIEF LOYALTY TO KING TO achieve greater unity TO maintain a TO create a just society in which
IN GOD AND COUNTRY among Malaysians democratic way of life the wealth of the nation shall be equitably shared

THE SUPREMACY OF THE RULE COURTESY AND TO ensure a liberal approach to her rich TO build a progressive society which shall be
THE CONSTITUTION OF LAW MORALITY and diverse cultural traditions oriented to modern science and technology

The lost globalism in our politics
NO other political leader has
ever written such a long exactly the same ethical standards. “Leaders who feelings of superiority may fall back on ticket to secure afterlife pleasures?
Facebook tract on corruption Any variations are due to cultural and stoke religious the claim that only their religion, being This would mean that you regard
as PAS president Tan Sri Abdul feelings of modern, offers a complete set of
Hadi Awang. geographical adaptations, socio- superiority guidelines for living in society. But any heaven as a Disneyland.
historical contexts and differences in may fall back such claim is again based on ignorance. No, the function of a ritual is to act
In his Aug 20 posting, he roundly theological interpretations of sacred on the claim
condemned the givers, receivers or verses. that only their Two thousand years ago, the like an adhesive that keeps all the tiles in
middlemen involved in the practice of religion, being Dharma-sastra of Manu devoted 12 your living room tightly bonded.
corruption. Even when there are dissimilarities, modern, offers chapters to a stunning range of subjects,
you need only to zoom out to the larger a complete set including rules of marriage, hospitality When every member of a community
“All parties involved in corrupt picture to realise the uniformity. of guidelines and law, in the juridical sense. observes the same ritual, the community
practices are grossly guilty,” Hadi Awang for living in is tightly knit. Let’s take one example: the
wrote. As an example, one religion forbids society. But Dharma-sastra provided Indian ritual of fasting.
pork but permits beef. Another religion any such claim society with a code of morality governing
“Therefore, all groups involved in forbids beef and permits pork. There are is again based everything. Fasting may be daylong for a month,
corruption should be eliminated.” also religions that forbid all meats. on ignorance. on full and new moon days every month,
Promoters of religious exceptionalism during Lent, abstention from meat for
It was a commendable sermon, The common value is that you must – that their religion is exceptionally good 250 days, one vegan meal per day for the
except for one statement near the be sparing in meat intake, and preferably and unique – ignore the calamitous 40 days of Advent and non-eating after
midpoint of his roughly 50-paragraph abstain from meat since it involves the downside when they utter the now lunch.
dissertation. killing of animals. familiar “we will defend your faith”
chant. The variations in fasting types do not
In recommending that action be The same value ranges along a matter, what does matter is that
taken all the way down to the root he continuum, with restrained meat Across the length of Asia from the everyone in the same community
remarked that among the biggest groups consumption at one end and total meat Mediterranean to Pacific, ultra- practises it and is keenly aware that the
damaging the country’s politics and abstention at the other. traditionalists in several religions shout sacrifice is intended to improve your
economy, “majoritinya daripada this chant with shaking fists accusing character and health, as well as
kalangan bukan Islam dan bukan With climate change, trends now other religions of being a threat. strengthen community bonding.
bumiputera” (the majority are from non- favour meat abstention.
Muslims and non-bumiputras). The religious labels differ, but the On the other hand, if you diligently
As for corruption, which non-Islamic devastating consequences of sectarian observe the fast but regard with
In singling out non-Muslims and religion permits it? Let us take play are the same in fuelling violence. contempt the styles of fasting practised
non-bumiputras, did he foresee a storm Buddhism as a standard bearer as it is in other religions, you fail to improve
of protest stretching all the way to the largest non-Islamic religion in Religious identity must never be used your character. Your fast has no moral
Borneo? Malaysia. to measure one’s worth to a nation. value.

However, what is more worrying than You may be familiar with Pancasila Governmental vigilance is needed to An authentic ritual may, however, be
a single episode is that many politicians (the Five Precepts), as this Sanskrit term sustain pluralism to ensure that the pirated and twisted to serve immoral
lack the realisation that in a multi- has been adopted by Indonesia to sense of globalism isn’t washed away by goals. The ritual of tithing encourages
ethnic, multi-cultural and multi- embody the nation’s foundational a tide of bigotry. you to contribute a minimum 2.5% to a
religious setting they need a sense of principles. maximum 10% of your gross earnings to
globalism to be leaders. Elementary misconceptions should ensure community well-being.
The second precept of the Buddhist be addressed by dealing with the root of
Instead, if they encourage their voters Pancasila states: Adinnadana veramani the problem. It’s an early form of income tax. But if
to maintain a deadly sense of sikkhapadam samadiyami (I undertake you hike up a project cost to slice off 10%
exceptionalism and superiority, they the precept to refrain from taking what is Three months ago, the nation had to as “tithe” to secure approval for a
may be subverting the prime minister’s not rightfully given). endure a tiny storm over claims that a contract, that ritual is known as
lofty concept of Keluarga Malaysia and popular Japanese cultural festival corruption.
Keluarga Dunia, wherein all ethnicities Any form of unlawful transaction, contained elements of Buddhist rituals
and religions are treated as part of one including theft, bribery, corruption, that could lead you away from your own While an authentic ritual binds a
Malaysian and World Family. burglary, forceful acquisition of property faith. community to a standard of moral
and fraud, is covered by this precept. behaviour, a perverse ritual has the
We must not assume that a person is No one asked the key question: are opposite effect in loosening the bonds of
less inclined or more inclined towards The Buddha didn’t just lay down Buddhist rituals fundamentally different morality, eventually leading to the
corruption purely on account of his precepts. In the Anguttara-Nikaya, he from the rituals of your own religion, breakup of that community.
religion. warned against the danger of devotion to whichever that may be?
a leader who has fallen into error and The writer champions interfaith
Such an assumption demonstrates been thus censured. His followers, in Do religions differ greatly in their harmony. Comments:
ignorance that all religions propagate their complete devotion to him, will then rituals? On the level of specifics, yes. In
stray from righteousness themselves. terms of purpose, no. [email protected]

However, leaders who stoke religious What is the function of a ritual? Is it a

COMMENT by Jamari Mohtar

AFTER the Federal Court’s verdict in dismissing What lies ahead for Najib? has dismissed his appeal if he wants to retain his
the final appeal of former prime minister Datuk status as an MP.
Seri Najib Abdul Razak in the SRC International breach of natural justice during the legal process. (b) there is filed a petition for a pardon, such
case, the right to appeal ends because of the The Federal Court will only consider disqualification shall take effect immediately “Since Najib has applied for a pardon within
simple principle of finality in decisions. upon the petition being disposed of.” the time limit of 14 days after the Federal Court’s
reviewing a case if it is satisfied that the applicant reaffirming of his conviction, he retains his
Hence, Najib, who was sentenced to 12 years has suffered a serious miscarriage of justice. According to Abdul Rani, the case of a pardon MP-ship for as long as the pardon is not disposed
in jail and fined RM210 million, served his first is different from an appeal or judicial review in of,” added Professor Rani.
day in jail on Aug 23, when his appeal was Should it decide in Najib’s favour, the case will that the disqualification as an MP is immediate
dismissed. then be reheard before a different panel. upon the petition being disposed of, whereas in What this means is assuming the pardon
the case of an appeal or judicial review, the process takes three years to complete, then for
On Sept 5, Dewan Rakyat Speaker Tan Sri However, a review will only be considered in disqualification takes place 14 days after the three years Najib will be an MP while in jail.
Azhar Azizan Harun said the former premier has exceptional cases, with history showing that appeal or judicial review is disposed of.
filed a petition seeking a royal pardon for his there is a very slim chance of the court even But the clincher lies in when the current
conviction. accepting an application. The only similarity concerning retaining the Parliament will be dissolved.
status of an MP is all these must be applied
In a statement, Azhar said Najib filed the This could be the reason why Najib has within 14 days i.e the application for an appeal to We know that Parliament will automatically
petition on Sept 2. decided to skip applying for a judicial review. the Court of Appeal must be made within 14 days dissolve itself on July 16 next year, if it is not
after conviction if a convicted MP is not to lose dissolved earlier.
This is within 14 days of the Federal Court According to International Islamic University his status.
reaffirming his conviction in the case. This Malaysia law lecturer associate professor Abdul So in the current situation, Najib will be an
means that Najib remains the Pekan MP. Rani Kamaruddin in a situation where Najib’s The same goes for an appeal at the Federal MP for only a maximum period of about less
counsel does not apply for a judicial review, the Court, which must be made within 14 days after than a year from today or less should Parliament
Najib has decided to forgo applying for a next course of action for Najib is to apply for a the Court of Appeal upholds the verdict of the dissolve before July 16 next year. Can Najib take
judicial review. royal pardon, which is exactly what he did. High Court for a convicted MP to retain his status part in GE 15 while in jail?
as an MP.
Under Rule 137 of the Rules of the Federal Article 48(1)(e) of the constitution stipulates He cannot because under Article 48(5) of the
Court 1995, the apex court is granted inherent that any MP who is convicted of an offence and In a similar vein, an MP found guilty and Federal Constitution, which states that a
power to, among others, review previous sentenced to prison for not less than a year will sentenced must apply for a judicial review within conviction is enough to disqualify an MP “for the
decisions on grounds of injustice and abuse of lose his Parliament membership. 14 days after the Federal Court has dismissed his purpose of nomination, election or appointment
process. appeal if he is to retain his status as an MP and of any person to either House of Parliament”,
Despite this, his position as an MP remains similarly a petition of pardon in turn must be Najib has already been disqualified from taking
The rule specifically states: “For the removal intact because the petition for pardon was made made within 14 days after the outcome of the part in GE15.
of doubts, it is hereby declared that nothing in within 14 days after the apex court had dismissed judicial review is not in favour of the MP
these rules shall be deemed to limit or affect the his appeal. But how long will he still be an MP? concerned. But if the petition of pardon is disposed of in
inherent powers of the court to hear any Najib’s favour before July 16 next year and
application or to make any order as may be He will remain an MP behind bars until his “Of course, if the MP concerned does not assuming GE15 takes place after the petition of
necessary to prevent injustice or to prevent an petition for a pardon is disposed of based on want to apply for a judicial review, then he has 14 pardon is disposed of, then Najib can take part in
abuse of the process of the court.” Article 48(c) of the Federal Constitution that “if days to apply for a pardon after the Federal Court GE15.
within the period specified in paragraph (a) or
But a judicial review, like an appeal, is not the period after the disposal of the appeal or Jamari Mohtar is the Editor of Let’sTalk!, an e-
automatic. other court proceeding specified in paragraph newsletter on current affair. Comments:
[email protected]
Najib’s counsel will have to apply to the court
to review his case and prove that there was a

10 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022 aFnodr uinnciltuysivity
MEDIA & MARKETING

societal backgrounds.
Co-founders Syed Sadiq Albar and

Collin Swee firmly believe the social
enterprise must be committed to
staying true to Tunku’s vision of a
united, peaceful nation where every
citizen can prosper, live, and work
together regardless of background,
race or culture.
Syed Sadiq said: “Despite the
challenges brought on by Covid-19,
o Unity-based Projek57 partners with Malaysians who share our vision of
acclaimed artist Yusof Majid to raise funds for hope have continued to be stalwart
supporters of Projek57’s efforts to
the Orang Asli community make a difference. With Yusof Majid’s
generous contribution towards our
Group Photo of the participants with Ursula Irvin, General Manager of West education pillar this year, collectively
Asia, Mars Wrigley and Chun Wah Hoo, Founder and Managing Director of we can do our part to instil the
GivingHub. WITH Malaysians’ importance of learning and empower
renewed hope for The altruistic collection entitled the Orang Asli community who often
Empower B40 to harness brighter days ahead as The Merdeka Drawings will be on face obstacles in this area.”
digital marketing tools the country recovers exhibit from Sept 10-18 at Nadine
Fine Art, Petaling Jaya. One of Yusof’s The Merdeka
Drawings works will be used later as a
from the pandemic, social enterprise Contemporary customised design
Projek57 continues to make its mark artist Yusof Majid for Projek57 t-
in instilling unity and inclusivity has been shirts and other
among underprivileged youth exhibiting his merchandise,
FOLLOWING the successful launch business entrepreneur, the skills communities from all walks of life. artwork for more enabling more
of social enterprise GivingHub’s that I learn will be beneficial and I Established in 2015 in the spirit of than three Malaysians to own
pilot programme Recipe for Success, hope to make it a new beginning for Merdeka and the nation’s founding decades. Yusof a Yusof Majid
participants were raring to go for my business selling nasi campur.” father Tunku Abdul Rahman, said: “I see this original with a
the digital marketing training Projek57 this year has collaborated collection as my noble cause.
segment, sponsored with support Shamsiah Hassan, 62, a small with celebrated Malaysian artist c o n t r i b u t i o n All profits will
from Mars Wrigley, a leading business selling food and Yusof Majid to create an exclusive towards not just be channeled
international confectionery cosmetics, also found the earlier collection of 18 paintings based on a spreading the towards other
manufacturer. workshop extremely enjoyable. “I shared interpretation of what eternal message programmes that
This Recipe for Success got to learn something new, besides Merdeka represents for the country’s of hope but to support
programme aims to equip selected the recipes, I also learnt to take people. amplify the underprivileged
entrepreneurs from the B40 photos the correct way. I decided to Fifty percent of the proceeds from significance of One of Yusof Majid’s paintings from Orang Asli youth.
community in PPR Taman Wahyu 2 join the Digital Marketing the sale of Yusof’s paintings will be Merdeka through the The Merdeka Drawings collection. Swee added:
with essential digital know-how Workshop because it is important, channelled towards Projek57’s my art. It is an “With this year’s
that enables them to promote their especially following the current Education Fund which was set up to honour to partner Merdeka and
products on digital and social trend. I hope to grow my business serve the needs of the underserved. with Projek57 and to know that my Malaysia Day theme symbolising the
media channels and generate a through the digital market.” Funds will be used for the ongoing efforts will make a positive impact in importance of standing together to be
sustainable source of income. development of its first preschool for improving the lives of fellow stronger, Projek57 is thankful that we
Guest trainer Digital Strategist The digital marketing workshops five- to six-year-olds in Gua Musang, Malaysians who are less fortunate.” can continue our work to elevate the
Gray Ham, taught marketing skills will be augmented by four coaching Kelantan, which is expected to open Since its start, Projek57 has raised quality of living for Malaysians. Every
ranging from better branding, to sessions for the participants to its doors to a group of 40 preschool more than RM450,000 for contribution can and will make a
understand the need for customer develop what they have learnt. Orang Asli children later this year. underprivileged Malaysians of all difference to ensure a better future for
engagement. one and all.”
According to Gray: “Advertising GivingHub Managing Director Yusof’s paintings centred around
is a pay-to-play game where the rich Chun Wah Hoo said: “Our focus is Malaysian life have been exhibited in
get richer. Having just a fraction of on investing in the holistic galleries here and abroad. He
the marketing power the big development of the participants’ continues to find inspiration through
megacorps wield would be a skills set so that they are able to our diverse culture and landscape.
tremendous boost to the cultivate entrepreneurship, and In addition to its art partnership,
capabilities of the underprivileged.” embark on their personal journey of Projek57 is also participating in
Following the Recipe Ideation growth, ambition and freedom to be Merdekaverse, a unique tech-centric
Workshop, Sabarina Jaafar, 54, independent.” Metaverse National Day festive event,
remarked that she enjoyed the which ends on Sept 16.
opportunity to learn new recipes As an organisation driven by a The event is the country’s first-of-
and taste products from Mars strong sense of purpose and social its-kind immersive virtual platform
Wrigley. According to her, the guest commitment, Mars Wrigley combining various technologies to
trainer was very friendly and believes better moments make the create a ‘lifelike digital space’ by
detailed and the workshop was world smile and focuses on creating Xanadu Asia.
wonderful. better communities around the
She said: “The digital marketing world by giving people
workshop is extremely important opportunities to flourish. For more , visit www.projek57.com,
and something that we who do or visit Projek57’s Facebook page at
business the old way, must learn. “Mars Wrigley is constantly
We can combine both ways and looking for new ways and www.facebook.com/projek57,
upgrade the way we run our opportunities to create positive (from left) Co-founders of Projek57 Collin Swee and Syed Sadiq Albar with Yusof Twitter page at
business, and hopefully, it will help societal impact and we are pleased Majid and one of the paintings from The Merdeka Drawings collection, of Tunku
us succeed further. As a small to partner with GivingHub in this Abdul Rahman twitter.com/projek_57 or Instagram
program to empower the urban page at
poor and deserving individuals in
elevating their livelihoods,” said www.instagram.com/projek57.
Ursula Irvin, General Manager of
West Asia, Mars Wrigley.

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S E C U R I T I E S S D N. B H D. WEDNESDAY
SEPTEMBER 7, 2022
197201001092 (12738-U)
Editorial Tel: 03-7784 6688
A Participating Organisation of Bursa Malaysia Securities Berhad Fax: 03-7785 2624/5

A Trading Participant of Bursa Malaysia Derivatives Berhad Email: [email protected]
Advertising Tel: 03-7784 8888
Participation Bought Sold Net Fax: 03-7784 4424
%
RM m RM m RM m Email: [email protected]

47.4 Institutions 814.0 754.7 59.3

26 Retail 421.2 438.3 -17.1

26.6 Foreign 419.5 461.7 -42.2 1.53 22.97 25.70
KLCI HANG SENG S&P/ASX200
100.0 1654.7 1654.7 0.0 1,488.27 8.70 43.53 6.90 16.10 6.34
STI 19,202.73 SCI NIKKEI TSEC KOSPI 6,826.50
Preliminary stats (excluding trade amendments). For final data, please refer to www.bursamalaysia.com 3,224.18 27,626.51 14,677.20 2,410.02
Source: Burs Malaysia 3,243.45

KL MARKET SUMMARY Labour woes take RM50b
September 6, 2022

INDICES 10,568.90 CHANGE +15.13 toll on manufacturing sector
FBMEMAS
FBMKLCI 1,488.27 -1.53
CONSUMER PRODUCTS 571.88 -4.02
INDUSTRIAL PRODUCTS 183.63 +2.36
CONSTRUCTION 157.87 +1.68
FINANCIAL SERVICES 16,734.80 -35.93
ENERGY 721.44 +20.71 (these industries) need the locals to fill up
TELECOMMUNICATIONS 592.31 +5.85 o Estimated cost in first eight months of 2022 as firms the vacancies, but (the amount of workers)
HEALTH CARE 1,550.90 +13.61 unable to increase output to meet global demand: FMM are not getting enough,” Soh said.
TRANSPORTATION 812.67 +6.31
PROPERTY 650.47 -0.52 He added that for the country overall,
PLANTATION 7,029.31 +27.73 with the right policies put into place,
FBMSHA 10,634.00 +38.11 █ BY GLORIA HARRY BEATTY Rising cost of labour and labour shortage Malaysia, as a trading nation with strong
FBMACE 4,800.39 +40.24 [email protected] are expected to persist in second-half 2022 export networks will be able to overcome
TECHNOLOGY 62.90 +0.87 KUALA LUMPUR: Labour shortage is (H2’22) as two of the top three obstacles for any challenges faced next year.
estimated to have cost Malaysia’s manufacturers, as it did in H1’22, the survey
TURNOVER VALUE manufacturing industry RM50 billion in the found. Soh urged manufacturers to be prepared
2.190 BIL RM1.654 BIL first eight months of the year due to inability for any eventualities by becoming more
to ramp up production to fulfil global supply Soh noted that the shortage of skilled competitive; by upgrading and improve
5 MOST ACTIVES and increase export trade volumes, workforce is not a new issue to Malaysia and their technology; reskilling and upskilling
September 6, 2022 according to Federation of Malaysia in every Budget tabling, the government will their labour force as well as and monitoring
Manufacturers (FMM) president Tan Sri Soh allocate a substantial amount for the their company’s finances.
STOCK VOL CLSG (sen) +/– (sen) Thian Lai. upskilling of the workforce. However, he
MTRONIC 75,207,600 7.5 UNCH suggested that the government look into the During the presentation, Soh said it
MYEG 75,011,200 83.5 +2.5 “During the reopening of borders, we long-term education policies. upholds a cautious outlook for H2’22 as
SANICHI 64,698,900 2.5 UNCH should (have taken) the opportunity to manufacturers are taking a more pragmatic
JADEM 51,220,800 27.0 ramp up our output to (fulfil global Soh believes Malaysia is facing a approach to the outlook of their businesses
SMI 46,168,700 18.0 -2.0 demand),” he told reporters at a press shortage of skilled workers that is driven by as economic challenges remain unabated
-7.5 conference after the FMM-MIER Business the lack of supply of science, technology, for now.
Conditions Survey presentation yesterday. engineering, mathematics (STEM) students.
5 TOP GAINERS He opined that, by now, 60% of university “Across-the-board declines were charted
September 6, 2022 He said that due to the lack of workers, students should be from STEM but only 40% in all the forward-looking indicators this
local manufacturers were not able add are from these disciplines, which is not time, with half of them falling below the 100-
STOCK VOL CLSG (RM) +/– RM capacity which would in turn be able to enough manpower to supply the local point optimism threshold, an indication
MPI 88,600 29.50 +0.46 increase export trade volumes. Citing July’s industries. that the manufacturing sector will remain in
AORB 20,000 2.60 +0.30 exports of about RM135 billion and January- cautious mode for the rest of 2022,” he said.
HARISON 14,200 6.00 +0.28 to-June’s exports of RM750 billion, Soh said “Malaysia is a trading nation, we have
PERSTIM 81,100 4.79 +0.27 since the export volume almost reached many investors coming in and (every year) Notwithstanding the persistent external
TAANN 568,100 4.13 +0.18 RM1 trillion, Malaysia could achieve much the requirements for these skilled workforce headwinds and domestic challenges,
more with enough workers in the industries. is increasing but the supply is not enough. including rising inflationary pressures, the
During the MCO, (for example) some manufacturing sector has picked up some
expatriates (have left the country) and momentum in H1’22. Most of the H1’22
indicators showed improvements from the
previous survey.

5 TOP LOSERS
September 6, 2022

STOCK VOL CLSG (RM) +/– RM
NESTLE 161,100 133.10 -1.80
DIN045801028 102.50 -1.20
DIN040000223 620 100.50 -1.00
PPB 20 16.80 -0.56
BKAWAN 448,900 22.96 -0.22
5,900

EXCHANGE RATES SEPTEMBER 6, 2022

Foreign currency Bank sell Bank buy Bank buy Malaysia still leads in innovative rubber glove output

1 US DOLLAR TT/OD TT OD KUALA LUMPUR: Malaysia continues to industry export value to be around RM23 However, due to investments into
1 AUSTRALIAN DOLLAR 4.5515 4.4185 4.4085 lead in innovative production of medical billion, or about 1.2% of 2022’s GDP,” continuous automation, we expect by 2024,
1 BRUNEI DOLLAR 3.1230 3.0010 2.9850 examination and surgical gloves, said Supramaniam said in a statement at the to hit 1.5 workers/one million
1 CANADIAN DOLLAR 3.2470 3.1540 3.1460 Malaysian Rubber Glove Manufacturers 10th International Rubber Glove gloves/month,” he added.
1 EURO 3.4700 3.3780 3.3660 Association (Margma). Conference and Exhibition
1 NEWZEALAND DOLLAR 4.5420 4.3950 4.3750 (IRGCE). Supramaniam said Margma
1 SINGAPORE DOLLAR 2.7970 2.6950 2.6790 Margma president Dr S Supramaniam He said global demand for believes natural rubber gloves
1 STERLING POUND 3.2470 3.1540 3.1460 said the country produces about 259 billion rubber gloves is expected at are poised to make a comeback
1 SWISS FRANC 5.2800 5.1140 5.0940 pieces of gloves which it supplies to 195 around 399 billion pieces in once buyers’ mindset and
100 UAE DIRHAM 4.6420 4.5380 4.5230 countries, fulfilling about 65% of global 2022 with year-on-year annual concerns are appropriately
100 BANGLADESHTAKA 125.3800 118.9200 118.7200 demand. growth expected at 10-12%. addressed.
100 CHINESE RENMINBI 4.8750 4.5620 4.3620 “Malaysian producers
100 HONGKONG DOLLAR 65.7000 63.2000 “In 2021, the Rubber Glove Industry currently have the capabilities “Alternative synthetics and
100 INDIAN RUPEE 58.6100 55.7100 N/A contributed RM54.81 billion, or 3.78%, to to produce at an advanced natural rubber gloves will see
100 INDONESIAN RUPIAH 5.8000 5.4400 55.5100 Malaysia’s gross domestic product (GDP) speed of between 42,000 to 45,000 million wider consumer acceptance.
100 JAPANESE YEN 0.0316 0.0286 5.2400 due to the exceptional surge in demand and pieces of gloves per hour from a low of 3,000 The industry is also advancing
100 NEWTAIWAN DOLLAR 3.2470 3.1450 0.0236 average selling price (ASP) as a result of the pieces per hour, 12 years ago. in the areas of the recycling economy with
100 PAKISTAN RUPEE 15.9000 3.1350 Covid-19 pandemic. “Way back in 2008, it took us 9.7 new raw materials, additives and
100 PHILIPPINE PESO 2.1100 N/A substances that are environmentally
100 QATAR RIYAL 8.1100 1.9800 N/A “Upon equilibrium, demand and ASP friendly and biodegradable,” he added. –
100 SAUDI RIYAL 125.0400 7.6500 1.7800 have normalised to pre-pandemic levels. Bernama
100THAI BAHT 122.4600 118.7000 7.4500 Hence, this year we expect the rubber glove
13.0500 116.2500 118.5000
11.5800 116.0500
11.1800

Source: Malayan Banking Berhad/Bernama workers/one million gloves/month.

12 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
SUNBIZ

BRIEFS HONG LEONG AM Lawyer Sreesanthan loses appeal in insider trading case
DECLARES RM270M
INCOME DISTRIBUTION PETALING JAYA: The Court of Appeal June 7 and July 11, 2006 while in of Worldwide. ordered Sreesanthan to pay the SC
on Monday affirmed the High Court’s possession of material non-public In dismissing Sreesanthan’s appeal, RM1.99 million, which is three times
PETALING JAYA: Hong Leong decision in November 2020 that found information relating to the proposed the profits gained as a result of the
Asset Management Bhd (Hong Datuk Sreesanthan Eliathamby had privatisation of Worldwide by the Court of Appeal unanimously insider trading. In addition, he was also
Leong AM) has declared income engaged in insider trading of Perbadanan Kemajuan Negri Selangor. found no merits in the appeal and ordered to pay to the SC a civil penalty
distributions amounting to Worldwide Holdings Bhd shares in affirmed the judgment of the High of RM1 million and barred from being
RM270 million for 21 funds, for 2006. At the material time, Sreesanthan Court as well as ordered Sreesanthan a director of any listed company for 10
the period commencing Jan 1 to was a senior partner in a law firm to pay costs of RM50,000 to the years starting from Nov 18, 2020,” said
July 31, 2022. Hong Leong AM Sreesanthan acquired a total of which was engaged to act as the legal Securities Commission Malaysia (SC). SC in a statement yesterday.
CEO Hoo See Kheng said its 600,000 Worldwide shares between adviser of the proposed privatisation
bottom-up stock picking strategy “The judgment of the High Court
has allowed the company to
deliver strong risk-adjusted E-commerce outlook remains
returns and sustainable positive as online spending rises
distribution yield to investors. “As
we move into the second half of o Largely driven by the steady growth of experience that enables seamless business messaging in Malaysia with
2022, Hong Leong AM will Malaysia’s digital consumer population which switching between online and offline. 61% of respondents having used
continue to apply appropriate is the highest among five Asean nations, SYNC business messaging in the past year.
investment strategies and survey shows Meanwhile, the study also shows There is also greater consumption of
maintain focus on long-term that the desire for more video content, with social media video
prospects and company experimentation and engagement has becoming the fastest source for online
fundamentals aiming to deliver prompted the rise of business discovery. It is important for
potential growth,” added Hoo. messaging and video consumption in businesses to connect and meet
The distribution yields for the 12- the digital shopping space. customers where they are encouraging
month period ending July 31, a more engaging retail customer
2022 for some of Hong Leong Malaysians are shopping on more experience,” said Tan.
AM’s equity, balanced and mixed platforms than ever before where the
asset funds range from 3.04% to average number of online platforms The study also shows that the
8.05%. used per person saw a 1.9 times growth creator economy in Malaysia is on the
from 2021 to 2022. As Malaysians rise as consumers seek more
MESTRON CLINCHES PETALING JAYA: The overall digital shoppers in the entire consumer digital consumers get savvier in the engagement in their purchase journey,
RM13M ORDERS shopping outlook in Malaysia remains journey, even though we see way they approach shopping which is key in driving the shift to
FROM TELECOM SECTOR positive as gross merchandise volume consumers are back at physical stores. experiences, it leads to alternative e- video. The average number of
(GMV) is still expected to grow by a Businesses and brands can leverage commerce rise. Social media purchases for entertainment,
KUALA LUMPUR: Mestron compounded annual growth rate on these opportunities to provide a dominates within the realm of streaming and content creator-related
Holdings Bhd (MHB) has secured (CAGR) of 11% from 2022 to 2027, seamless and integrated shopping alternative e-commerce, representing products in the past three months prior
another RM13 million worth of according to Meta and Bain & experience that lets them tread fluidly 61% of the share of online spending to its survey has grown eight times and
orders from the telecom- Company’s annual SYNC Southeast between online and offline in an through live buying, 34% of the share 26% of respondents have purchased
munication (telco) segment Asia (SEA) report. endemic world,” said Meta in Malaysia through classifieds, and 36% through more streaming and content creator-
following the order of RM17.5 country director Nicole Tan. business messaging. related products this year compared to
million that the group secured This is largely driven by the steady last year.
from the national digital growth of Malaysia’s digital consumer In the discovery and evaluation “We continue to see evolution in
infrastructure plan (Jendela) back population which is the highest stage, 78% of respondents cited a consumer behaviour where they seek Though still at a nascent stage, the
in June this year. The orders among Indonesia, Philippines, preference for online channels. more convenient, easy and engaging metaverse is among a number of future
secured are under the Digital Singapore, Thailand and Vietnam with However, the split between online and ways of communication as well as technologies that are gaining a
Nasional Bhd (DNB) and Universal 25 million digital consumers offline nearly levels out in the purchase more open to try new things. For foothold in many parts of the world –
Service Provision (USP) projects. accounting for 99% of the 15-year-olds stage as online accounts for a slightly example, we see strong usage of Malaysia among them. Metaverse
DNB is actively rolling out its 5G and above population. lower percentage, at 57% of the share related tech is gaining traction where
deployment while USP initiatives of wallet among the respondents. This some 55% of respondents have used
bridge the digital divide between “Online shopping in Malaysia shows the need for a shopping such tech in the past year. A variation in
developed and underserved remains an important channel for the types of metaverse-related tech
areas. Indeed, the group has seen used in the country include virtual
a sharp improvement in its order worlds that make up 27% of the share,
books and has a total order book and cryptocurrencies and augmented
of RM53 million year-to-date. This reality accounting for 26% each. This is
is in line with the active rollout of followed by virtual reality and non-
5G deployments that are fungible token.
gradually gaining momentum as
Mestron generated its revenue “As technologies advance, the
mainly from the sales of its emergence of metaverse-related tech
standard poles and specialty will build bridges to immersive
poles within the telco segment. experiences in the future. Metaverse
Mestron managing director Por will unlock new opportunities for
Teong Eng said the projects of people, communities and business,
RM13 million worth of contracts and we will continue to focus on
are expected to be completed infrastructure readiness – building the
within the next six months and it ecosystem for creators, upskilling and
is expected to contribute tools enhancement in getting us ready
positively to the group’s revenue for the future,” added Tan.
in the near term.
The SYNC Southeast Asia is based
HSS UNIT ENGINEERING on a survey of over 2,000 digital
CONSULTANT FOR consumers from Malaysia.
JOHOR WATER PROJECT
PETALING JAYA: Engineering and
project management consultant
HSS Engineers Bhd’s associate
SMHB Sdn Bhd has been Study also shows that the desire for more
appointed by Pengurusan Aset experimentation and engagement has prompted the
Air Bhd (PAAB) to be the rise of business messaging and video consumption in
engineering consultant the digital shopping space . – PEXELS PIX
providing engineering services
for the proposed study and
construction of a new water
treatment plant and upgrading of Kenanga Investors launches World Quality ESG Fund
water systems in Batu Pahat,
Johor. SMHB would commence
the 72-month contract in
September 2022 for RM11.6 PETALING JAYA: Kenanga Investors Matthew De Alwis said the fund is one quality and high ESG leads to The fund is the second product
million, leading to the contract Bhd has launched the Kenanga of the highlights of its 2022 roll-outs, improved risk-adjusted returns. launched in partnership with
contributing positively to group Sustainability Series: World Quality and is something it has been working Quality and ESG, taken together, can Northern Trust Asset Management
revenue from the financial year ESG Fund, which seeks to provide closely on with Northern Trust Asset best be understood as two following the Kenanga Sustainability
ending Dec 31, 2022 onwards. capital growth by investing in the NT Management for a substantial part of dimensions of the same underlying Series: High Yield Bond Fund which
The contract brings the group’s World Quality ESG Fund (target fund) the year. theme: sustainability. Ultimately, a was introduced in March this year. It
current orderbook to RM1.5 managed by Northern Trust Asset sustainable company is one that is also the third in a series of ESG-
billion to be recognised in the Management. The fund adopts a unique “doing produces strong results when centric funds which began with the
next five to eight years. Pursuant good, doing well” approach which measured using traditional financial launch of the Kenanga Sustainability
to the exclusive teaming The target fund aims to deliver emphasises profitability and measures as well as ESG related Series: Frontier Fund in 2021. The
arrangement between SMHB and long-term capital growth by investing sustainability by targeting companies information,” said De Alwis in a Kenanga Sustainability Series is a
HEB’s wholly owned subsidiary in securities which exhibit quality and that are ESG leaders and have robust statement yesterday. suite of multi-asset class products
SMHB Engineering Sdn Bhd, both have favourable environmental, financial fundamentals. rooted in sustainability
companies would collaborate social and governance (ESG) The partnership between considerations to advance long-term
exclusively to execute and characteristics, and excluding “The holistic integration of Kenanga Investors and Northern financial growth for investors and to
complete the scope of works. securities that do not meet certain sustainability alongside financials Trust Asset Management has seen an generate social and financial value for
ESG criteria. challenges the notion ‘ESG investing uptick in impact investing efforts from surrounding communities.
compromises performance’ and the local asset and wealth manager.
Executive director and CEO Ismitz research shows that investing in high

FOLLOW ON FACEBOOK SCAN 13theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
ME * SUNBIZ
/thesundaily
GHL Systems, Ingenico
Pertama Digital to team up to enhance
recirculate unused coins presence in local
payments landscape
o Company complements Bank Negara’s efforts,
estimates savings of RM128m annually for country KUALA LUMPUR: GHL Systems Bhd’s
wholly owned subsidiary, Paysys (M) Sdn
PETALING JAYA: Pertama Digital Bhd, In addition to BNM’s effort to recirculate Bhd, and Ingenico, a Worldline brand, have
through its subsidiary Dapat Vista (M) Sdn coins through existing coin deposit machines combined their business strengths to
Bhd, is targeting to recirculate up to 18.2 deployed at retail banks, MyPay Coin strengthen their presence in the Malaysian
million pieces of unused coins yearly to Conversions is poised to increase the velocity payments market.
complement the nation’s shift to a cashless of coins among the Malaysian public in a
society. unique, fast and efficient way. In an agreement, Ingenico will sell some of
its business and customer assets in Malaysia to
Uncirculated coins have led Bank Negara Pertama Digital estimates an annual cost GHL. By creating this operating model,
Malaysia (BNM) to spend additional funds to saving for the country of RM128 million that Ingenico will reinforce its presence in Malaysia,
mint new coins for circulation into the can be achieved from recirculating the leveraging Paysys’ market knowledge and bring
economy every year. This is an unnecessary existing idle coins in public’s possession. Ingenico’s broad range of payment solutions to
and avoidable cost which in turn affects the Additional data reveals that an average person open up new opportunities with more
balance of coins in circulation and limits the would have RM300 worth of coins that are customers and unlock new payment
disposable income of the rakyat. idle and not in use. experiences.

Pertama Digital director of strategy Saiful Pertama Digital opened its first Paysys will provide customers in Malaysia
Akhtar (pix) said it is in a prime position to MyPay Coin Conversion booth in and Ingenico’s payment solutions, supplying
facilitate and complement BNM on coin Subang Parade, Subang Jaya. The hardware and software services. Ingenico will
recirculation efforts by providing coin Subang Parade outlet managed provide Paysys with access to terminal
conversion services at its MyPay Coin collections totaling RM3.6 million management and professional services, and the
Conversion booths. from April 2021 to March 2022 with deployment of its latest smart POS terminal,
18 million pieces of coins of all Axium DX8000. The Android-based terminal
“We can attract uncirculated coins from denominations successfully offers a digital experience while optimising
the public and allow them to transfer the recirculated. Its most recent performance, productivity and security,
value of coins converted directly into their new location, opened for meeting Malaysia’s consumer demand for
accounts through e-payment services. We are operations this week, is at advanced digital payments.
driving further the agenda for electronic Berjaya Times Square in
payments as well as the cost -saving efforts by Kuala Lumpur. Paysys will have the opportunity to join
BNM,“ he said in a statement yesterday. Ingenico’s PartnerIN programme, which willd
allow access to Ingenico’s technical, business,
Genting Plantations invests in Green World Genetics and go-to-market resources.

KUALA LUMPUR: Genting Plantations Bhd technologies such as big data, Internet of “Our investment in GWG brings together BRIEFS Paysys COO Frank Leong said this
(GENP) has invested in a joint control stake in Things and artificial intelligence. This GENP’s deep genomic knowledge and GWG’s agreement marks another step towards offering
research and development firm Green World integrated agriculture technology approach extensive germplasm collection for the innovative solutions and options for the
Genetics Sdn Bhd (GWG) that specialises in has holistically enhanced its agricultural development and commercialisation of payments sector, which presents a win-win
high-quality non-genetically modified research and development to a new level. optimised food crop varieties that are suitable situation for merchants and consumers.
organisms tropical hybrid seeds breeding. for cultivation in tropical regions. The
Meanwhile, GWG engages in multi- initiative is expected to accelerate both “Over the past two years, the payment
The investment underpins a joint disciplinary crop research programmes. Since companies’ efforts in multi-disciplinary crop landscape has transformed significantly and
collaboration between GENP and GWG to its incorporation in 2007, GWG has expanded improvement research programmes using this partnership enables businesses to sustain
establish Malaysia as an important regional its diversified operations across the Asia- biotechnological tools such as molecular their competitive advantage while ensuring the
seed hub and beyond that, to address the Pacific region and engages with breeders from marker-assisted selection,” GENP chief consumer needs of flexible and secure payment
issue of national food security through the the United States, China, Thailand and executive Tan Kong Han said in a statement methods are met.”
development of new crop varieties. Mexico in seed research and development. yesterday.
The company currently operates a total of 14 T7 GLOBAL’S NEW CEO
GENP’s association with life sciences dates research centres and stations engaging in GWG CEO Dr Chua Kim Aik said its TARGETS ANNUAL
back to 2006 when it drove its maiden foray activities such as breeding, hybrid business focus is to develop high-quality REVENUE OF RM500M
into the fields of biotechnology and genomics production, evaluation and stock seed hybrid seeds through innovative technologies
to improve the yields and returns from oil multiplication for a wide range of commercial to enhance the genetic profile of crops to PETALING JAYA: Energy solutions provider T7
palm. GENP was the first in the world to crops. reduce biotic constraints such as diseases and Global Bhd has set a target of annual
sequence the oil palm, Jatropha and pests, increase yield, and improve crop revenue of RM500 million in the coming
Ganoderma genomes, coupled with the nutritional value and eating quality. years, following the appointment of Tan Kay
development of high yielding and Zhuin as its group CEO, effective Monday.
Ganoderma resistant palms. “GWG is embarking on our next phase of “Since the inception of T7 Global, we have
growth by leveraging on GENP’s genomics invested in building on a successful working
Over the years, the initiative has expanded expertise to fast track our efforts on crop model and in-house capabilities to support
into other food as well as non-food crops and improvement and seed development.” our businesses. My main objective now is to
evolved to take advantage of new establish T7 Global’s position locally and
globally,” said Tan, who has been mandated
Miti: Latest mission to Japan nets RM9.3b investments to enhance T7 Global’s synergies, business
efficiencies and corporate governance to
KUALA LUMPUR: Malaysia has secured specifically for palm oil and palm oil related for information exchange for the aerospace boost its position as a highly respected,
investments worth RM9.3 billion via the latest products, halal and food and beverages supply chain, business networking as well as professionally managed organisation.
Trade and Investment Mission (TIM) to products from Sumitomo Corporation and forming a dedicated technical working
Japan led by Senior Minister of International Adeka Corporation,” it said. group,” it added. KKB ENGINEERING GETS
Trade and Industry Datuk Seri Mohamed RM17M SUB-CONTRACT
Azmin Ali. Japan is one of Malaysia’s top sources of Mohamed Azmin also outlined Malaysia’s AND PURCHASE ORDER
foreign direct investment in terms of sustainable development goals and expressed
In a statement yesterday, the Ministry of implemented manufacturing projects, with a commitment to work together with Japanese PETALING JAYA: KKB Engineering Bhd has
International Trade and Industry (Miti) said total investment value of US$688 million companies and industries to ensure a stable bagged a sub-contract and a purchase order
the investments involve strategic and high (RM3.03 billion) recorded from January to energy supply and renewable energy by totalling RM17 million. The sub-contract is
potential sectors such as electrical and June this year. working closely with major Japanese for the supply, fabrication, painting and
electronics (E&E), research and development companies for R&D and hydrogen energy. installation of structural steel works for the
(R&D), biomass, information technology and According to Miti, Mohamed Azmin had a proposed glove factory for Petchem
communication, chemical industry and food. highly engaging meeting with Nishimura “In line with the National Investment Industrial Park, Tanjung Kidurong, Bintulu,
Yasutoshi, the newly appointed Minister of Aspiration, this mission marked a greater Sarawak (Sarawak Medical Innovation &
Among them are new investment projects Economy, Trade and Industry of Japan. emphasis accorded to the environmental, Technology Hub). KKB also received a
by Idemitsu Kosan Co Ltd and Euglena Co Ltd social and governance agenda while purchase order for the C14 RQ Cylinders and
as well as investment expansion and “Both ministers exchanged views on the intensifying Malaysia’s focus towards the C14 Compact Valve from MyGaz Sdn Bhd.
diversification projects by Tosoh Corporation, spins-offs and strategic multiplier effects to be digital economy, E&E, pharmaceutical, Both the sub-contract and the purchase
NTT Corporation and KOA Corporation. derived from the Regional Comprehensive chemical and aerospace sectors. order are scheduled to be completed by the
Economic Partnership Agreement, second quarter of 2023.
“These investments are expected to Comprehensive and Progressive Agreement “In this regard, the senior minister met
generate employment opportunities, skills for Trans-Pacific Partnership and the Indo- with the representatives of prominent MAJUPERAK CLARIFIES
training opportunities for local workers as Pacific Economic Framework for Prosperity. Japanese companies which have expressed CEO’S GARDEN LEAVE
well as contribute to the development of local interest to invest or expand their businesses in
vendors. “Regarding the memorandum of Malaysia in these priority sectors as well as PETALING JAYA: Majuperak Holdings Bhd
understanding on aircraft industry with potential importers,” said Miti. – yesterday clarified that the board and group
“Additionally, RM300 million worth of cooperation inked between Malaysia and Bernama CEO cum executive director Nizran Noordin
potential trade was garnered from this TIM Japan, both sides have outlined cooperation mutually agreed that Nizran be accorded
garden leave starting from Sept 2, 2022 to
clear his remaining leave entitlement before
his contract ends on Oct 31, 2022 and to
facilitate the transition of a new leadership
team. Nizran will be pursuing other interests
after the expiry of his contract.

14 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022 BRIEFS LUFTHANSA TO HIRE
SUNBIZ 20,000 WORKERS
BY END OF NEXT YEAR
Sri Lanka secures IMF deal,
now courts China and India BERLIN: Lufthansa is planning to
hire nearly 20,000 new
oUN says country’s crisis has left more than a quarter of secure adequate, nutritious food. employees by the end of 2023 as
its 22 million population struggling to secure adequate, The IMF’s 4-year rescues plan provisionally the aviation industry recovers
nutritious food from the pandemic, according to
agreed last week demands serious fiscal repair CEO Carsten Spohr. During the
COLOMBO: Sri Lanka’s International who faces a bristling opposition. work and more autonomy for the central bank, pandemic, which paralysed air
Monetary Fund (IMF) bailout plan could be a The country’s borrowings are so complex which was ordered to frantically print money traffic worldwide, the flagship
turning point in its worst economic crisis, but under Rajapaksa. carrier shrank to around 100,000
far-from-stable politics and a need to get debt that estimates of the total range anywhere from employees from just under
relief from competing powers China, India and US$85 billion to well over US$100 billion. To get Just as challenging, the IMF wants Colombo 140,000, causing operational
Japan means some of the hardest work is still to it to a sustainable level Beijing, New Delhi, to secure “financing assurances” – Fund speak problems this summer in some
come. Tokyo, multilaterals and global asset managers for debt relief and new loans – from regional locations where too many staff
must all swallow losses. heavyweights China, Japan and India who have had been cut. A Lufthansa
President Ranil Wickremesinghe knows a lot long jostled for influence. spokesman added that 12,000 of
of circles will need to be squared for IMF’s “This one of the biggest messes I’ve ever the positions would be
US$2.9 billion (RM13 billion) lifeline to become seen,” said Renaissance Capital’s chief The World Bank estimates Beijing’s lending, completely new while roughly
a reality. economist Charles Robertson who has watched which has funded costly projects from ports to 8,000 would be to replace
emerging market crises unfold for decades. stadium, adds up to US$7 billion, or 12% of Sri employees who were leaving the
Spending cuts, tax hikes and debt write- Lanka’s US$63 billion external debt. Japan has company. – Reuters
downs are a common formula for bankrupt “The government destroyed its revenue base provided another US$3.5 billion while India has
countries, but crisis veterans say there are some with unsustainable tax cuts, it tried to hold the given around US$1 billion. CREDIT SUISSE SELLS ITS
uniquely difficult elements here. currency when tourism revenues collapsed and GLOBAL TRUST BUSINESS
now it has no reserves in the bank and a Without the “assurances” from those
An impoverished population that forced population facing widespread poverty.” countries, the Fund’s money cannot flow, IMF ZURICH: Credit Suisse Group is
former President Gotabaya Rajapaksa to flee in Mission Chief Peter Breuer stressed. selling its global trust business, an
July still needs to accept Wickremesinghe, seen Estimates from the United Nations (UN) say offshore arm for wealthy clients,
by many as of the same political ilk and a man the crisis has left more than a quarter of Sri The crisis has culminated in Sri Lanka’s as it embarks on an overhaul of its
Lanka’s 22 million population struggling to starkest crisis first debt default since business following a series of
independence from Britain in 1948. The rupee scandals. The sale was
almost halved in value since the central bank announced as the Swiss bank
abandoned its peg in March, basic goods have defended itself against a billion-
become scarce and inflation is now running at dollar-plus damages claim
64%. – Reuters involving its trust arm in
Singapore. Credit Suisse said it
Tech workers left Bitcoin has been would sell its Singapore trust
hanging as Shopee uncharacteristically business, among others, and
rescinds job offers treading water for wind down legal entities and
“residual businesses” in the
SINGAPORE: Southeast Asia’s largest e- days at around coming years. Credit Suisse has
commerce firm Shopee has rescinded US$20,000 and dubbed 2022 a “transition” year
dozens of job offers in the past two weeks, hasn’t ventured far with a change of guard,
sources said, a move that began shortly after beyond that since restructuring to curtail risk-
parent company Sea Ltd reported widening June. – UNSPLASH taking, while it faces speculation
losses and sharply slower revenue growth. it could be bought or broken up.
PIX – Reuters
Four people interviewed by Reuters who
have participated in a WeChat group of Cryptoverse: Bitcoin no longer AUSTRALIAN CENTRAL
some 60 people that was set up to discuss the king of the swingers BANK LIFTS CASH
Shopee’s withdrawal of offers said their RATE TO 7-YEAR HIGH
offers were pulled just days before they were BENGALURU: Bitcoin’s been called a lot of provider FRNT Financial.
due to begin work. things. Buzzy, beguiling, baffling, even bogus. But Leinweber at MarketVector pointed to an SYDNEY: Australia’s central bank
never boring. hiked interest rates to a near
One 27-year-old engineer who asked that uptick in trading for ether and its derivatives as a eight-year high yesterday as it
only his first name Wang be used said his call Yet, of late, it’s been eerily subdued. side-effect of bitcoin’s subdued volatility. joined others in trying to bring
came a week after arriving in Singapore, The king of the swingers has been down sky-high inflation and
having quit a job in Shanghai with TikTok uncharacteristically treading water for days at Indeed, the price of ether – the No.2 crypto warned further increases that
owner Bytedance. around US$20,000 (RM90,000) and hasn’t with a market cap of roughly US$190 billion would hit families’ pockets were
ventured far beyond that since June. versus bitcoin’s US$380 billion – has risen 50% likely. The Reserve Bank of
“I thought it was a scam call ... until I That spells trouble for traders and exchanges since the start of July while bitcoin has been flat. Australia lifted borrowing costs
realised it was a widespread rescinding of that profit from bitcoin’s wild price lurches, and is 50 basis points to 2.35%, the
offers by Shopee,“ said Wang, who had by opening the door to its archrival ether which is Ether doesn’t offer more price drama; it is far highest since the start of 2015.
then paid an advance to rent a house. preparing to up its crypto game by moving to a less volatile, with its highest level being just over The path to bring prices back into
meaner and leaner blockchain. 2% in March 2020 during the worst of the Covid balance was a “narrow one and
Singapore-based Sea said it had recently “Bitcoin is not dead, it’s just boring at the market rout, according to data firm Messari. clouded in uncertainty, not least
cancelled some offers at Shopee but moment, so traders are already looking for because of global developments”,
declined to say how many. alternatives,” said Martin Leinweber, digital asset Yet it is soaking up a lot of the crypto buzz at the bank said in a statement. It
product strategist at MarketVector. the moment as it stands on the verge of its added that while the hike would
The move follows other recent job cuts at Bitcoin’s average 30-day volatility – a measure “Merge”, expected to finally happen later this “help bring inflation back to
Sea. Staff at Booyah!, a gaming livestream of how its price varies over a set period of time – month, when it undergoes a radical shift to a target”, more rises were expected
app, which is part of Sea’s gaming unit has slumped to 2.7% from over 4% in early July, system where the creation of new ether tokens in the coming months. The
Garena, were told they would be let go and according to data firm Coinglass. becomes far less energy-intensive. central bank estimates inflation
the app would no longer be updated, That number has stayed firmly below 5% in will peak at 7.75% this year,
separate sources have told Reuters, adding 2022, even in the most turbulent months of the For longer-term investors in traditional assets before dropping to 4% next year.
that projects at Sea’s development unit were “crypto winter” of depressed prices – a departure such as stocks or bonds, narrower swings in – AFP
also shut down. from the past five years when even periods of prices may seem like a positive. But for many
lower volatility were followed by spikes as high as investors and major cogs in the bitcoin and PORSCHE CFO SAYS ONLY
Earlier this year, media reports also said 7%. crypto economy, that’s not the case. Exchanges, MAJOR GEOPOLITICAL
Shopee had shed headcount in Southeast Bitcoin has seen periods of reduced volatility for instance, make money by charging fees on PROBLEMSWILL STOP IPO
Asia, Mexico and Latin America. Shopee in the past, often during periods of depressed or trades; when volatility falls, trading activity tends
declined to comment on those reports. falling prices, with its price swings often coming to evaporate. BERLIN: Porsche will only
back as trading activity picks up. backtrack on its stock market
As recently as March, Sea said it would This slump may be different, though. So what’s behind bitcoin’s fall in volatility? debut in the event of severe
continue to invest in Shopee, which “This has been a relatively long period of For one, an investor flight from the broader geopolitical problems that
competes with Alibaba Group Holding’s decreased volatility, it’s now beyond anything crypto space, meaning fewer people are willing to would make the importance of
Southeast Asian arm Lazada, and that we’ve seen in even 2019 where these levels lasted trade their coins. a listing fade in comparison, the
growth for the unit remained at the top of its around a quarter to a quarter-and-a-half,” said Cryptocurrencies have endured a torrid year sports car brand’s CFO Lutz
mind. Stéphane Ouellette, CEO at crypto derivatives as investors have dumped risky asset across the Meschke said yesterday.
board in the face of rising inflation, with bitcoin Volkswagen triggered a listing
But last month, Sea withdrew its e- falling about 60% and ether dropping 55%. Major of sports car brand Porsche AG
commerce forecast for the year. Founder and blow-ups at two major coins and the bankruptcy late on Monday after months of
CEO Forrest Li noted an increasingly of a big-name lender have also eroded deliberation, but cautioned the
uncertain market environment and stressed confidence in the sector. – Reuters move was still subject to market
the need to prioritise profitability and developments. In a media call
efficiency. yesterday, Porsche and now
also Volkswagen CEO Oliver
The four people interviewed by Reuters Blume said the listing could
said that as compensation Shopee has help revive capital markets hit
offered a month’s salary and in cases where by slowing global growth.
people have flown from abroad, it will Investors estimate a valuation
reimburse the cost of flight tickets and for Porsche AG anywhere
temporary accommodation. between €60 billion (RM267
billion) and €85 billion. –
Reuters

W E D N E S DAY
7 SEPTEMBER 2022

IT became the movie that helped
to define the Disney legacy,
taking a simple children’s story
and turning it into a
heartwarming – and, sometimes
scary – adventure about finding your
true self. The 1940 classic Pinocchio
broke new ground with its visuals and
even became the first animated film
to win two Academy Awards, both for
its musical score.

Now, Disney is bringing audiences
a live-action adaptation of Pinocchio
that has been seven years in the
making.

The film stars Tom Hanks as
Gepetto, and features Benjamin Evan
Ainsworth as the voice of Pinocchio,
Cynthia Erivo as the Blue Fairy, and
Joseph Gordon-Levitt as Pinocchio’s
conscience Jiminy Cricket.

In this interview provided by
Disney, Hanks talks about how his
involvement with the film came
about, and what it was like to embody
the lonely carpenter who adopts a
little puppet who dreams of
becoming a real boy.

How did you come on board on this Hanks wanted to explore the inner emotions of Geppetto, beyond what was depicted in the original animated film. – ALL PIX BY DISNEY
project?
“I got wind that Bob [Zemeckis] was Finding a family through magic
circling around Pinocchio. I said, ‘If
you don’t have a Geppetto, and you o Tom Hanks talks about portraying the baggage on it.” family. But that cannot come about
can withstand doing something with emotions motivating accidental father Geppetto Was there a particular thing about unless you know yourself.
me, let me know.’ But Bob is one of in the new Disney live action adaptation of the Geppetto that took more time to
these filmmakers who cannot do classic fairytale Pinocchio figure out or solve? “I think Geppetto is very much in
something that has been done before. “When Geppetto sent Pinocchio off touch with who he is, what he lacks,
classic? important to the storytelling to school, on one hand, he’s delighted what he’s good at, what he once had,
“He always has to do something “Well, I think it’s because it’s dark. apparatus that that greets both young that Pinocchio was going to school. what he’s lost, and he’s learned all the
where he can monkey around with Walt [Disney] understood that the people and old people. Pinocchio But on the other hand, he had just lessons.
the creative process of doing it, and dark aspects of ‘fairy tales’ are very chooses to be led astray by Stromboli gotten Pinocchio. So there is a
he’s never not challenged me with and everything else. He actually concern, a worry. “But he’s an old man. Pinocchio is
some sort of task that is brand new to leaves the safety of this house and this young. So he’s a kid. But he
the filmmaking process. No small father who loves him and goes off and “I think in the original movie accumulates that knowledge, and out
amount of which was how Pinocchio is in danger. When Pinocchio starts there’s a jumping to conclusion that of that knowledge, he knows what is
himself was going to be in this movie. growing those ears ... that’s a scary everything is going to be okay. But I right, what is wrong. And he becomes
thing to go through. I think that, along don’t think we could do that in this true to himself from the school of
“So I came to it because of the idea with the threat of Monstro, which in day and age. You can’t be a parent hard knocks.
of Bob, first of all, taking on this itself is pound for pound one of the and just send a kid off. You’re going to
fascinatingly treasured classic of best sequences ever put down on worry. You’re going to worry that “A lesson of the movie is pay
everything that Disney’s Pinocchio film, and then the magic way in which they’re not going to make it back. attention when you’re enrolled in the
means, plus the new stuff that was he and Geppetto escape him, is dark You’re going to worry what they’re school of hard knocks and try to come
going to come out of it. These great stuff and rightly so.” going to and what they’re going to go out of there with at least a bachelor’s
classics have a chance to not just be through. degree.”
updated, but I think to perhaps reflect What do you hope audiences get out
the different times.” “And that impacted the quest to go of this film?
Why do you think the original find him. Geppetto wasn’t going off ”I think there is no substitute for an
animated Pinocchio is such a just to rescue or find him. He was audience seeing something they did
going off to combat the worst fears not expect from a movie. When you
Talk to me about how you and that he has, which is that his are just taken to places beyond your
Zemeckis came up with your surrogate son is going to disappear on expectations, that’s the magic of
version of Geppetto. him. cinema. And it’s not just about what
“We have a responsibility to not just you saw. It’s about what you got
change things for the sake of “And if that happens, he’ll be alone involved in.
changing things. again. Geppetto had this brief
window on what it was like to be a “The emotional beats of a movie
“Bob and I talked about the fact dad and have a family and for it to be are what make the movie. It’s not just
that Geppetto’s a happy man, but yanked out from underneath him how it looked or how great the music
there’s been loss in his life. He’s would have been unbearable.” was or how cool the fight scenes were
missed out on the joys of being alive, All good children’s stories have a or even how scary Monstro was. It’s
of having a family. moral. What do you think the moral about the emotional connection.
of Pinocchio is?
“So we talked about the idea that “Aren’t they always ‘to thine own self “I’ve had people come up to me
he’s been alone on his own, servicing be true’? Isn’t that pretty much what it and mention the tiniest details of a
other people and delighting other is? You have to ask yourself what is movie that I haven’t thought about in
people with his handicrafts for, what, and what isn’t important. And then a million years that weren’t even the
two and a half decades? That’s an you have to make that choice in order things that we were going for.
awful long time to have no company to pursue that.
for breakfast and dinner except a cat “And they’ll say they always
and a goldfish. “Pinocchio’s a blank slate at the remember where they were, what
beginning of this. But he learns they were doing when they saw it,
“The yearning of Geppetto, everything that I think a connected what the circumstances were, and it’s
wanting to be a part of something and caring human being, a real boy, astounding how truly important this
bigger than himself, a part of a family, needs to learn over time so that the emotional beat was that they were
that was the whole bit. You can’t just moral of the story is there’s no not expecting from a movie, and they
make a real-life version of what the connection that has the potential to carry it with them for the rest of their
what the animated film was. It has to be stronger than that as with your days.”
be deeper, and it has to have more
Pinocchio premieres on Disney+
Hotstar on Sept 8.

ENTERTAINMENT FOLLOW ON YOUTUBE SCAN
ME
16 theSun LYFE ON WEDNESDAY | SEPTEMBER 7, 2022 /theSunMedia

Trouble in paradise?
o Despite getting a standing ovation in Venice, it seems
that not all is well with Don’t Worry Darling

ALTHOUGH it has yet to be theatrically quick to shut it down. “I can’t say enough how The cast of the film in Venice, including director Wilde (centre) and Pugh (second from right) who are
released worldwide, Don’t Worry honoured I am to have her as our lead,” she rumoured to be feuding. – REUTERS
Darling has been creating quite a buzz responded.
since its trailer premiered last May. Don’t Worry Darling focuses on a couple about her husband’s (Harry Styles) secret
The film, which was directed by actress Olivia “She’s amazing in the film and as for all the who move into a seemingly idyllic new Victory Project. As she investigates more, she
Wilde, has been the centre of attention from endless tabloid gossip and all the noise out neighbourhood. discovers more troubling details that ruin her
fans and critics alike. there, I mean, the internet feeds itself. I don’t utopian 1950s life. – by John Tan
feel the need to contribute, I think it’s Pugh plays the wife, Alice, who gets curious
At the recent Venice Film Festival the sufficiently well nourished.”
psychological thriller received a massive
standing ovation. The audience seemed to have And in her previous interview with Variety,
enjoyed its thrilling nature and performances the filmmaker called the feud nothing but
by the film’s notable cast. “invented clickbait”.

But while the movie continues to make Pugh, on the other hand, seemed to be
waves, intense controversy has also followed hinting at the possibility of the rumour. During
suit. her appearance on the red carpet, Pugh noted
that it is always when a woman fights back.
According to insiders, director Wilde and
lead actress Florence Pugh have supposedly “I think it’s very very inspiring to see a
been “falling out” behind the scenes. The pair’s woman push back and say ‘no,’ and question
feud reportedly started due to disagreements everything” she replied. “It’s very exciting to see
on set, which explains Pugh’s limited a woman do that on and off camera.”
promotional efforts for the project.
Asked when she “says no” off camera, Pugh
When asked about the rumour, Wilde was jokingly answered: “When do I say ‘no’? When
someone says I can’t have cake.”

Top Gun Maverick shoots down box office records Adele celebrates first
AFTER overtaking Avengers: Infinity War last Emmy win
month, Top Gun: Maverick has now The Tom Cruise-led blockbuster is the surprise hit of the summer. – PARAMOUNT PICTURES
surpassed Black Panther as the fifth-highest- ADELE, 34, received an Emmy Award on
grossing film in North America’s box office achievement and the film’s massive impact, America in front of Top Gun: Maverick are Sunday in the category of “outstanding variety
history. we want to extend our gratitude to Tom Star Wars: The Force Awakens (US$936 special (pre-recorded)” for her concert special,
Cruise, our filmmakers and cast, Paramount’s million/RM4.2 billion), Avengers: Endgame Adele: One Night Only. The British singer
According to Variety, the sequel starring marketing and distribution teams, and the (US$858 million/RM3.85 billion), Spider- expressed her happiness in an Instagram post
Tom Cruise returned to the top of the box legions of both new and longtime Top Gun Man: No Way Home (US$811 million/RM3.64 after her win, and celebrated moving one step
office over Labor Day weekend in North fans who keep turning out to enjoy this billion), and James Cameron’s Avatar closer to earning the EGOT, which stands for
America, bringing in an additional US$7.9 remarkable movie.” (US$760 million/RM3.41 billion). – by Emmy, Grammy, Oscar, and Tony.
million (RM35.5 million) and moving total Marietta Mu
ticket sales to US$701 million (RM3.15 Now, the top four grossing films in North She wrote in her Instagram caption post:
billion), becoming one of six movies to “Bloody hell I’m pleased as punch! Thank you
surpass that milestone at the domestic box [producer Ben Winston] for dropping this round
office. to me this afternoon! Trust me to officially have
an EGO
After 15 weeks of release, Top Gun:
Maverick has officially passed Marvel’s Black “I’m so so honoured to receive this. Big up to
Panther, which made US$700.4 million everyone involved. [Griffith Observatory] thank
(RM3.14 billion) at the domestic box office. you for letting me sing up on your mountain
and big love to all the other nominees.”
On international grounds, however, the
Joseph Kosinski-directed film racked up The categories for routstanding sound
US$740 million (RM3.32 billion) overseas and mixing, outstanding lighting design, and
has long been ahead of Black Panther, (US$66 outstanding technical direction, camerawork,
million/RM296 million) more, to be exact) and video control were also all won by Adele:
than the Chadwick Boseman-starring One Night Only.
superhero film overseas.
Rap icon Eminem also joined Adele in
Globally, Top Gun: Maverick stands as the becoming an EGO winner. This year’s Super
12th largest movie with US$1.44 billion Bowl Halftime Show – during which he
(RM6.47 billion), but it’s fast approaching performed – won three awards, including one
Disney’s Frozen II with US$1.45 billion for outstanding live variety special, in part due
(RM6.513 billion). to the rapper’s participation. Beatles stars Paul
McCartney and Ringo Starr have also moved
Notably, Top Gun: Maverick is the only closer to completing the EGOT; they now just
movie to ever chart No. 1 at the domestic box need a Tony Award.
office during both Memorial Day and Labor
Day weekends. Only 17 people in history have accomplished
the record, including singer John Legend, actors
“It’s without a doubt, that Top Gun: Helen Hayes and Jennifer Hudson, who just
Maverick is a true cultural touchstone recently won a Tony as a co-producer for A
embodying the power of the cinematic Strange Loop, which took home the award for
experience,” said Brian Robbins, president best musical. – by Thashine Selvakumaran
and CEO of Paramount Pictures.

“As we celebrate this enormous

Park Eun Bin, (G)I-DLE are 2022 KBA winners THE 49th Korea Broadcasting Awards were Adele showing off her brand new award on social
held in Seoul on Monday. Park Eun-bin, who media. – INSTAGRAM
Park (left) and (G)I-DLE were among the big winners of the night. – SOOMPI led KBS2’s drama The King’s Affection, was
named Best Actress.

Delivering her acceptance speech, Park
Eun-bin said: “The King’s Affection was a dream
that gave me the chance to live as a king in
the Joseon Dynasty and is both a character
and project that I will remember and
preciously cherish in the future.”

The late Song Hae also received the judge’s
special award by unanimous vote. Before
passing away in June, the veteran emcee had
hosted KBS’s National Singing Contest since
1988 for 34 years.

Other winners included the MBC series The
Red Sleeve, which won for Best Drama and
Best Video Graphics. Jun Hyun Moo, MBC’s
The Manager won Best Variety Star, while the
award for Best Singer went to (G)I-DLE from
MBC’s Music Core.

The show also featured performances from
(G)I-DLE who sang TOMBOY and NewJeans
who sang their debut track Attention. – by
Hazique Zairill

FOLLOW ON INSTAGRAM SCAN 17theSun LYFE ON WEDNESDAY | SEPTEMBER 7, 2022
ME
@thesundaily

Astro kicks off
World Cup

2022 campaign
o Watch the world’s biggest football
tournament kicks off on Nov 21, with 32 nations Football fans can watch all 64 World Cup matches in 4K HDR on Astro.
seeking to outscore their opponents in 64
unmissable matches on Astro Sports Packs

ASTRO kickstarts its FIFA every electrifying moment on the (from third left) Euan Smith, Mark Schwarzer and Philip Cocu. – AMIRUL SYAFIQ/THESUN
World Cup campaign by pitch in 4K UHD with High Dynamic
introducing The Quest, a Range (HDR) on our Ultra Box.” vouchers worth up to RM300 and “Leading up to Qatar 2022, fans MotoGP, NBA, BWF tournaments,
premium and exciting exclusive FIFA World Cup can enjoy our sports content line-up, UFC, the ATP Tours, Tennis Grand
viewing experience for football fans “Missed the start of a match? Just merchandise. which is simply the best, bar none. Slams and many more,” Smith added.
in Malaysia. activate the Play from Start feature to We broadcast the Premier League,
catch up. Can’t stay awake for the With the Astro Sports Pack at only Formula 1, UEFA Champions League The FIFA World Cup Qatar 2022
Astro Sports Pack subscribers will 3am matches? Just Cloud Record RM59.99 per month for six months, & Europa League, La Liga, US Open kicks off on Nov 21 and concludes on
be able to experience the FIFA World them first thing in the morning. Not subscribers get complimentary tennis and DFB Pokal (German Cup) Dec 19.
Cup Qatar 2022 to the fullest with at home during kick-off?” he said. access to all 64 World Cup matches in in 4K UHD. Sports fans can also catch
unlimited access and comprehensive 4K HDR. Sign up now at
live coverage on TV and Astro GO Besides that, Smith also stated product.astro.com.my/sports.
throughout the tournament. fans can stream the matches live on
Astro GO where they can get an
It was announced by Euan Smith, instant replay, real-time matches and
Group COO and CEO, TV, Astro, team stats during live matches by
during Astro’s World Cup launching opening up the Interactive Mode on
event with special appearances from Astro GO.
former footballers Phillip Cocu and
Mark Schwarzer at the Sunway “We are happy to share that we
Pyramid on Thursday. will bring an exciting line-up of
football legends to our studio to
“As the Home of Sports, we are deliver the best match punditry along
thrilled to offer Astro Sports Pack with news updates and match
customers the most premium and highlights programmes.”
comprehensive Qatar 2022 viewing
experience.” “Our Sports Pack customers can
meet these legends at our viewing
“Only Astro Sports Pack parties and exclusive Meet & Greet
customers get complimentary access events during Qatar 2022. Stay tuned
and comprehensive coverage of for more details and other exclusive
Qatar 2022 to watch all matches live contests on Astro Rewards.” Smith
on TV and never miss a moment with said.
the Astro GO app,” he said.
Besides the viewing parties and
Smith then added that “the most meet and greet sessions, there would
exciting group stage games that fans be a series of weekly roadshows
will be able to view exclusively on called ‘Golden Treasure’ taking place
Astro include the Netherlands vs in Kuala Lumpur, Penang, Johor and
Senegal, England vs Wales, and South Kuantan in September, giving
Korea vs Portugal. We will be showing chances to participants to win JD

OG Wins ESL One Malaysia 2022 with lower bracket buff
THE atmosphere during the ESL One US$85,000 (RM380,000). Their fighting
Kings of the Malaysia 2022 grand final was positively spirit was on full display, sending the
mountain. – A. electric with the thunderous roar of the crowd wild in the many close-call team
SZNAIJDER, ESL crowd reverberating in the packed arena fights, including an aegis steal and a
as OG battled through the lower bracket rampage for Monet in game two of the
en route to lifting the coveted trophy in a grand final.
LAN environment.
Taking home third place following the
OG’s win capped an intense week of lower bracket final best-of-three is Team
high-level Dota as 12 of the world’s best Secret, Crystallis, Nisha, Resolut1on,
teams attempted to outmaneuver one Zayac and Puppey, winning US$45,000
another. OG went through a tough series (RM201,000), while home crowd
against China’s Team Aster, resulting in a favourites Fnatic comprising Palos,
clean sweep in clinical fashion. Armel, Jabz, DJ, and Jaunuel placed fourth
with a prize pool of US$25,000
Their team chemistry, teamwork and (RM112,000). The full winner list:
experience helped them with their match 1. OG US$175,000
and ultimately allowed them to walk 2. Team Aster US$85,000
home with the grand prize of US$175,000 3. Team Secret US$45,000
(RM783,000). 4. Fnatic US$25,000

Even the unexpected patch before the ESL One Malaysia 2022 welcomed
second day of competition could not over 15,000 Dota 2 fans over the three days
derail OG as they put their theory crafting of main stage action at the Arena Of Stars
into practice. OG’s Yuragi, bzm, ATF, Chu in Genting Highlands, Malaysia as teams
and Taiga were all chill when Team Aster battled for a share of the US$400,000
called ‘GG.’ (RM1.79 million) prize pool.

“It was definitely a great LAN It was the first international esports
experience for us with the hype SEA tournament held in Malaysia in four
crowd. We were not expecting a patch years. Gaming enthusiasts ensured the
during the tournament. The patch made tournament had a rapturous welcome
us revisit our strategies and revise our and helped put Malaysia on esports map.
game plan within a short period of time. It
was a test of our agility to adapt in a Dota 2 fans and enthusiasts who are
competitive environment,” said OG. interested in future ESL One Dota 2
competitions can head to www.esl-
Team Aster, consisting of Monet, Ori, one.com or visit ESL Dota 2 on Facebook
Xxs, BoBoKa and [Pí Qiú] leaves ESL One and Twitter for more information.
Malaysia 2022 as runners-up with

TECH

18 theSun LYFE ON WEDNESDAY | SEPTEMBER 7, 2022

Huji Cam Photographers who use film from a past era to capture their
When it comes to the vintage filter, the Huji Cam subjects’ likeness create vintage photography. – YOUTUBE
is the most famous and faithful recreation of a
disposable camera from 1998, right down to the
date stamped on your images. The film
simulation is fairly convincing, with light leak
effects, colour fringing, and an overall contrasted
look, reminiscent of a roll of cheap ISO 400.

Huji Cam is an app whose premise is to help
you shoot pictures like it’s the 1990s. The
interface has the look and vibe of a disposable
camera, with buttons on the screen for the flash
and the shutter. There is also a makeshift keyhole
viewfinder that you’re supposed to peer into in
order to magnify it.

Once you shoot, expect distorted colours, light
leaks, blurs, grains, and also a digital timestamp
that takes you back to the 90s era. You can’t tinker
with the effects, but if you feel overwhelmed by
the options offered by other retro apps, Huji
Cam’s simplicity is reminiscent of the past.

█ BY HAZIQUE ZAIRILL Reminisce about the past

ARE you ready to travel through time o The best vintage photography filter apps for both
with your phone camera? Well, you’re Android and iOS can be found in the store today
in luck – vintage photography is
currently on-trend. Users have to wait to 3 days to be able to view the
Once upon a time, photographers had to use image taken as an elements of suprise. – LIPSTIQ
equipment and film from a past era in order to
produce authentic vintage-style photographs.
But thanks to technological advancements,
actually owning a 35mm camera or expensive
film is no longer essential if you wish to take
photographs in the style of the past.

Vintage photography is now easier than ever
to recreate, thanks to apps and specialised
filters that can recreate the classic film look on
digital photographs.

Everything is possible nowadays if you have
the desire to try new things and creativity. As
long as you love photography and have some
editing skills, you’re all set!

1998 Cam.
– APPLE
STORE

1998 Cam Gudak you finish a roll of film, you must wait one hour Even Selena Gomez is using the Huji app.
The 1998 camera app is available on both Gudak is the app for you if you want to re-create before loading another and resuming – INSTAGRAM/@SELENAGOMEZ
Android and IOS and, what’s more fun, it’s the experience of shooting with a disposable photographing.
free! This app has been extremely popular film camera. With a rigorous set of regulations, Dazz Cam
since 2019, and just like the name suggests, this app severely restricts your freedom of Thus, the application restores the long-lost The Dazz cam, which claims to be “Your pocket
the camera provides the exact same 1998 expression in comparison to the other apps on element of surprise. By the time your photographer,“ has no post-processing; the
disposable film camera, just like the Huji. this list. photographs are developed, you will likely have most authentic film photos and video are
forgotten exactly what you were photographing. shown instantly with a single click.
With a higher user rating on Google Play Developed by the Korean company Screw The creators have taken extensive measures to
than Huji, this app is surely worth it. When Bar, Gudak provides a roll of 24 photo films that prevent you from cheating by altering your Dazz Cam is the last vintage camera app on
compared to Huji, 1998 Cam’s free edition can be taken through a little viewfinder. When device’s date and time. our list. Like the previous entries, it attempts to
offers a wide range of editing capabilities, mimic the 1980s analogue film appearance.
including the ability to alter existing photos. Dazz Cam can restore an image’s colour,
texture, and noise and includes a variety of light
Rather than relying on the app to leaking effects to give photographs a more
generate random effects, users may choose genuine appearance. The Dazz camera will
from a wide variety of presets, overlays, glitch consistently introduce new cameras, so you
effects, grain, light leaks, and scratch effects will always have plenty of fresh settings to play
to customise photos. with.

VSCO Visual Supply Company created VSCO, a mobile application for taking images. – VCSCO A self-timer feature, a fish-eye lens, a variety
The majority of people would have known about this of flash options, and exposure control are
VSCO app, as it was wildly popular when it was among the notable features of this app. For
initially introduced and continued to dominate the those who wish to post their artwork on
storage space of many mobile devices until today. Instagram, there’s even a square frame.

VSCO is a photo-editing application that consists Recreate memories with photo vintage use retro
of over 200 presets, some of which were created by filter of Dazz camera app. – DAZZ CAM
Kodak, Agfa, and Ilford. It is not only a retro-inspired
software since it offers other alternatives for people
who like a more “editorial” and aesthetic appearance.

Retro photography aficionados will surely go for
the options such as M4-6 (Subtle Fade), designed to
mimic 1970s hues, and P 1-3 (Instant-Warm), which
pays homage to the instant film and its trademark
creamy tones.

In addition, the Film X Library from VSCO is also a
faithful recreation of the look of vintage Kodak, Fuji,
Agfa, and Ilford films. The KCP2 pays tribute to
Kodak’s Color Plus 200 film from the 1970s by using
tones that are somewhat warmer and have lower
contrast and saturation.

FEATURE

19theSun LYFE ON WEDNESDAY | SEPTEMBER 7, 2022

█ BY S. TAMARAI CHELVI Life on canvas (above) The
YOLO
ARTIST Faris Ridzwan from oArtist Faris Ridzwan interprets his life Collection
Kedah had a strong experiences his own way on canvas inside G13 Art
determination to become Gallery.
an artist, but things did not YOLO absorb all my experiences and will take two to three times as long as
work out and he had to pivot from his Speaking about the title of the internalise them. (right, top) the original, depending on the
original plan. collection, Faris said: “‘You only live Faris Ridzwan process and artwork size.
once’ (YOLO) portrays different “This would be one of the key making his
After a few years, he got a chance connotations depending on how it’s parts of producing my artwork, where artworks. “If my plan does not work out and
to practise the art that he had always being used. I am able to gain a better I am not satisfied, I will add more
loved, albeit as an art teacher instead understanding of the tales I intend to (right) layers. It’s very subjective to say when
of a full-time artist. “My younger self would have used express.” Regaining its my artwork actually finishes because
the term on a more impulsive note former pure it’s a continuous process. It’s an
“I had tried to be a full-time artist going through the changes in life as a Through the collection and state is a evolution,” he said.
but it was not the right time. Then, I teenager. However, the term itself exhibition, Faris hopes to encourage personal Expressing inner feelings
decided to build my career as an art connotes an encouraging mantra of people to chase their dreams. favourite of Faris prefers to ‘think out of the box’
teacher. I have been teaching for taking control of one’s life because Faris Ridzwan. when it comes to the traditional
more than five years in professional ‘you only have one life.’ “You are never too old, too poor, surprise. I explore all the techniques methods of painting. He picks tools
art schools,” he said. too young, or too sick to live your and my artwork always evolves. I like sand machines instead of
“When I was offered the solo dreams. You might not get there the would not know what the end commonly used brushes.
Though Faris enjoys teaching and exhibition, it definitely felt like an same way as others, but if you start to product would be even though I have
sharing his knowledge of art with his offer that comes once in a lifetime. At believe in your dreams and chase an initial plan,” said Faris. “I often observe carpenters, and I
students, his ultimate goal was to the same time, being given a second them, you will eventually get there,” try to explore and experiment with
become a full-time artist and chance at re-starting my art journey, I said Faris. Faris fills up a huge amount of different kinds of tools. I do use the
showcase his one-of-a-kind artworks. felt the urge to take hold of the acrylic paint into a’sauce’ bottle and brush, but my work is less than 5% of
opportunity and give it my all.” “Never be afraid and try to live pours these different colours onto a brush paintings.
Soon, the artist got what he wished your life to the fullest and remember white canvas, laid on the floor to
for. A well-known gallery knocked on According to Faris, YOLO: Flowing that uou only live once,” he reiterated. create an abstract pattern. “The sandal machine is one of the
his doors and invited him to hold a Forward encapsulated his journey as The creative art process things I use the most, in my journey
solo exhibition. an emerging artist; passionate and His creative process is the most After drying, he paints another as an artist. All my paintings are very
driven to be a part of the art scene, interesting and intriguing part of his layer on top, covering the first layer, challenging,” said Faris.
Faris translated his own life once again. artwork. and this process is repeated up to ten
experiences and his second chance at layers at a time. The visual artist is stimulated
his chosen career into YOLO Flowing Speaking about his inspiration, he He has a unique approach. He artistically by music. The choice of
Forward, a deeply personal collection explained: “My inspiration comes prepares a rough sketch plan, but Then, he sands the painting using music he listens to influences the
for him. from all parts of my lived experiences, believes in spontaneity and creativity, a “sanding machine” to reveal colours colour of the picks. Besides music,
that includes both internally and and lets his ideas flow freely. beneath layers of colour. This process colours play a significant role in his
“The art collection is actually all externally. Similar to a sponge, I paintings.
about myself,” admitted Faris. “My art process has an element of
A second chance “I really like bright colours. When I
Defining his current phase of life as Faris Ridzwan with his YOLO Collection. – ALL PIX BY FARIS RIDZWAN listen to the music, I see the colours.
“being reborn”, Faris revealed that Music translated into visual colours
this was the subject matter of the in my mind. The different music I
collection. His artworks are mainly listen to influences my painting,” said
focused on blood cells under the Faris.
microscope, which symbolise
renewal or rebirth to him. “Artists, painters, and musicians
really care about our feelings because
“It is an abstract art and I am we are sensitive people. If we set too
influenced by blood cells. These high expectations and we could not
blood cells inspire me. For me, meet the expected standards, we
[rebirth] and blood cells have a would feel really down. That is what I
connection,” said Faris. had to face the last time.“

Delving deeper into the subject, “So, my advice to my fellow artists
Faris explained how he got the idea to and art students is to never set a
draw blood cells. target for your dreams. Just go with
the flow.”
“My current artworks are a
reflection of Al-Quran Surah Al-Alaq In the same way, he creates all of
verses 1 and 2,” he explained. his paintings.

The phrase states: “O Prophet, in
the Name of your Lord Who created
humans from a clinging clot.” (Al-
Alaq, 96:1-2)

“I found the story to be
inspirational and this encouraged me
to create the artwork, where blood
cells were adopted as my subject
matter. This metaphor of life or the
birth of something new is present
throughout my artwork, the
exhibition, and my journey as an
artist.

“The metaphor is reoccurring,
similar to a pattern, in which life has
presented opportunities that have
enabled me to flow forward. Hence,
the idea of YOLO being reborn into
the art scene and blood cells are very
much connected and intertwined
with each other.

“This is ultimately what is being
expressed on my canvases.”

FEATURE FOLLOW ON TELEGRAM SCAN
ME
20 theSun LYFE ON WEDNESDAY | SEPTEMBER 7, 2022 /thesuntelegram

The character Woo Young-woo, played by Park, has sparked plenty of The TV series, produced by ENA, gives viewers a glimpse into the life and mind of a person with autism. –ENA
discussion about autism in South Korea. – AFP

Something to
talk about
o The South Korean Netflix hit Extraordinary Attorney
Woo sparks an autism debate in its home country

A HIT Netflix K-drama about a high- walk yet”, Lee Dong-ju, the mother of an autistic It also touches upon the topic of romance and interpersonal relationships experienced by its lead
functioning autistic lawyer is child, told a local broadcaster. character. – ENA
prompting soul-searching in South
Korea, where some on the spectrum But while Woo is clearly “a fictional character others began to make sense. Early interventions can help prevent those
say they can feel invisible. that has been created to maximise the dramatic “It was a life where you would not even on the spectrum “from unfairly blaming
effect”, there is actually more truth to her story themselves for the challenges they face due to
The endearing Extraordinary Attorney Woo, than many South Koreans realise, said speak 10 words a day,” Lee told AFP of her time autism, such as difficulty making and
featuring a neurodivergent attorney, has been psychiatry professor Kim Eui-jung of the Ewha at school. maintaining friendships.”
Netflix’s most-watched non-English show for Womans University Mokdong Hospital.
over a month, following a path blazed by fellow “I’d lived my whole life thinking that I’m just For Lee Da-bin, knowing her condition
Korean smash Squid Game. About a third of people on the spectrum a weird person ... and it’s my fault that I can’t get earlier in life could have helped her avoid
have average or above-average intelligence, she along with other people.” enormous hurt and pain.
Even K-pop sensation BTS are fans of the said, and may not have any noticeable autistic Limited understanding
global hit, with band members posting a video characteristics – or even realise they have the “Public awareness or understanding of high- Since receiving her diagnosis, she has been
performing the signature greeting between Woo condition. functioning autism is still very limited in South able to restart her studies with the ultimate goal
and her best friend – a dance step-slash-dab Korea,” said Kim Hee-jin, professor in of a career in medicine.
that is tearing across social media. This was the case for Lee Da-bin, who is on psychiatry at Chung-Ang University Hospital in
the spectrum but was not diagnosed until later Seoul. And, like the fictional Attorney Woo – whose
But the 16-episode series, which follows a in life. struggles with dating and dreams of living fully
rookie lawyer whose condition helps her find The general public views autism as “a independently are touchingly portrayed in the
brilliant solutions to legal conundrums but “People don’t recognise the mild forms of condition that involves severe intellectual hit show – Lee said she wants a life with a sense
often leaves her socially isolated, has gone autism at all,” she said. “I feel that I’m being disability”, she said, adding this contributed to of agency and connection.
beyond memes to trigger a serious debate in erased.” broader failures to diagnose and offer support
South Korea about autism. early on. “I want to make enough money to support
Lee shares many traits with the fictional myself and afford my own place, where I can
Star lawyer Woo Young-woo is fiercely Woo, from hypersensitivity to taste to academic live with someone I love.” – AFP
intelligent, with an IQ of 164, but also has visible excellence despite suffering from bullying. She
autistic traits such as echolalia – the precise grew up knowing she was different but blamed
repetition of words or sentences, often out of herself for not being able to fit in.
context.
It was only after she had dropped out of
Lead actress Park Eun-bin, 29, who has school and began seeing a psychiatrist for
received rave reviews, said she initially hesitated depression that she was diagnosed with autism
to accept the role, aware of the power of the and her teenage struggles to connect with
story to impact perceptions of autistic people in
South Korea and beyond.

“I felt I had a moral responsibility as an
actor,” she told AFP.

“I knew (the show) was inevitably going to
have an influence on people with autism and
their families,” she said, adding that she had
questioned whether she would be able to pull
off the complex character.

“It was the first time that I had absolutely no
idea what to do, when it came to how to express
things, while I was reading the script,” she
added.

‘Erased’ in South Korea Autistic student Lee shared many real-life experiences as the Lee was only diagnosed as being on the autism spectrum later in life. – AFP
But in South Korea, some families of autistic fictional character. – AFP
people have described the show as pure
“fantasy”, saying her character is unrealistic.

For many on the spectrum, achieving like
Woo would be equivalent to “a kid winning an
Olympic medal for cycling without being able to

322 Notices IN THE MATTER OF 322 Notices IN THE MATTER OF IN THE MATTER OF 21theSUN ON WEDNESDAY | SEPTEMBER 7, 2022
THE COMPANIES ACT 2016 THE COMPANIES ACT, 2016 THE COMPANIES ACT, 2016 * SPORTS
IN THE MATTER OF In The Matter of
THE COMPANIES ACT 2016 AND The Companies Act, 2016 AND AND ‘F2, F3 teams
IN THE MATTER OF And In the Matter of Sunrise Square IN THE MATTER OF ORIENTASIA IN THE MATTER OF do a better job’
AND TROPICANA DANGA COVE BELLA UTAMA SDN BHD Rosberg bemoans Ferrari pit lane
IN THE MATTER OF HOLDING SDN BHD Sdn. Bhd. SDN. BHD. [Company No. 732922-M] confusion during Dutch GP
TROPICANA RESORT HOLDING (199301014655) (269395-K) (Registration No. : 199901026199 199701037706 (453206-V) (Incorporated in Malaysia)
NOTICE OF REDUCTION OF (Members’ Voluntary Winding-Up) █ KIERAN JACKSON Formula Three teams do a better
SDN BHD (501099-X)) NOTICE IS HEREBY GIVEN that the (In Members’ job at their strategy and pit stops
(201301000827) (1030664-W) SHARE CAPITAL (In Members’ Voluntary Winding Up) Creditors of the abovenamed Company Voluntary Winding Up) NICO ROSBERG than Ferrari.
NOTICE IS HEREBY GIVEN THAT Notice is hereby given pursuant to which is being voluntarily wound- NOTICE FOR FINAL MEETING lambasted Ferrari’s pit
NOTICE OF REDUCTION OF pursuant to Section 117(10) of Section 439(2) of The Companies Act, up, are required on or before the 7th PURSUANT TO SECTION 459(1)(b) wall after more errors “So you’re in the pit and there’s
SHARE CAPITAL the Companies Act 2016, a special 2016 that the Special Resolution set out day of October 2022 to send in their OF THE COMPANIES ACT, 2016 during the Dutch Grand no tyre in a normal race. At some
resolution has been passed on below was duly passed by the Members names and addresses with particulars NOTICE IS HEREBY GIVEN that Prix, insisting “even F2 and F3 point they really need to start
NOTICE IS HEREBY GIVEN THAT 2 September 2022 to reduce the of the Company on the 29th August, 2022 of their debts and claims, and of any the Final General Meeting of the teams do a better job” than the making some changes.”
pursuant to Section 117(10) share capital of the Company MEMBERS’ VOLUNTARY WINDING UP security held by them, and the names members of the Company will be Scuderia.
of the Companies Act 2016, from RM166,711,978.00 to 1. That, the company will be liquidated and addresses of their Solicitors (if held at the office of the Liquidator, Rosberg added that Binotto
a special resolution has been RM151,863,877.00 by returning any) to the undersigned Liquidator at Unit No. 1128, 11th Floor, Block Carlos Sainz was the unlucky needed to make “personnel
passed on 2 September 2022 to to the holder of Redeemable Non- by way of members’ voluntary winding Suite D23, 2nd Floor, Plaza Pekeliling, A, Damansara Intan, No. 1, Jalan recipient of confusion among the changes” to avoid mistakes in the
reduce the share capital of the Cumulative Preference Shares up. No. 2 Jalan Tun Razak, 50400 Kuala SS20/27, 47400 Petaling Jaya, Ferrari pit crew, with his first pit future, with their strategy
Company from RM61,670,045.00 of the Company an amount of 2. That, Lee Kin Nai of 1st Floor, 11, Lumpur and if so required by notice in Selangor Darul Ehsan on 10th stop on lap 15 costing him at least previously criticised in Monaco
to RM61,602,052.00 by returning RM14,848,101.00. Creditors are Lorong Pulau Tikus, Pulau Tikus, writing from the said Liquidator, are by October 2022 at 11.00 a.m. 12 seconds after the crew were left and Budapest and reliability issues
to the holder of Redeemable Non- requested to send their names, 10350 Georgetown, Pulau Pinang be their Solicitors or personally required AGENDA scrambling to fit the Spaniard’s resulting in DNFs in Barcelona,
Cumulative Preference Shares addresses and particulars of their appointed as Liquidator to act for the to write in and prove their said debts 1. To receive the Liquidator’s Report left-rear tyre. Baku and Spielberg.
of the Company an amount of objections to the undersigned on purpose of winding-up the company’s and claims at such time and place as and Statement of Accounts in
RM67,993.00. Creditors are or before 20 October 2022. Any affairs and distributing its assets. shall be specified in such notice, or in relation to the winding up of the To make matters worse, Red “Their car is just a little bit off
requested to send their names, objections received after this date 3. That Lee Kin Nai be indemnified by the default thereof they will be excluded Company. Bull’s Sergio Perez ran over a loose the pace now as well in the races,
addresses and particulars of their will not be entertained. Company, against all costs, charges, from the benefit of any distribution 2. Pursuant to Section 518(3)(b) of wheel gun amid the mayhem and, especially at Spa, and we saw it
objections to the undersigned on Petaling Jaya losses, expenses and liabilities made before such debts and claims the Companies Act, 2016 to pass a later in the race, Sainz was left again here,” said Rosberg.
or before 20 October 2022. Any Dated: 7 September 2022 incurred or sustained by her in are proved. resolution directing the Liquidator reeling once again as he almost
objections received after this date JEFFREY TAN SIEW YANG execution and discharge of her duties Kuala Lumpur to destroy the books and papers of collided with Esteban Ocon in the “So they are starting to lose out.
will not be entertained. Director as liquidator. Dated this 7th day of September 2022 the Company and of the Liquidator pit lane. They need to make sure they keep
Petaling Jaya TROPICANA DANGA COVE HOLDING Dated : 7th September, 2022 Yap Siew Cheng that are relevant to the affairs of developing that car as well in the
Dated: 7 September 2022 SDN BHD Chew Sing Hoong Liquidator the Company at or subsequent Sainz was given a five-second right direction.
JEFFREY TAN SIEW YANG (199301014655) (269395-K) Director Note: to the commencement of the time penalty for an unsafe release,
Director Unit 1301, Level 13, This notice is purely formal. winding up of the company six (6) demoting him from fifth to eighth “One of the things people often
TROPICANA RESORT HOLDING Tropicana Gardens Office Tower, In The Matter of All known creditors have been or will months after the dissolution of the in the final standings and costing say is Binotto is a technician, so
SDN BHD No. 2A, Persiaran Surian, The Companies Act, 2016 be paid in full. company. the Spaniard six World sometimes you might suggest you
(201301000827) (1030664-W) Tropicana Indah, 3. Any other matters. Championship points as Max need a joint leadership team of
Unit 1301, Level 13, 47810 Petaling Jaya, And In the Matter of IN THE MATTER OF Chang Chee Ching Verstappen extended his one being the technician and one
Tropicana Gardens Office Tower, Selangor Darul Ehsan. Sunrise Square Sdn. Bhd. THE COMPANIES ACT, 2016 Liquidator championship lead to 109 points being the business manager and
No. 2A, Persiaran Surian, (Registration No. : 199901026199 Dated this 07th September 2022 over Charles Leclerc. people manager. That’s what some
Tropicana Indah, DALAM MAHKAMAH SESYEN AND Notes: people have been suggesting.
47810 Petaling Jaya, DI KUALA LUMPUR (501099-X)) IN THE MATTER OF ORIENTASIA A member of the Company entitled Rosberg, the 2016 world
Selangor Darul Ehsan. (In Members’ Voluntary Winding Up) to attend and vote at the above champion for Mercedes, could not “I don’t know Binotto well
DALAM NEGERI WILAYAH Notice is hereby given that the Creditors SDN. BHD. meeting may appoint a proxy or believe what he was watching and enough. But in any case, he needs
322 Notices PERSEKUTUAN KUALA LUMPUR, of the above Company which is being 199701037706 (453206-V) proxies to attend and vote on his told Sky F1 that changes needed to to be making some personnel
wound up voluntarily by members are behalf and such proxy need not be be made at Ferrari after a season changes there I feel because it’s
DALAM MAHKAMAH MAJISTRET DI MALAYSIA. required on or before 7th October, 2022 (In Members’ members of the Company not less overshadowed by botched strategy just going wrong too much.
KAJANG WRIT NO.: to send their names and addresses Voluntary Winding-Up) than 48 hours before the meeting. calls.
WA-A52NCC-863-05/2022 and particulars of their debts or claims, At an Extraordinary General Meeting “When we are commentating,
DALAM NEGERI SELANGOR DARUL and the names and addresses of their of the members of ORIENTASIA SDN. IN THE MATTER OF “Oh my goodness,” Rosberg we are just waiting for it to happen
EHSAN, MALAYSIA ANTARA solicitors (if any) to the undersigned, BHD. duly convened and held at Suite THE COMPANIES ACT 2016 said. “(Ferrari team principal) at the moment because we just
GUAMAN SIVIL NO: the Liquidator of the said Company and D23, 2nd Floor, Plaza Pekeliling, No. 2 Mattia Binotto keeps saying ‘no, know there’s a mistake coming
B2B FINPAL SDN BHD (NO. SYARIKAT: if so required by notice in writing by the Jalan Tun Razak, 50400 Kuala Lumpur AND no, we don’t need to make any from Ferrari very soon.
BH-A72NCvC-100-05/2022 1192385-H) Liquidator, either by their solicitors or on the 29th day of August 2022 the IN THE MATTER OF changes, everything is going well.’ I
ANTARA personally to come in and prove their following special resolutions were GERIMIS BERKAT SDN BHD mean, when is the day coming? It’s “That’s not good. So they need
PLAINTIF debts or claims at such time and place duly passed:- COMPANY NO. 1136690-H not possible (to carry on as it is). to make some fundamental
TENAGA NASIONAL BERHAD DAN as shall be specified in such notice and That the Company be wound up changes, I think, in their personnel
(No. Syarikat: 199001009294) in default thereof they will be excluded voluntarily and that Yap Siew Cheng of (MEMBERS’ “Even Formula Two teams or or how people are working
1) MUTIARA RENTAS SDN BHD from the benefit of any distribution made Suite D23, 2nd Floor, Plaza Pekeliling, VOLUNTARY WINDING UP) together there.” – The
…PLAINTIF (NO. SYARIKAT: 200801005313/ before such debts are proven. No. 2 Jalan Tun Razak, 50400 Kuala NOTICE IS HEREBY GIVEN pursuant Independent
DAN 806597-H) Dated : 7th September, 2022 Lumpur be and is hereby appointed to Section 439(1) of the Companies
MUHAMMAD ADAM BIN LOTFI Lee Kin Nai Liquidator of the Company. Act, 2016, that the Special Resolution
(berniaga dibawah nama dan gaya AIDIL & 2) ABU KASSIM BIN JADI (NO. Liquidator That the said Liquidator be authorised set out below was duly passed
GEE ENTERPRISE) K/P:500515-04-5197) 1st Floor, 11, Lorong Pulau Tikus to distribute either in cash, specie or by members of the Company on
(No. K/P: 920821-14-5875) Pulau Tikus in kind amongst the contributors of September 2, 2022 “That the Company
3) SULLHRZMY BIN MOHD ALI 10350 Georgetown, Pulau Pinang the Company in accordance with their be wound-up voluntarily and that
…DEFENDAN (NO. K/P: 780728-04-5413) respective rights and interests therein. Mr. Wong Soon Fong of 221B, Jalan
NOTIS PENGIKLANAN DEFENDAN-DEFENDAN DALAM MAHKAMAH That the Liquidator be indemnified Mahkota, Taman Maluri, 55100 Kuala
(Dalam Perkara mengenai Penyampaian MAJISTRET DI KLANG by the Company against all costs, Lumpur be and is hereby appointed
Ganti Writ Saman bertarikh 23.5.2022 dan Kepada: NOTIS DALAM NEGERI SELANGOR charges, losses, expenses and liquidator for the purpose of such
Pernyataan Tuntutan bertarikh 20.5.2022 DARUL EHSAN, MALAYSIA liabilities incurred in or sustained by winding-up.”
melalui Perintah Mahkamah bertarikh ABU KASSIM BIN JADI her in the execution and discharge of Dated this September 7, 2022
11.8.2022) (NO. K/P: 500515-04-5197), GUAMAN NO: her duties as Liquidator and in relation
Kepada:- No.9, Jalan Melor 16, Taman Melor, BL-A72NCvC-370-06/2022 thereto. IN THE MATTER OF
MUHAMMAD ADAM BIN LOTFI 68000. Ampang; Khoo Beng Ong THE COMPANIES ACT, 2016
(berniaga dibawah nama dan gaya AIDIL & ANTARA Director
GEE ENTERPRISE) dan TENAGA NASIONAL BERHAD AND
Kantin Kelab, Jalan Semenyih (No. Syarikat: 199001009294) IN THE MATTER OF IN THE MATTER OF
Balai Polis Kajang, Pekan Kajang SULLHRZMY BIN MOHD ALI THE COMPANIES ACT, 2016 GERIMIS BERKAT SDN BHD
43000 Kajang (780728-04-5413), No.88, Blok 22, Flat …PLAINTIF COMPANY NO. 1136690-H
Selangor PKNS, Seksyen 16, 40200, DAN AND
MUHAMMAD ADAM BIN LOTFI Shah Alam FU TAT FAY IN THE MATTER OF OASIS LONG (MEMBERS’
(berniaga dibawah nama dan gaya AIDIL & (No. K/P: 730710-10-5105) VOLUNTARY WINDING-UP)
GEE ENTERPRISE) Ambil perhatian bahawa suatu DIANN BIO-TECH SDN. BHD. NOTICE IS HEREBY GIVEN that the Verstappen set to eclipse Alonso
No. 6, Block 6, Jalan AU 3/1 tindakan telah dimulakan terhadap …DEFENDAN 200901006827 (849790-H) creditors of the abovenamed Company at Monza
Ampang Ulu Klang kamu dalam Mahkamah Sesyen Di NOTIS PENGIKLANAN (Members’ Voluntary Winding-Up) which is being wound-up voluntarily MAX VERSTAPPEN is closing in on Fernando
54200 Kuala Lumpur Kuala Lumpur dalam Writ No: WA- (Dalam Perkara mengenai Penyampaian NOTICE IS HEREBY GIVEN that the are required on or before Ocotber 322 Notices Alonso’s career record of F1 wins as he eases
Wilayah Persekutuan Kuala Lumpur A52NCC-863-05/2022 oleh B2B Finpal Ganti Writ Saman dan Pernyataan Creditors of the abovenamed Company 7, 2022 to send their names and IN THE MATTER OF THE to a second world title.
AMBIL PERHATIAN bahawa satu Sdn Bhd (No. Syarikat:1192385-H) yang Tuntutan bertarikh 14.6.2022 melalui which is being voluntarily wound- addresses with particulars of their COMPANIES ACT, 2016
Writ Saman bertarikh 23.5.2022 dan mempunyai alamat di Unit T2 -L9, Level Perintah Mahkamah bertarikh up, are required on or before the 7th debts or claims and the names and AND The Dutchman now lies just two wins
Pernyataan Tuntutan bertarikh 20.5.2022 9, Tower 2, PJ33 (Jaya 33), Jalan Prof 11.8.2022) day of October 2022 to send in their addresses of their solicitors (if any) behind Alonso’s 32 career victories which is
(“Writ tersebut”) dan satu Perintah Untuk Khoo Kay Kim (Jalan Semangat), 46200, Kepada:- names and addresses with particulars to the undersigned, the liquidator of IN THE MATTER OF ELLIPRO likely to be eclipsed by the end of the
Penyampaian Ganti bertarikh 11.8.2022 Petaling Jaya, Selangor yang mana FU TAT FAY of their debts and claims, and of any the said Company and if so required HOLDINGS SDN. BHD. season.
(“Perintah tersebut”) telah dikeluarkan Plaintif menuntut daripada Defendan- No. 68-2 Jalan Bestari 6A security held by them, and the names in writing by the said liquidator, are by
terhadap kamu di Mahkamah Majistret Defendan seperti berikut :- Bandar Bestari and addresses of their Solicitors (if their solicitors or personally to come in [199701023658 (439155-W) Stunningly, Verstappen also lies just one
Kajang oleh Tenaga Nasional Berhad a) Jumlah prinsipal Issued Note 42000 Klang Selangor any) to the undersigned Liquidator at and prove their said debts or claims (IN MEMBERS’ VOLUNTARY win off the 31 secured by Nigel Mansell
(No. Syarikat: 199001009294) yang AMBIL PERHATIAN bahawa satu Writ Suite D23, 2nd Floor, Plaza Pekeliling, at such time and place as shall be during his time in the sport. Verstappen will
mempunyai alamat penyampaian di sebanyak RM300,000.00; Saman dan Pernyataan Tuntutan No. 2 Jalan Tun Razak, 50400 Kuala specified in such notice or in default WINDING UP) match Alonso’s feat of becoming a double
Pejabat Setiausaha Syarikat, Tingkat 2, Ibu b) Faedah pada kadar 18.00% setahun bertarikh 14.6.2022 (“Writ tersebut”) Lumpur and if so required by notice in thereof they will be excluded from the NOTICE OF FINAL MEETING world champion by the age of 25 if he goes
Pejabat Tenaga Nasional Berhad, No. 129, dan satu Perintah Untuk Penyampaian writing from the said Liquidator, are by benefits of any such distribution made NOTICE IS HEREBY GIVEN on to win the title this season.
Jalan Bangsar, 59200, Kuala Lumpur dan mengikut pengiraan faedah harian, Ganti bertarikh 11.8.2022 (“Perintah their Solicitors or personally required before such debts are proved. pursuant to Section 459 of the
Mahkamah telah memerintahkan supaya ke atas jumlah principal Issued Note tersebut”) telah dikeluarkan terhadap to write in and prove their said debts Dated this September 7, 2022 Companies Act 2016 that a Final However, he will not beat Sebastian Vettel
Writ dan Perintah tersebut disampaikan dari tarikh pinjaman diberi kepada kamu di Mahkamah Majistret Klang and claims at such time and place as Liquidator Meeting of members of the who had already secured two titles by the
keatas kamu secara penyampaian ganti Penerbit (“Issuer”)(“Disbursement oleh Tenaga Nasional Berhad (No. shall be specified in such notice, or in Wong Soon Fong Company will held at 20-3A, Jalan age of 24 with his second crown in 2011.
dengan menampalkan atau meninggalkan Date”) sehingga tarikh penyelesaian Syarikat: 199001009294) yang default thereof they will be excluded c/o SFW Insolvency Services Pandan 2/1, Pandan Jaya, 55100
sesalinan Writ tersebut berserta dengan penuh dan muktamad; mempunyai alamat penyampaian di from the benefit of any distribution 221B, Jalan Mahkota, Taman Maluri Kuala Lumpur on Saturday, 8th The reigning champion is searching for
Perintah tersebut ke alamat-alamat c) Faedah penalti lewat pada kadar 8% Pejabat Setiausaha Syarikat, Tingkat made before such debts and claims 55100 Kuala Lumpur October 2022 at 11.00 a.m. for his first victory at the Italian Grand Prix this
terakhir Defendan yang diketahui; dengan setahun ke atas setiap Issued Note 2, Ibu Pejabat Tenaga Nasional Berhad, are proved. the following purposes: weekend having never stood on the top step
menampalkan sesalinan Writ tersebut dari tarikh matang setiap Issued Note No. 129, Jalan Bangsar, 59200, Kuala Lumpur IN THE MATTER OF THE 1. To receive an account from the at Monza.
berserta dengan Perintah tersebut di sehingga tarikh penyelesaian penuh Kuala Lumpur dan Mahkamah telah Dated this 7th day of September 2022 COMPANIES ACT 2016 liquidator showing the manner
papan kenyataan Mahkamah Majistret dan muktamad; memerintahkan supaya Writ dan Yap Siew Cheng AND IN THE MATTER OF in which the winding up has The Red Bull star is also targeting a fifth
Kajang; dan dengan mengiklankan satu d) kos; dan Perintah tersebut disampaikan keatas Liquidator EURO COMPOSITE MATERIALS been conducted and to hear consecutive race win for the first time in his
Notis sekali dalam akhbar arus perdana e) relif-relif yang yang dianggap sesuai kamu secara penyampaian ganti Note: explanations that may be given career.
tempatan. dan berpatutan oleh Mahkamah yang dengan menampalkan sesalinan Writ This notice is purely formal. SUPPLY SDN. BHD. by the liquidator.
DAN BAHAWA penampalan dan Mulia ini. tersebut berserta dengan Perintah All known creditors have been or will 200101021905 (557663-V) 2. To determine by ordinary With 10 wins to his name this season,
pengiklanan tersebut hendaklah dianggap tersebut ke alamat-alamat terakhir be paid in full. resolution pursuant to Section Verstappen is also closing in on Vettel and
sebagai penyampaian yang sempurna dan DAN MAHKAMAH TELAH Defendan yang diketahui; dengan (IN LIQUIDATION) 518 (3) of the Companies Act Michael Schumacher’s joint record for the
mencukupi Writ Saman dan Pernyataan MEMERINTAHKAN BAHAWA menampalkan sesalinan Writ tersebut IN THE MATTER OF (MEMBERS’ VOLUNTARY WINDING UP) 2016 the manner in which most victories in a single campaign.
Tuntutan tersebut keatas Defendan tujuh penyampaian Writ dan Pernyataan berserta dengan Perintah tersebut di THE COMPANIES ACT, 2016 At an Extraordinary General Meeting of the the books, accounts and
(7) hari selepas pelaksanaan terakhir Tuntutan tersebut dalam Tindakan notis Mahkamah Majistret Klang; dan Members held on 01.09.2022 the following documents of the company and Both German drivers secured 13 wins in a
tindakan penampalan-penampalan dan tersebut disampaikan kepada kamu dengan mengiklankan satu Notis sekali AND resolutions were duly passed:- the liquidator thereof shall be season en route to the world title. Red Bull
pengiklanan tersebut. melalui penampalan Salinan Writ dalam akhbar “The Sun”. IN THE MATTER OF OASIS LONG 1. SPECIAL RESOLUTION disposed of. are tipped to do well at Monza this weekend
DAN AMBIL PERHATIAN SELANJUTNYA dan Pernyataan Tuntutan tersebut DAN BAHAWA penampalan dan That the Company be liquidated by way of 3. To accept the liquidator’s as they took a step forward with their
bahawa Saman tersebut akan didengar di atas berserta dengan Salinan pengiklanan tersebut hendaklah DIANN BIO-TECH SDN. BHD. members’ voluntarily winding up pursuant to resignation in accordance straight-line speed advantage in Spa.
di Mahkamah Majistret Kajang pada perintah untuk penyampaian ganti dianggap sebagai penyampaian yang 200901006827 (849790-H) Section 439(1)(b) of the Companies Act 2016. with Section 513 (3) of the
7.9.2022, pukul 9 pagi di hadapan Majistret bertarikh 15 Ogos 2022 Dengan sempurna dan mencukupi Writ Saman (In Members’ Voluntary Winding- 2. SPECIAL RESOLUTION Companies Act 2016. The reigning champion sent a threat to
Muhammad Noor Firdaus Bin Rosli di menampalkan sesalinan serupa di dan Pernyataan Tuntutan tersebut That Chew Por Yan of Suite 39.1.6, First Floor, FOO POH KHEAN Ferrari and the Tifosi at Zandvoort, claiming
mana kamu perlu menghadirkan diri pada Papan Notis Mahkamah Sesyen di keatas Defendan tujuh (7) hari selepas Up) Jalan Kenari 17C, Bandar Puchong Jaya, Liquidator the team had confidence heading into the
tarikh tersebut, suatu penghakiman ingkar Kuala Lumpur serta mengiklankan pelaksanaan terakhir tindakan At an Extraordinary General Meeting 47100 Puchong, Selangor Darul Ehsan be Kuala Lumpur Italian Grand Prix this week.
boleh dikeluarkan terhadap kamu. penyampaian dalam bentuk notis di penampalan dan pengiklanan tersebut. of the members of OASIS LONG DIANN appointed as liquidator to act for the purpose Dated: 7 September 2022
Sesalinan Writ Saman dan Pernyataan dalam surat khabar tempatan “The DAN AMBIL PERHATIAN SELANJUTNYA BIO-TECH SDN. BHD. duly convened of winding-up the Company’s affairs and A member entitled to attend “I think if you look at the whole season, of
Tuntutan tersebut dan Perintah tersebut Sun” untuk satu terbitan dan bahawa bahawa Saman tersebut akan didengar and held at Suite D23, 2nd Floor, Plaza distributing its assets. and vote at the above meeting course, you have more tracks with kind of
boleh diperiksa oleh kamu atas segala penampalan dan pengiklanan di Mahkamah Majistret Klang pada Pekeliling, No. 2 Jalan Tun Razak, 3. SPECIAL RESOLUTION is entitled to appoint a proxy to medium downforce levels and I think our car
permintaan di Mahkamah ini. setelah tamat tempoh tujuh (7) hari 12.9.2022, pukul 9 pagi di hadapan 50400 Kuala Lumpur on the 29th day That the liquidator of the Company be hereby attend and vote instead of him. is very efficient,”Verstappen said.
Bertarikh 6 haribulan September 2022 selepas tarikh akhir penampalan dan Majistret Solehah Noratikah Binti Ismail of August 2022 the following special authorised to exercise the powers given by A proxy need not be a member of
pengiklanan tersebut hendaklah di mana kamu perlu menghadirkan resolutions were duly passed:- Section 456 of the Companies Act 2016 and to the Company. “So that’s why I think we’re all looking
t.t. disifatkan sebagai penyampaian yang diri pada tarikh tersebut, suatu That the Company be wound up distribute to members in specie any parts of forward to Monza.” – Express Newspapers
................................... sempurna dan mencukupi bagi Writ penghakiman ingkar boleh dikeluarkan voluntarily and that Yap Siew Cheng of the assets of the Company.
Peguamcara Plaintif dan Pernyataan Tuntutan tersebut ke terhadap kamu. Suite D23, 2nd Floor, Plaza Pekeliling, LAI SOOI KHEONG
NOTIS PENGIKLANAN ini telah dikeluarkan atas kamu. Jika kamu berhasrat untuk Sesalinan Writ Saman dan Pernyataan No. 2 Jalan Tun Razak, 50400 Kuala Company Director
oleh Tetuan Vin Law Co. beralamat di Suite membela diri dalam tindakan tersebut, Tuntutan tersebut dan Perintah tersebut Lumpur be and is hereby appointed Dated this 07.09.2022
6.05, Tingkat 6, Wisma E&C, No. 2, Lorong kamu mestilah dalam masa tujuh (7) boleh diperiksa oleh kamu atas Liquidator of the Company.
Dungun Kiri, Damansara Heights, 50490 hari dari tarikh tersiarnya iklan ini, permintaan di Mahkamah ini. That the said Liquidator be authorised IN THE MATTER OF THE
Kuala Lumpur, peguamcara bagi pihak memasukkan kehadiran di Pejabat Bertarikh 6 haribulan September 2022 to distribute either in cash, specie or COMPANIES ACT, 1965
Plaintif. Pendaftaran Mahkamah Sesyen Kuala in kind amongst the contributors of AND IN THE MATTER OF
Tel: 03-2093 3300 Faks: 03-2093 2200 / Lumpur. Jika ingkar memasukkan t.t. the Company in accordance with their EURO COMPOSITE MATERIALS
emel: [email protected] kehadiran, penghakiman boleh .............................. respective rights and interests therein.
(Ruj: VR/LIT/22/2021/TNB-AGE) diberikan atau perintah dibuat terhadap Peguamcara Plaintif That the Liquidator be indemnified SUPPLY SDN. BHD.
atau berhubungan dengan dirinya NOTIS PENGIKLANAN ini telah by the Company against all costs, 200101021905 (557663-V)
sebagaimana yang difikirkan adil dan dikeluarkan oleh Tetuan Vin Law Co. charges, losses, expenses and
suaimanfaat oleh Mahkamah beralamat di Suite 6.05, Tingkat 6, liabilities incurred in or sustained by (IN LIQUIDATION)
Wisma E&C, No. 2, Lorong Dungun her in the execution and discharge of (MEMBERS’ VOLUNTARY WINDING UP)
Bertarikh pada 5 September 2022 Kiri, Damansara Heights, 50490 Kuala her duties as Liquidator and in relation Notice is hereby given that the creditors of
Lumpur, peguamcara bagi pihak Plaintif. thereto. the abovenamed Company which is being
……………t…t…………… Tel: 03-2093 3300 Faks: 03-2093 2200 / Ng Yih Chen voluntary winding up, are required, on or before
Tetuan Maylee Gan & Tai emel: [email protected] Director 07.10.2022 to send in their names and address
(Ruj: VR/LIT/60/2021/TNB-FTF(KUPM)) with particulars of their debts and claims, and
Peguamcara bagi pihak Plaintif the names and address of their solicitors (if
any) to the undersigned, Chew Por Yan of Suite
NOTIS ini dikeluarkan oleh Tetuan 39.1.6, First Floor, Jalan Kenari 17C, Bandar
Maylee Gan & Tai beralamat di No.12, Puchong Jaya, 47100 Puchong, Selangor
1st Floor, Jalan BK1/17, Bandar Kinrara Darul Ehsan, the liquidator of the abovenamed
Industrial Park, 47180 Puchong, Company, and if so required by notice in writing
Selangor Darul Ehsan, peguamcara bagi from the said liquidator, are, by their solicitors
pihak Plaintif yang dinamakan di atas or personally to come in and prove their said
((Tel. No: 03 -8071 5998 / debts and claims at such time and place as
Faks No:03-8071 5972). shall be specified in such notice, or in default
(Ruj: MG/349/(MRSB)22) thereof, they will be excluded from the benefit
of any distribution made before such debts and
claims are proved.
CHEW POR YAN
Liquidator
Dated this 07.09.2022

22 theSUN ON WEDNESDAY | SEPTEMBER 7, 2022 READ OUR HERE SCAN
SPORTS ME
/thesundaily
█ ELEANOR CROOKS
‘He was better than me’
RAFAEL NADAL put his first grand slam Nadal highlights ‘easy difference’ after US Open exit the office of a tennis centre in Maryland where
defeat for more than a year down to a his father was the caretaker, is right in the mix in
“bad match” as he was stunned by a tournament that has lost first defending
American Frances Tiafoe in the fourth “I was not able to hold a have the inner strength to do it champion Daniil Medvedev, Nadal and 2014
round of the US Open. high level of tennis for a again.” champion Marin Cilic.
long time. I was not No American man has won a Tiafoe, who took to the court in a hoodie
Nadal was looking for his third slam title of the quick enough in my grand slam title since Andy celebrating Williams’ greatness, said of his win: “I
year after winning the Australian Open and movements. Roddick at Flushing Meadows in don’t even know what to say right now. I can’t
French Open to take the lead in the overall race “He was able to 2003, by far their longest drought believe it.
but he was overpowered by Tiafoe in a 6-4, 4-6, 6- take the ball too in tennis history. “He’s one of the greatest of all time. I played
4, 6-3 victory that blows the tournament wide many times very early, Now Tiafoe, the 24-year-old some really good tennis. Something special
open. so I was not able to son of immigrants from happened today.
push him back. Sierra Leone who as a child “I was telling my agent, I felt like the world
Having pulled out of Wimbledon injured “Tennis is a sport of slept in stopped. I couldn’t hear anything for a minute.
earlier in 2022 and missing both the US Open and position a lot of times. “Even shaking (Nadal’s) hand, I don’t even
Wimbledon tournaments in 2021, this was If not, you need to be know what I said to him. It was such a blur. I was
Nadal’s first defeat at a slam since his loss to very, very quick and very already tearing. I could barely see him and my
Novak Djokovic in the semifinals of the French young. I am not in that team.” – The Independent
Open last spring.

Nadal gave a blunt assessment of his
performance on Arthur Ashe Stadium, saying:
“The difference is easy: I played a bad match and
he played a good match.

moment any more. Well
done for him. He was better
than me.
“It’s normal that 15
minutes after a loss in
5516/2022 06/09/2022 (TUE)

the final slam of the
season to feel
like everything
is dark,
4757 everything
0418 seems
3514 difficult
to have DrawDate:06/09/22(Tue) DrawNo:5463/22 Venue: PERAK TURF CLUB

5888 1679 3394 4614 the
0865 9738 3280 0416 positive
3739 1241 6645 0441 energy to 9252
9394 8647 8505 7142 look
8742 6936 3952 7563 a h e a d ,” 3862

said 8761
Nadal.
“But days will
4757 0418 14,706,892.93 pass and I’ll Frances Tiafoe returns a shot against Rafael 1495 + 1181 2729 + 2361
4757 3514 0418 4757 keep going as Nadal during their fourth round match on 4513 + 4383 4411 + 1644
0418 3514 3514 4757 I’ve done my Day Eight of the US Open. – AFPPIX 0614 + 6464 9482 + 3564
3514 0418 whole life and 9685 + 6038 6021 + 2797
396,162.37 I’m confident I 5891 + 2009 1782 + 8061

Alcaraz sets up Sinner clash RM27,598,309.90

4757 SPANIARD Carlos Alcaraz defeated “Marin was playing unbelievable. But 9252 + 3862 3862 + 9252
0418 2014 champion Marin Cilic 6-4, 3-6, 6-4 I believe in myself all the time. Of course 9252 + 8761 8761 + 9252
4-6, 6-3 in one of the latest ever finishes the support today in Arthur Ashe 3862 + 8761 8761 + 3862
3514 at the US Open yesterday to set up a (Stadium) was crazy. Without you guys,
BOAR next generation quarterfinal clash it wouldn’t be possible to win this RM549,805.90
against Jannik Sinner. match tonight, so thank you very much
for the support. 179 252 + HORSE RM2,323,333.30
After battling for three hours and 53
97042 minutes at Arthur Ashe Stadium, where “I would say 100% of the energy I 293 862 + MONKEY RM361,666.60
7042 the roof was closed due to rain, Alcaraz, put in the fifth set was thanks to you. It
46814 042 19, dropped to his knees in jubilation was unbelievable.” 848 761 + MONKEY RM1,880,000.00
26423 42 after sealing the contest on his first
match point when Cilic’s return hit the Alcaraz’s victory over the 15th-
077449 net. seeded Cilic ensured there will be a new 051 495 791 181 292 729 332 361
men’s Grand Slam champion on 364 513 854 383 064 411 081 644
07744 77449 The sizeable crowd on the main Monday and also kept the Spaniard in 710 614 746 464 309 482 743 564
0774 7449 showcourt at Flushing Meadows gave contention to become the youngest 469 685 796 038 476 021 592 797
077 449 the players a standing ovation with the world No. 1 when the ATP rankings are 895 891 162 009 481 782 418 061
07 49 clock striking 2.23am, minutes shy of updated after the final.
the latest finish at the hardcourt Grand
Slam in New York. The third seed will next meet 21-
year-old Italian Sinner, seeded 11th, for
“Honestly, I have no idea,” Alcaraz a maiden Grand Slam semi-final spot.
said on court when asked how he
managed to clinch victory. “It was Sinner also emerged victorious from
pretty, pretty tough at the beginning of a marathon contest against Ilya Ivashka,
the fifth set (being a) break down. winning 6-1, 5-7, 6-2, 4-6, 6-3 after three
hours and 47 minutes. – Reuters

Sabalenka stays strong in New York

8 16 17 24 44 57 ARYNA SABALENKA overcame a against 19th seed Collins. 252 862 761
30,220,603.75 partisan New York crowd and an in- “I just love the court, I love the
form Danielle Collins to secure a 3-6, 6- RM761,867.20
1 11 20 33 37 52 3, 6-2 win yesterday and set up a US crowd,” she said at Arthur Ashe 252 + 862 + 761 862 + 761 + 252
3,419,874.83 Open quarterfinal against familiar foe Stadium. 252 + 761 + 862 761 + 252 + 862
Karolina Pliskova. 862 + 252 + 761 761 + 862 + 252
6 14 26 36 39 45 21 “Even if you guys support her, which
4,411,500.80 American Collins came out firing to is expected, I love this place and I want HSSB 1+3D Jackpot 1 RM576,476.00
100,000.00 take the first set but the tide turned in to play here as much as I can.” won on 04/09/2022!
the second when sixth seed Sabalenka
won a marathon service game to lead Next up for Sabalenka is big-serving
4-3. Czech Pliskova, who won a gritty three-
setter over Victoria Azarenka, also of
Sabalenka rolled on from there, Belarus, earlier yesterday.
breaking Collins in the next game and
capturing the set with her fifth ace. Sabalenka and the tournament’s
2016 finalist Pliskova have split their
She broke again early in the four head-to-head meetings 2-2.
deciding third set and raised her arms
in triumph when Collins’ service return Sabalenka said maintaining her
landed in the net on match point. composure if the match is not breaking
her way will be key to victory.
Sabalenka, a semifinalist at Flushing
Meadows last year, improved to 4-0 “Right now I really expect great level
from her,” she added. “It’s going to be
tough. It’s a tough fight.” – Reuters

23theSUN ON WEDNESDAY | SEPTEMBER 7, 2022

* SPORTS

RESULTS & STANDINGS Reds get injury boost

ENGLISH CHAMPIONSHIP: Middles-
brough 1 Sunderland 0.

LA LIGA: Real Valladolid 1 (Weissman Napoli star-striker Osimhen doubtful for Champions League clashIVERPOOL have a huge opportunity to
90+2) Almeria 0. end their poor record against Napoli
after the Serie A side’s star striker Victor

LOsimhen was rated as a serious doubt for
SERIE A: Monza 0 Atalanta 2 (Hojlund Osimhen picked up an injury in the club’s 2-1 making it one of the more entertaining groups in
57, Marlon 65-og), Salernitana 2 comeback win over Lazio at the weekend. the competition.
(Mazzocchi 39, Dia 61) Empoli 2 (Satriano
31, Lammers 81), Torino 1 (Vlasic 40) Reports from Italy suggest he did not “We’ve been pitted against three very tricky
Lecce 0. complete full training yesterday alongside his teams but I don’t think they’ll be too happy to
the match after picking up an injury. teammates. have got Napoli either,” Spalletti told the Napoli
The Reds have failed to win in the three Tricky winger Hirving Lozano was also club website.
TOP 5 P W D L F A Pts matches they have played in the Diego missing according to GIFN meaning the Serie A “We’ve ended up in a really difficult group,
Atalanta 5 4 1 0 9 2 13 Armando Maradona Stadium but Thursday’s side could be further depleted. but then nearly all Champions League groups
Napoli 5 3 2 0 12 4 11 (3am Malaysian time) Champions League clash Fortunately for the Anfield faithful, the Reds’ are. It’s always hard to put a percentage on your
AC Milan 5 3 2 0 10 5 11 could pose their best chance to correct that home record against the Neapolitans is far chances of going through.
Udinese 5 3 1 1 9 5 10 record. superior to what it is away. “The main thing is we do ourselves justice in
Roma 5 3 1 1 6 5 10 Liverpool and Napoli have become familiar The club have won two out of three of their the world’s premier club competition – and
foes in recent years, after being drawn into the fixtures on Merseyside with the 1-0 success in doing ourselves justice means increasing our
same European group three times since 2010. 2018 being particularly important. chances of reaching the next round.
Rodgers Liverpool have failed to win in Italy on each A Mohamed Salah goal secured qualification “We’re in a group with three clubs who have
defends occasion they have played the Gli Azzurri from the group stage in the final match, kicking helped write the history of European football,
arguing Foxes playing out a 0-0 draw in 2010 before losing into motion the sequence of events that resulted three legendary clubs who play at some of the
twice in two years between 2018 and 2019 under in the club winning the trophy in 2019. world’s great footballing theatres: the Johan
the management of Jurgen Klopp. Napoli boss Luca Spalletti talked up his Cruyff Arena, Anfield and Ibrox Stadium. It will
However, they could have the opportunity to team’s chances after the draw was announced. be a journey into the story of European and
correct this issue after Napoli’s talismanic striker The two clubs will be joined by Rangers and Ajax world football.” – Express Newspapers

BELEAGUERED Leicester boss Brendan Atalanta midfielder
Rodgers is adamant his Teun Koopmeiners
underperforming players are “very much (top) heads the ball
together” and “giving everything” during the Serie A
despite the club’s worst start to a match against Monza
Premier League season. at the U-Power stadium
yesterday. – AFPPIX
The struggling Foxes remain bottom
of the table with just a single point after Atalanta top Serie A after win at Monza
Sunday’s 5-2 hammering at Brighton
condemned them to a a fifth ATALANTA moved two points clear at the “We took a risk in the first few minutes,
consecutive top-flight defeat. top of Italy’s Serie A after they secured a 2-0 then we came out on top,” Atalanta coach
win at bottom-placed Monza yesterday. Gian Piero Gasperini said after the game.
Sections of City’s travelling support
turned on their under-pressure manager Atalanta were unable to break through “It has never happened in Atalanta’s
at the Amex Stadium, unfurling a Monza’s defence in the first half as they history to be on top alone in the standings,
“Rodgers Out” banner at full-time and faced a promoted side who were it’s a credit to these guys and it’s a very
chanting for him to be sacked. determined to secure their first points of good thing for the people and for us.”
the season before the visitors came out a
Leicester’s players also vented more aggressive unit in the second half. Atalanta are now on top of the league
frustration in Sussex, which included with 13 points, two ahead of Napoli and
heated on-field exchanges between Rasmus Hojlund scored the opening champions AC Milan.
Wilfred Ndidi and goalkeeper Danny goal of the game in the 57th minute when
Ward and, later, James Maddison and Ademola Lookman found the Danish striker Gasperini also praised Hojlund after the
substitute Daniel Amartey. in the box where he shot into the bottom 19-year-old scored his first goal for the club
left corner with one touch. after signing from Austrian side Sturm Graz.
“I’m happy when that happens
because they’ve got to tell each other,” Atalanta doubled the lead eight minutes “We were convinced from the very first
Rodgers said of the disagreements. “You later through an own goal when Lookman’s training session. He has very good
can’t hide behind a rock and pretend it’s cut-back pass was deflected into Monza’s characteristics for a 19-year-old, we need to
not happening. net by defender Marlon. work on him but he has a great future,”
Gasperini said. – Reuters
“The group is very much together,
that’s the beauty of it. The spirit’s there, a
great bunch of guys that have talent
but, at the minute, collectively we’re not
quite showing that talent and that’s (due
to) confidence.

“We’re very much together, there’s no
doubt about that. But the telling things
to each other on the pitch, I like that.
The players are giving everything and
fighting.”

Rodgers feels it is “a constant
challenge” to plug gaps in his team after
likening his squad to a jigsaw with
missing pieces.

“We have the players that we have,
that have the skill set that they have and
we have to try and maximise what we
can get out of them,” said Rodgers.

“For us, it’s like a jigsaw, we’ve got
pieces missing and it is a constant
challenge to try and fill the gaps where
the pieces are missing.

“That’s the reality of where we’re at
but it won’t stop us trying and fighting
and working to get the best results we
can.” – Express Newspapers

Gerrard must win two of next four games: Bent

ASTON VILLA boss Steven Gerrard must win against Southampton follows, before two sack. So he needs to be getting at least two
two of the next four matches to keep his job, away days at Leeds and Nottingham Forest. wins out of that four.”
reckons former Villa striker Darren Bent.
Bent did not think the City result would Bent praised how Villa stuck in against
Gerrard’s side have won just once in six affect Gerrard’s future. However, he says the City but admitted there was luck in the result.
games so far this season and sit 17th in the Liverpool legend will be in trouble if he He added: “It was probably more bad
Premier League table. doesn’t win at least two of the next four. finishing from Manchester City.

Villa grabbed a surprise point on Saturday, “I never really thought he would get the “They had chance upon chance to see
holding champions Manchester City to a 1-1 sack regardless of what happened, unless that game off, didn’t take them. Great goal by
draw. But Bent does not think Gerrard is out they got beat 9-0 or something crazy like Leon Bailey by the way.
of the woods yet. that. When you look they’ve got Leicester,
Southampton, Leeds, Forest next,” Bent said “They hung in there, they rode their luck a
Bottom-of-the-table Leicester are the next on talkSPORT. little bit which you need against top teams,
opponents, with Villa travelling to the King and they leave with a point.” – Express
Power Stadium on Saturday. A home clash “They’re the games that could get him the Newspapers

WEDNESDAY • SEPTEMBER 7, 2022 QUOTE OF THE DAY

I don’t even know what to say right now.
I can’t believe it. He’s one of the greatest
of all time... I felt like the world stopped. I couldn’t
hear anything for a minute. Even shaking (Nadal’s)
hand, I don’t even know what I said to him. It was
such a blur.”

Frances Tiafoe after defeating Rafael Nadal at the US Open

Eye-catching debut

Antony backed to improve Man Utd after joining from Ajax on deadline day

█ SIMON PEACH “He’s already adapted to his think it comes for the messages
football side and now he’s the manager passes to us but the
ANTONY’S dream debut adapted to his new teammates main point has been from
goal set Manchester and I think you could see in the ourselves – to be at this club you
United on course for minutes that he played that he have to fight for it.
victory against Arsenal, showed some character, he “You have to fight for 90
with Diogo Dalot saying the showed some desire, which I’m minutes every single game and
deadline-day arrival has already sure every fan will love. this is what we are trying to do,
made an impression on “The quality that he has, the then the quality will come up.
teammates. mentality that he has, I think he “But the basics, the standards
will improve us.” of the club are like this and if we
After a lengthy, and at times Dalot says the ability to continue to do this for a big
bumpy, pursuit of the 22-year- converse with Antony in their period of time I think we will get
old, Erik ten Hag finally got his shared mother tongue of success.
man as an agreement was struck Portuguese can make it easier to “But we know it’s a marathon,
with his former club Ajax for a build a connection. not a sprint. This is going to be a
deal which could reach £85 But the 23-year-old is long season and we need all
million. confident of linking up well with the little points, the wins to
everyone right now given the build momentum and this
The fee has raised eyebrows team’s growing coordination game was a beautiful
but there is no doubting Antony’s during his best run of individual afternoon.”
potential, which he got the performances in a United shirt. While United
chance to show from the outset “I feel it’s been a good celebrated a fourth
against Premier League leaders moment, individually, straight victory,
Arsenal just days after completing collectively,” Dalot, who joined Premier League
his move. from Porto in 2018, said. leaders Arsenal left
“When collectively you are Old Trafford
The Brazil international good, the individuals come frustrated as
opened the scoring with a cool afterward, this is what I’ve been their perfect
left-footed strike at a bouncing fighting for, to show my level. start to the
Old Trafford on Monday, with “This is the level I want to keep season
Marcus Rashford’s brace sealing a for a long time, there is still room came to an
3-1 win after Bukayo Saka had for improvement and this is what end.
equalised. I aim for every single day, to
improve what I need to
Dalot was delighted to have improve but keep the
played his part in United’s fourth consistency, keep the
straight win and enjoyed his first level because “The
taste of playing with right winger feeling is
Antony. these frustration because Manchester United’s
are the we play, we control the Antony celebrates after
“(Playing with Antony was) standards of game and then we concede,” scoring the opening
very good,” the Portugal right- this club.” Gunners’ in-form frontman goal against Arsenal at
back said. Put to Dalot that Gabriel Jesus said. Old Trafford. – AFPPIX
the players appear to “But that’s football, they have
“He showed that in just two or be showing more quality as well and then if you
three days that he could come on fight, he added: “I don’t go there and kill, you are
and make the difference he made going to have a big problem – and
with a beautiful goal, beautiful that’s what happened.” – The
team goal. Independent

“He is one more player to help,
we want to build a very good
squad this season and with him
we are going have more quality.
He has the advantage of knowing
the way that the manager thinks.

Referees being ‘hung out to dry’ by VAR in the Premier League

█ JAMIE GARDNER “These officials don’t get to the Premier within the stadium, or very close by, rather ‘guys, ultimately what we want is the correct
REFEREES are being “hung out to dry” over a League without being good referees. than at the Stockley Park headquarters, which decision. Have the courage of your
series of high-profile VAR controversies in the he likened to an “ivory tower”. convictions, because you will be supported
Premier League last weekend due to a lack of “In some ways they have been made to either way’”.
leadership, according to former top-flight look foolish by what has happened. They must West Ham had an equaliser ruled out
referees’ boss Keith Hackett. feel that they’ve been let down. against Chelsea after VAR Jarred Gillett advised He also felt VAR was being used too
onfield referee Andrew Madley to review a forensically, rather than just for clear and
West Ham and Newcastle had goals “They have been hung out to dry because possible foul by West Ham’s Jarrod Bowen on obvious errors.
controversially disallowed on Saturday there’s no leadership. There’s no guidance, Blues goalkeeper Edouard Mendy.
following VAR checks. there’s no coaching. “The PGMOL said at the beginning of the
Newcastle were denied a winner against season that they had raised the bar (for
Professional Game Match Officials Limited “That ultimately has to come down to the Crystal Palace after VAR Lee Mason interventions). They have clearly forgotten to
(PGMOL) has acknowledged errors were made person running the organisation (Riley). The recommended a check by Michael Salisbury on tell the VAR operators,” he said.
in those matches and is understood to be co- interaction between the referee and the VAR is a collision between the Magpies’ Joe Willock
operating with the Premier League after it suspect. and Palace goalkeeper Vicente Guaita. Asked if the officials involved should face
called for the incidents to be reviewed. consequences, Hackett added: “They need
“One of the reasons for that is you’ve got A foul was given, even though replays operational advice. They need to understand
Hackett, a former general manager of current referees who might referee on a suggested the collision was caused by Palace’s this error.
PGMOL, criticised current incumbent Mike Riley, Saturday suddenly becoming a VAR on a Tyrick Mitchell shoving Willock towards Guaita.
who will be succeeded before the end of the Sunday. I don’t think that’s conducive to good “Everybody needs to understand why that
year by 2010 World Cup final referee Howard officiating.” Hackett said officials are “conditioned” to error was made. It’s not about putting a guy up
Webb. change their mind if a VAR suggests they to a post and saying ‘we’re gonna shoot you’.
Hackett says PGMOL should move to create should review an incident.
“We’re in our fourth season of VAR and we’re a panel of individuals whose sole job is to “This is about education, this is about
not operating it well,” Hackett told the PA news serve as VARs and called for them to operate as “They see the walk from (making) the accountability. It’s about saying ‘let’s take time
agency. teams with a referee and his or her assistants decision to the pitchside monitor as the walk out’ – maybe a week off for that individual to
to improve communication. of shame,” he added. get his head around the error that he’s made.” –
The Independent
He also believes VARs should be situated “We need to get them in a room and say

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