☕️ GLIC ex-CEO nabbed for inflated share sale leading to losses of >RM300 mil in public funds

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

29.3% – That’s the percentage of women on the boards of directors of all public listed companies in Malaysia as at Jan 2026. This comes amid ongoing efforts by the Securities Commission to deepen inclusivity and participation in the capital market. In 2012, a target of 30% women on boards was recommended for large public listed companies. The target was later extended to include all listed companies. The Top 100 public listed companies collectively reached the target in 2023.

13 – That’s the number of homes valued above HKD100 mil (RM51.47 mil) that were sold in Mar in Hong Kong. This is a drop of more than half from Jan’s 28 deals. This drop in Hong Kong’s high-end home sales comes after a stamp duty hike by the government in its budget in late February. The tax was pushed from 4.25% to 6.5% following a surge in market activity in the months leading up to the tax hike, when business tycoons and finance veterans snapped up mansions and upscale apartments in Hong Kong.

USD12 mil (RM48.26 mil) per megawatt – That’s how much Malaysia’s data centre construction costs have reached amid an AI infrastructure boom. The Malaysian market recorded a 9.3% year-on-year increase in construction costs, with a mid-range cost of USD9.6 mil per megawatt. Japan remains the region’s most expensive market at USD19.2 mil per megawatt, followed by Singapore at USD17.9 mil per megawatt. Taiwan is the lowest at USD7.9 mil per megawatt.

3. IN MALAYSIA 🇲🇾

The ceasefire is here. Now, what’s next for Malaysia?
PM Anwar Ibrahim revealed that, based on his conversation with the Emir of Qatar, Sheikh Tamim Hamad Al Thani, even though the ceasefire is here, it may take up to five years for the global energy sector to fully recover, assuming that the fighting does not continue. This is because it will take a minimum of three years to undertake minor repairs to allow gas operations to operate, and probably three to five years for full recovery. Low prices after a peace deal? Not so fast. Be prepared for worsening inflation. 

While it might look all gloomy for Malaysia, the World Bank thought otherwise and has revised up Malaysia’s growth outlook from 4.1% to 4.4% in 2026, despite the global uncertainties. World Bank lead economist for Malaysia, Apurva Sanghi, stated that Malaysia has resilient macroeconomic fundamentals and has entered the current crisis from a position of strength. World Bank even praised Putrajaya’s move to reduce the Budi95 monthly quota to 200 litres. The logic is sound - fuel subsidies in Malaysia are regressive, with the T10 and T20 benefiting much more compared to others. And if you look at who consumes most of the fuel, it is the T10, T20 segment. In fact, they have been known to consume more than 200 litres.

However, the World Bank advised that Malaysia revise the price of subsidised RON95 to RM2.05 per litre to help reduce subsidy costs. The current RM4 bil subsidy bill for the Government is leaving Putrajaya with limited fiscal space, given that the federal government debt has risen to over 65% of GDP from about 52% in 2019, while debt servicing costs are consuming a larger share of government revenue.

Whilst PM Anwar is proud of negotiating with Iran on safe passage for Malaysian ships, Singapore explains why it did not want to negotiate:

GLIC ex-CEO nabbed for inflated share sale
The Malaysian Anti-Corruption Commission (MACC) has arrested a former CEO of a government-linked investment company (GLIC) and an individual linked to the family member of a former minister, for conspiring to sell the shares of an oil & gas company to companies linked to the GLIC at inflated prices. The deal reportedly resulted in estimated public fund losses of over RM300 mil. In addition to the arrests, a total of 62 personal and company bank accounts linked to the case have been frozen, involving approximately RM450 mil.

How to reduce traffic jams? Change of culture, starting with coffee
Federal Territories Minister Hannah Yeoh launched the “Bangun KL” campaign, aimed at encouraging people to go to work earlier. Bangun KL is about redistributing the morning rush to make it more balanced and humane. Yeoh added that an estimated 1.2 mil vehicles enter Kuala Lumpur each morning, and redistributing even 10% of that traffic to earlier hours could significantly improve overall traffic flow. As part of the initiative held in collaboration with Zus Coffee, 250 Zus Coffee outlets across Kuala Lumpur and Putrajaya are offering discounted drinks to customers who make purchases between 7 am and 8 am via the company’s mobile application.

Tycoon Syed Mokhtar in another IPO attempt
As MMC Port is preparing itself to go public soon, another company of the Malaysian tycoon, Syed Mokhtar Albukhary, is mulling an initial public offering (IPO). Syed Mokhtar’s joint venture with Australian developer Walker Corp, dubbed WM Senibong Bhd, plans to raise as much as RM500 mil. WM Senibong Bhd, which develops property including luxury homes in Johor, is working with financial advisers on a plan and may seek a valuation of more than RM2 bil in a listing in Kuala Lumpur next year. Walker is its biggest shareholder with a holding of 49%, while entities controlled by Syed Mokhtar have significant minority stakes.

4. AROUND THE WORLD 🌎

A fragile ceasefire

Gulf states wary of the US-Iran ceasefire
Conditions for a ceasefire, as set by the US, include the resumption of maritime transit in the Strait of Hormuz, where 20% of the world’s oil and liquefied natural gas is normally shipped. While negotiations are set to kick off in Islamabad this weekend, experts say Gulf nations remain wary that the US, desperate for an exit, could agree to terms that grant Iran some control over the waterway. With varying wording, the six Gulf Cooperation Council (GCC) countries all welcomed the ceasefire but stressed that the Strait of Hormuz must reopen and any deal must result in a permanent, long-term arrangement. Analysts say that further escalation could have devastating consequences for the GCC economies, undoing decades of work to make the region a safe hub for finance, tourism and culture. Another bad scenario for the Gulf states would be ending the war with Iran still being capable of striking at will.

Israel continues to attack Lebanon
Israel does not care about the ceasefire. Killing is like a daily activity. On Wednesday, Israel carried out its heaviest attacks on Lebanon, targeting over 100 Hezbollah command centres and military sites across Beirut, the Bekaa Valley, and southern Lebanon within mere ten minutes. Residents said some areas were hit without the usual civilian warnings. More than 250 people were killed, and over 1,100 people were wounded. The attacks marked the deadliest day since fighting escalated on March 2, after Hezbollah fired into Israel in support of Tehran following a US-Israeli strike on Iran. Israeli PM Netanyahu stressed that Lebanon was not part of the ceasefire between the US and Iran, with the military continuing operations against Hezbollah. US officials echoed that Lebanon remained outside the truce. How are humans negotiating over who to kill?

Trump: US forces to stay near Iran, ready for ‘next conquest’
Just a day after a two-week ceasefire between Washington and Tehran, brokered by Pakistan, Trump has warned that the US forces will remain deployed around Iran and threatened overwhelming military action if Tehran fails to meet Washington’s demands.

The pause had briefly calmed global markets worried about disruptions in the Strait of Hormuz. However, Trump’s language underscored how quickly the truce could unravel, as he reiterated US demands that Iran abandon any nuclear weapons ambitions and ensure safe passage through the vital shipping lane, while boasting that US forces were “Loading Up and Resting, looking forward, actually, to its next Conquest”.

Trump throws tantrum at NATO
After a two-hour meeting with NATO’s Mark Rutte at the White House, Trump took to Truth Social and lashed out at NATO over its reluctance to join Washington’s war on Iran. He also revived threats over Greenland. The rhetoric has raised concerns that Trump could move to withdraw the US from the transatlantic alliance, which he has repeatedly called a “paper tiger”. NATO, which includes European countries, the US and Canada, was formed in 1949 to counter the Soviet Union and has been the cornerstone of the West’s security ever since. Several NATO members have refused to open their airspace to US military aircraft or send naval forces to help reopen the Strait of Hormuz. The Wall Street Journal, meanwhile, reported that Trump was looking at punishing some NATO members he believed were unhelpful during the conflict by moving US troops out of their countries.

Shorts

1. Mystery torpedo-like device found in Indonesian waters

   The Indonesian navy is currently investigating a 3.7-metre-long and 65-centimetre-wide torpedo-like object fished from the ocean on Monday, about 10 kilometres from the popular tourist island of Gili Trawangan, West Nusa Tenggara. The navy said that the object was under strict supervision and would be sent to Jakarta for further investigation. However, an initial examination by the West Nusa Tenggara Police’s bomb squad confirmed it did not contain any explosive or radioactive substances.

2. Beware of the wolf at large

   A male wolf that escaped from a zoo in South Korea has prompted a school closure and a wide search operation in surrounding areas. The male wolf, born in 2024 and weighing about 30kg, had escaped from a zoo at a theme park in Daejeon, about 150km south of Seoul. More than 300 people, including firefighters, police officers and military troops are taking part in the search operation. The wolf had dug into the ground and damaged the zoo’s installed fence before escaping and is yet to be found at the time of writing.

3. BTS world tour begins

   The world’s biggest boy band, BTS, kicked off their world tour yesterday, after its historic comeback performance at Gyeongbokgung Palace that drew more than 100,000 fans to central Seoul last month. The highly anticipated tour will cover 34 cities worldwide, starting in BTS leader RM’s hometown, Goyang, and is set to be a major money-spinner for BTS, potentially outdoing Taylor Swift’s recent Eras Tour. This marks the highest number of shows for a single tour by any South Korean artist, according to the group’s label. BTS recently became the first K-pop act to top the US Billboard 200 for two consecutive weeks with the latest album, while its tracks also secured top spots across multiple Spotify charts.

5. FOR YOUR EYES 📺

Crime

1. Deadliest mass shooting in US history - a shooter rained bullets from the 32nd floor of a Las Vegas hotel on Oct 1, 2017, into a concert crowd of 22,000 people, killing 59 people.

2. Insurance fraud of Everest scale. Guides poisoned the food and medicine of international climbers, leading to expensive helicopter evacuations and finally insurance claims. The scheme involved nearly every aspect of the Everest climbing ecosystem - trekking companies, helicopter operators, and even hospital executives.

3. Continuing on the Macau scam poll yesterday - a bit long. 70.3% responded that they do not know what is Macau scam, but with many commenting they somewhat have a rough idea of it, which is about right. In short, Macau scam (read more here), indeed, is an impersonation scam, usually posing as authorities. Their MO:

   1. They impersonate police, LHDN officers etc., claiming that the victim has broken some law or is involved in some crimes (i.e. money laundering, tax evasion).

   2. They pass around the call from one officer to another more senior officer.

   3. They threaten the victim with the potential penalties (i.e. fines, jail sentence) and say they are investigating the matter and as such, would need to take ‘custody’ of the victim’s funds whilst being investigated.

   4. Applying pressure, they get the victim to transfer the funds to multiple accounts.

   5. Lastly, they say the investigation has to remain a secret and the victim is not to inform anyone. (complete BS)

   6. They ghost you - game over.

   Whilst reading this, you might think the MO is so obvious with plenty of potholes. One would be so stupid to fall for it. Many people of various backgrounds and professions have actually fallen for it. A businessman from Port Dickson with a networth of over RM100 mil lost RM21 mil to this scam back in 2022. This is where many got it wrong - it’s not a matter of intelligence, it’s a matter of fear.

   When a scam artist exploits your fear and gets you into this state, your logic shuts down immediately (likewise with investment scam - they exploit your greed). If you have not dealt with authorities or been served before, you won’t get this fear - yet. You will always remember your first time - fear kicks in immediately. It happened to me, and when I asked people around me their first ever experience being approached by authorities, the same applies - the first thing to kick in is fear. Share this with your people around you. They might be in this position - silenced, due to fear. Anyways, long story short - Netflix recently released a Thai movie on this.