☕️ How to resolve financial difficulty? By self-declaring bankrupt

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

RM440 mil – Over the past eight years, Malaysia has grappled with a staggering surge in electricity theft, with more than 200,000 cases reported. This illicit activity, valued at an estimated RM440 mil, has placed a significant burden on Tenaga Nasional Bhd (TNB). While authorities have managed to resolve nearly 132,000 cases, a substantial 85,000 remain active, and over 1,700 are still under negotiation.

USD1 bil (RM4.43 bil) – FIFA is poised to distribute a record-breaking sum to clubs participating in the expanded Club World Cup, signalling a new era of financial incentives in football. This massive payout, driven by a lucrative TV deal with DAZN, aims to reward the 32 competing teams, including 12 from Europe, for their involvement in the seven-match tournament. The substantial prize money reflects the growing commercial value of club football on a global stage, and the tournament which begins in June, is set to be the biggest prize in club football.

50,000 points – LeBron James made NBA history last month by becoming the first player ever to reach this unprecedented career-scoring milestone. The 40-year-old Los Angeles Lakers star needed just one point against the New Orleans Pelicans to achieve the landmark, which he surpassed with a 25-foot three-pointer assisted by Luka Doncic to thunderous applause at Crypto.com Arena. This achievement further cements James' legacy in his 22nd season, having already surpassed Kareem Abdul-Jabbar's previous regular-season scoring record of 38,387 points in 2023—a record that had stood for 39 years.

3. IN MALAYSIA 🇲🇾

Putra Heights Gas Explosion: Investigations, financial institutions and insurance

Authorities launch full-scale probe into Putra Heights gas explosion
Investigations and safety inspections are underway at the site of the gas pipeline fire in Jalan Putra Harmoni, Putra Heights, with around 20 agencies involved, including the police, fire and rescue department, TNB, JKR, and local authorities. Subang Jaya police chief Wan Azlan Wan Mamat confirmed that Jalan Persiaran Harmoni had been closed in stages to facilitate emergency operations and would reopen gradually.

Fire and Rescue Department director-general Nor Hisham Mohammad stated that teams were assessing damage to homes and vehicles while remaining on standby for potential flare-ups. Coordination with TNB is ongoing to ensure electrical safety and structural assessments are being conducted to determine whether demolitions are necessary for hazardous buildings. Meanwhile, affected residents gathered early this morning, awaiting updates and access to retrieve essential belongings.. Currently, 364 people from 74 families remain in relief centres.

Drone POV of the aftermath here.

Banks step up to assist Putra Heights fire victims
Several financial institutions have stepped forward to support those affected by the gas pipeline fire. CIMB Bank and CIMB Islamic Bank have streamlined their relief assistance application process. Impacted customers will have many charges and fees waived, while affected SMEs can apply for extra working capital. Bank Islam Malaysia is offering a six-month deferment on some loans for affected customers.
Meanwhile, Etiqa has pledged coverage for eligible motor, personal accident, retail fire, homeowners, and householders insurance policyholders. To speed up claims, it has waived the police report requirement.

Insurance relief for Putra Heights blast victims
Homeowners affected by the Putra Heights gas pipeline explosion may find relief as most standard home and contents insurance policies in Malaysia cover damage caused by explosions, according to the General Insurance Association of Malaysia (PIAM). However, PIAM advises policyholders to check their coverage details. Residents cleared by authorities to return home are advised to document damages with photos before beginning the cleanup. Insurers should be contacted before starting any repairs.

“Tan Sri” businessman arrested for RM10 mil scam disguised as AMLA bribe
A “Tan Sri” has been arrested for allegedly scamming victims out of RM10 mil by claiming he could resolve their money-laundering cases with the police. The 59-year-old suspect was apprehended by Bukit Aman’s Anti-Money Laundering (AMLA) Criminal Investigation Team at his Jalan U-Thant residence on Saturday evening, following his return from Japan. According to police sources, the suspect initially demanded RM25 mil, falsely claiming close ties with law enforcement and assuring victims their legal troubles would disappear in exchange for payment. The suspect, a company chairman with 30 years of experience in the oil and gas industry, is set to be remanded in court. IGP Razarudin Husain has confirmed that further details will be revealed in an upcoming press conference.

KL Tower concession dispute heats up in RM1 bil lawsuit
Lim Seong Hai Capital Bhd (LSH Capital) defended its appointment as the KL Tower concessionaire, insisting it followed a transparent government-led procurement process that started in Feb 2024 before signing the final agreement in Mar 2025. In a statement, LSH Capital clarified that it had no involvement in previous agreements between former concessionaire Hydroshoppe Sdn Bhd, its subsidiary Menara KL Sdn Bhd (MKLSB), and the government. Hydroshoppe and MKLSB, however, claim their 30-year concession extension was unlawfully revoked in Nov 2022, leading them to sue the government for over RM1 bil. Complicating matters further, Hydroshoppe’s acquisition of MKLSB remains under investigation by the MACC. Its director, Abdul Hamid Shaikh Abdul Razak Shaikh, was charged last year for allegedly bribing former minister Tan Sri Annuar Musa.

Surge in self-declared bankruptcies sparks concern
The number of individuals voluntarily declaring bankruptcy through a Debtor’s Petition has surged by 200%, with 330 cases recorded in 2024, up from 181 in 2023 and 116 in 2022, according to Insolvency Department director-general Datuk M Bakri Abd Majid.

Unlike a Creditor’s Petition, which requires a minimum debt of RM100,000 before a creditor can initiate bankruptcy proceedings, a Debtor’s Petition has no set debt threshold. Individuals can apply for bankruptcy by submitting the required documents and paying a deposit, often seeking relief from overwhelming financial burdens. Some debtors may misuse the system to reduce their monthly payments, raising concerns about potential exploitation of the Second Chance Policy, a government initiative allowing bankrupt individuals to regain financial stability and secure discharge within three years. Between Mar 2023 and Dec 2024, 176,851 individuals were discharged under this policy, surpassing its 130,000-case target. The government is now exploring an expansion to support struggling businesses.

Learn more about the Second Chance Policy here.

Shorts 

1. Malaysia Airlines warns customers about fake accounts
   Malaysia Airlines has issued a warning to its customers about an increase in fraudulent accounts impersonating their customer service representatives on social media. The airline advised customers not to engage with these scammers, who may ask for personal information, and payment details, or direct them to fraudulent links. Customers are urged to only interact with the airline's official, verified accounts, marked with a blue verification tick on platforms like Facebook and X (@malaysiaairlines).

2. Malaysian embassy in Seoul issues advisory ahead of impeachment verdict 
   The Embassy of Malaysia in Seoul has issued an advisory to Malaysian citizens in South Korea ahead of the Constitutional Court’s verdict on President Yoon Suk Yeol’s impeachment, expected on Apr 4. The embassy cautioned that large-scale demonstrations are anticipated, with heightened security in some areas. Malaysians are strongly advised to avoid protest sites and remain cautious in areas with large gatherings. The embassy emphasised the importance of following local safety instructions and taking necessary precautions.

4. AROUND THE WORLD 🌎

Apr 2: Trump’s Liberation Day

Here come the tariffs!
US President Trump will be moving forward with his tariffs on Apr 2 (Apr 3, for our side of the globe), even as experts warn of inflation lifting and growth slowing should US trade partners hit back in a trade war. For now, there is still no word as to how high the tariffs will be, or if there will be any wiggle room. Though Trump promised that his tariffs would be “nicer” than the policies of US trading partners, markets have reacted poorly, with investors uncertain of Trump’s long-term intent.

Emerging markets beware!
Investment bank JP Morgan warned that over a third of companies in emerging markets are likely to be “meaningfully impacted” by Trump’s Liberation Day tariffs. Analysts estimate that 36% of the 750-plus companies in JP Morgan’s CEMBI EM corporate debt index will be affected, with some likely seeing a “significant” impact. As it stands, over half of the companies in the index will still be “minimally” hit, with industrial firms and metal and mining firms the most affected, among others.

Liberation in Iran?
As tensions mount between Iran and the US, the Pentagon has moved to reinforce US military capability in the Middle East, with sources reporting as many as six B-2 stealth bombers (of which the US has only 20) being deployed to a staging area in the Indian Ocean. The US will also soon have two aircraft carrier groups in the region for further enhanced force projection. These moves are due to Tehran not coming to the table to discuss its nuclear programme, which it claims is only to enrich uranium wholly for civilian energy purposes. However, Western powers believe that Iran seeks to develop nuclear weapons capability instead. Oh, right. Trump also threatened–you guessed it–more tariffs on Iran as part of his plan to bring Tehran to the table.

Trump still confident of US buyer for TikTok as deadline looms
Trump remains confident he can find a US buyer for TikTok, even as the deadline on Friday draws closer. This comes after Trump reversed the ban on the social media app soon after he took office, the day after the law came into effect. Trump reversed the ban and extended the deadline, with the president sharing that there are “a lot of potential buyers” and that they are “dealing with China” on the matter as well. This also marks a turnaround from his initial stance of supporting a ban on the app during his first term as president.

ICC pains and national leaders

• Arrest warrant defied with Netanyahu’s trip to Hungary
  Israeli PM Netanyahu will be heading to Hungary for a four-day visit, defying the arrest warrant that the International Criminal Court (ICC) has on him over allegations of war crimes in Gaza. Hungary, despite being a founding member of the ICC, could not arrest Netanyahu due to orders from Hungarian PM Orban to not respect the ruling of the warrant. Interestingly enough, Hungary is actually fighting an outbreak of foot-and-mouth disease right now, deploying soldiers and launching new disinfection measures to prevent the spread.

• Biden now an activist target for his own ICC case
  Meanwhile, former US President Biden may soon be slapped with his own ICC case. Lawyers from a US activist group are pushing for the ICC to take up a case against Biden and his administration for their part in war crimes against Palestinians, namely for aiding and abetting Israel, despite the International Court of Justice issuing direct orders to stop supporting Israel. The named defendants are Biden himself, his Secretary of State Blinken, and his Defense Secretary Austin

Stablecoin giant Circle reveals 16% revenue jump amid IPO attempt 2
Circle Internet Group, a USD Coin issuer, is making a second attempt at a listing on the New York Stock Exchange, at a time when the IPO market is still in a delicate place where investors are looking to balance risks from economic uncertainty against the demand for new listings. Still, the company did disclose an almost 16% jump in revenue to USD1.68 bil (RM7.48 bil) for 2024, compared to USD1.45 bil in 2023. The firm’s previous attempt at going public was a USD9 bil merger with a special purpose acquisition company, but the deal was cancelled in 2022. Stablecoin, in short, are nationally issued currencies on the blockchain - learn more here.

Shorts:

1. Singaporean teen detained for alleged plan to murder "dozens" of Muslims
   The 17-year-old planned to kill “dozens of Muslims” outside several mosques, looking to kill more Muslims than his “hero” (with a target of more than 100), white supremacist Brenton Tarrant. Tarrant had killed worshippers at mosques in New Zealand in 2019. According to Singapore’s Internal Security Department, the teen had already made several attempts to get a gun, openly admitting that he would have carried out his attacks if he had gotten a gun.

2. South Korea reports seizing a tonne of cocaine 
   Authorities found the tonne of substance on board a ship docked in port, with the seizure marked as the largest haul of smuggled drugs in the country’s history. The drugs were stored in over 50 boxes, with each box weighing about 20kg. The previous record for the largest drug haul was 404kg of methamphetamine, seized in 2021. The operation to search the ship was conducted after tipoffs from the US FBI and Homeland Security Investigations.

3. China gives nod for autonomous flying taxis 
   The Civil Aviation Administration of China (CAAC) has given the green light for two autonomous air taxi operators, EHang Holdings and Heyi Aviation, to conduct unmanned passenger flights. With air operator permits, the companies are now the first in the world to offer rides in newly certified flying taxis that will initially operate on short-distance tourism routes. This represents the next step in China’s move to develop its low-altitude economy, which it identifies as one of its fastest-growing sectors.

5. FOR YOUR EYES 📺

1. SoftBank boss Masayoshi Son’s PPT slides. Do not try this at work — you only get away with it if you are the billionaire that has funded Alibaba and OpenAI, or when you have achieved your FU money.

2. Does this qualify as a disease? Learn more about it here from the Sleep Foundation.