Rosmah to face 17 charges of money laundering
Datin Seri Rosmah Mansor, the wife of former prime minister Datuk Seri Najib Tun Razak, is to face 17 charges of money laundering involving about RM7mil today. The charges framed against her are under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act. Rosmah, 67, will go down in Malaysian history as the first wife of a prime minister to be indicted. Najib’s case is scheduled for mention today as well, over three counts of criminal breach of trust, one charge of abuse of power and three counts of money laundering involving SRC International Sdn Bhd funds totalling RM42mil. (The Star Online)
Titijaya to launch projects worth RM838mil in FY2019
Titijaya Land Bhd plans to launch three projects in FY2019 with a total GDV of RM838 million. The first will be phase 1 of Riveria City at KL Sentral, a mixed-use development comprising retail, office suites and serviced apartments with GDV of RM320 million. The second project will be phase 2 of 3rdNvenue, comprising 422 serviced apartments in Jalan Ampang with GDV of RM338 million. Last will be a new development in Bukit Subang at Shah Alam called Damaisuria, comprising serviced apartments, retail lots and shop offices in an urban park. The GDV of the first phase of 370 serviced apartments and 20 double-storey shops at Damaisuria is RM180 million. For FY2018, Titijaya Land has achieved a revenue of RM399.03 million. Titijaya Land currently has 208 acres of land worth RM12.1 billion in GDV in the Klang Valley, Penang and Sabah to be developed over the next 10 years. (The Edge Markets)
Sime Property to go alone in Malaysia Vision Valley project
Sime Darby Property Bhd (SD Prop) will go it alone in the development of the 379,000-acre Malaysia Vision Valley (MVV) project. Sources said that the early partners – namely Brunsfield Development Sdn Bhd and Kumpulan Wang Amanah Pencen (KWAP) – in the development that covers an area that is twice the size of Singapore dropped out after the MoU lapsed a year ago. SD Prop is said to be open to forging partnerships as the master developer of MVV, as well as in the specific projects within the development. The company has charted out a masterplan and the development of the first phase covering more than 11,000 acres will kick off soon. MVV covers a large area from Sepang in Selangor right up to Port Dickson in Negri Sembilan. (The Star Online)
Malton partners HK’s Nan Hai to bid for Taipei project
Malton Bhd has teamed up with Hong Kong-listed cinema operator and property development firm Nan Hai Corp Ltd to bid for a property project in Taipei, the capital city of Taiwan. The two companies submitted the bid to the Taipei City authorities on Monday for the construction of the superstructure of the complex. Nan Hai will hold an 80% interest in the bid while Malton will hold the remaining 20% interest. The project involves the development of a high-rise multipurpose complex comprising hotel, retail and prime office space above the airport express train station that has a base area of approximately 31,700 sq m. This complex will have direct access to the Taipei City station of the express rail service to the Taoyuan International Airport. (The Edge Markets)
MTUC supports review of retirement age
The Malaysian Trades Union Congress supports the government’s initiative to review the current retirement age of 60 in view of the higher number of retirees who do not have sufficient funds for their old age. Its secretary-general J. Solomon said MTUC has been making representations for an increase of the retirement age since 2012 as life expectancy of Malaysians has increased. Many continue to seek employment after official retirement age as they still have housing loans to settle and support the tertiary education of their children. Without increasing the retirement age, workers in the B40 and M40 did not know how to better prepare themselves for retirement if their wages are continuously kept low. Many seniors are also being sidelined and some directly forced out by companies and retired early especially when the companies are established and doing well. He said the government should look at raising the retirement age to 65, and should apply to both public and private sectors, but it should be voluntary for those who opt to retire at 60. (The Sun Daily)
