PAC probe into 1MDB begins
The Malaysian Public Accounts Committee (PAC), a bipartisan parliamentary committee, has commenced its probe with interviews of key government officials related to state investor 1MDB. An audit was ordered by Najib in March, but with a preliminary report only slated at end of June and more information being revealed every day, PAC decided to begin its investigations. (Channel News Asia)
Dr M: Independent commission needed to probe 1MDB
Former Prime Minister Tun Dr Mahathir has spoken up, saying that an independent commission needs to be formed to investigate the debt-ridden government-owned fund, as well as the government itself for failing to oversee 1MDB’s affairs. He was skeptical of the Auditor-General’s (AG) probe, ordered by current PM and finance minister Najib, which he said could take years to obtain a report. (The Edge Markets)
WCT to launch RM700 million mixed developments
WCT Holdings Bhd (WCT) is planning to launch several mixed project developments with an estimated gross development value (GDV) of RM700 million this year, ranging from medium to high-end properties. The launches will include Bandar Bukit Tinggi in Klang, The Paradigm in Petaling Jaya, and Medini Iskandar in Johor. (Bernama)
Bank Negara credit checks affecting housing development
Credit checks on buyers, resulting in high rejection rates of housing loan applications and lending limitations, imposed by Bank Negara is affecting the market. Many developers have therefore delayed property launches, especially of affordable houses, causing prices to increase as supply decreases. Rehda president Datuk Seri Fateh Iskandar urged Bank Negara to review its policy as it affected lower income groups wanting to purchase their first home. (The Star Online)
Paramount Corp announces 67% revenue growth for 1Q 2015
Paramount Corp Bhd reported a net profit of 18.5% from the previous corresponding quarter, and its revenue increased 67% from the year before. The group’s 1Q15 growth was attributed to its property division, which almost doubled due to sales from its developments in Cyberjaya, Glenmarie and Shah Alam. Its KDU education division also contributed to its profits. (The Edge Markets)
Estimated RM150k damage to Terengganu stadium (Source: Free Malaysia Today)
RM150,000 damage to stadium after riot
Damages to the Sultan Mizan Zainal Abidin Stadium in Terengganu is estimated at RM150,000 after a riot last Saturday between Terengganu and Lions XII fans. A riot broke out when some fans were not satisfied with the referee’s decision during the semi-finals match. 26 youths were arrested on the night of the incident. The stadium was used for the first time since its roof collapsed in 2008. (Free Malaysia Today)
