☕️ Keluarga Malaysia Saga: Ismail Sabri now a "suspect", RM170 mil cash, 16 kg gold seized

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

32% fatality rate – (US) Federal data analyzed by Time Magazine in 2015 revealed that passengers in the back third of an aircraft had a 32% fatality rate in crashes between 1985 and 2000. The safest seats were found to be the rear middle seats, with a 28% fatality rate, while the middle third and front third sections had higher rates of 39% and 38%, respectively. The most dangerous seats were the aisle seats in the middle section, with a 44% fatality rate. These findings highlight how seat location can significantly impact survival odds during plane crashes.

KPMG UK’s senior staff received record-high pay despite slow revenue growth, with UK partners earning an average of GBP816,000 (RM4.6 mil) for the year ending September 30, according to the firm’s annual report. This marked a 9% increase in partner pay, even as revenues grew by just 1% to nearly GBP3 bil, compared to 9% and 16% growth in the previous two years. Meanwhile, partners at PwC earned an average of USD1.07 mil (RM4.78 mil), while Deloitte, the largest Big Four firm by employees and revenue, had average partner payouts of USD1.2 mil (RM5.36 mil) in 2024.

18,767 individuals have lost close to RM2 bil to fraudulent investment schemes over the past four years, a trend that continues to rise despite repeated warnings from authorities, according to the police. These scams, often advertised on social media and disguised as legitimate financial opportunities, have drained RM1.8 bil from unsuspecting victims since 2021. Bukit Aman statistics reveal a steady increase in cases, with 3,195 reported in 2021 (RM245.05 mil in losses), 3,266 in 2022 (RM219.83 mil), and a sharp rise to 5,386 cases in 2023 (RM472.15 mil). In 2024, that amount rose to RM846.62 mil. 🥴

3. IN MALAYSIA 🇲🇾

Former PM Ismail Sabri a suspect in RM700 mil Keluarga Malaysia promotion case
Ismail Sabri, the 9th former prime minister, is now a “suspect” in the MACC’s investigative probe into the Keluarga Malaysia promotion campaign, and the RM700 mil in funds spent under said campaign.

This arrives shortly after the fact that MACC had seized over RM170 mil in cash, local and foreign currency alike, and 16 kg in gold bars totalling to a worth of RM7 mil within 4 PM9 officers’ supposed ‘safehouses’. Jewelry and other luxury watches that have yet to be valued were also found in these locations. MACC chief commissioner Azam Baki stated that due to Ismail Sabri’s close association with his aides, he was thus considered a suspect, and his clarification on the discovery of the money and valuables found. MACC did a press conference, displaying the seized items — watch here.

Currently, RM14 mil of the cash found has been seized, while the decision of what to do with the remaining foreign currency has remained undecided. A separate case has even been opened following the asset seizure, alongside the original investigation into the funds spent under Keluarga Malaysia’s promotional campaign that was opened early in 2024.

Ismail Sabri is to give his statement again on Wednesday, as subsequently after the raids on February 22, he was hospitalised for blood-pressure related issues.

SG investigates potential fraud involving Nvidia AI chip shipments sent to MY, SG minister says the end location is likely elsewhere
Singapore (SG) is now investigating the shipment of computer servers containing Nvidia AI chips from the US, barred from China, that were originally sent to Singapore. An anonymous tip had alerted SG authorities to potential fraud and violation of their export laws. Preliminary investigations show that the servers were exported from US firms Dell and Supermicro to companies based in Singapore, these servers were then sent to Malaysia and even a potential third final location.

Singapore has since contacted Malaysia and the US for more information, fearing that the misinformation given to authorities about the final destination of these servers containing China-banned Nvidia AI chips would be a direct breach of SG’s laws.

This alleged attempted circumvention of export laws comes after the US’s recent tight restrictions to semiconductor firm exports due to China’s AI firm DeepSeek inadvertently destroying the value of US tech stocks by the trillion. Super Micro and Dell are also already under scrutiny for their potential parts played in exactly how Nvidia chips end up in China despite the export controls by the US.

Business

• Grab acquires another grocer
  Ride-hailing giant Grab Holdings Inc, otherwise known as Grab to most, has bought over the entire stake in operator of Everrise supermarkets from Navis Capital Partners. The private equity firm, based in KL, had originally invested in Eastern Grocer Sdn Bhd in 2019, then transforming the business to cater to more luxury and premium needs, now spanning 19 outlets in East Malaysia. The press release announcing this fact on Monday did not include transaction details, and this purchase can be noted with the majority stake buy from Grab two years ago of Jaya Grocer Holdings Sdn Bhd.

• Genting appoints its first non-family CEO; head honcho Lim Kok Thay steps down
  For the first time since 1965, when the company was founded by the late Tan Sri Lim Goh Tong, Genting Bhd is about to be headed by a non-family member CEO. Lim Kok Thay willingly relinquished his role to Tan Kong Han after serving in his position for almost two decades. Market observers have congratulated this move, urging professional steering towards growth, and especially recovery, in tumultuous times like this for Genting and Genting Malaysia Bhd, where they reported its first quarterly loss in two years due to rising costs and joint venture losses.

  Lacking clear succession plans and direction for the casino and hospitality group, as well as Genting Malaysia’s additional USD100 mil equity injection into its 49%-owned beleaguered US associate, Empire Resorts Inc, alongside other related-party transactions by the group, left many in the investing community unsatisfied.

  Tan gained the title of CEO to Genting alongside his roles of president and executive director (ED), two roles he has held since 2020. He has, however, stepped down from his position of CEO at Genting Plantations Bhd, remaining its ED.

MP urges govt to ban private hospitals from going public to curb profit-driven healthcare practices
Bayan Baru member of Parliament Sim Tze Tzin is urging the government to ban private hospitals from going public, curbing profit-driven healthcare. He stated that such practices only encouraged profit instead of saving lives, citing South Korea’s ban on the issue at hand. Publicly listed private hospitals are required to disclose their financial performance every quarter, pressuring them to maximise profits, breeding an unhealthy situation, claimed Sim. The MP, who has also been vocal about the rising medical costs in Malaysia, urged the Ministry of Domestic Trade and Cost of Living to investigate excessive profiteering practices in private hospitals.

Some key players in the private hospital business:

• Khazanah: Owns a 25.92% stake in IHH Healthcare Bhd (RM65.4 bil market cap), which operates brands including Pantai, Gleneagles, and Prince Court.

• EPF: Owns a 10.19% stake in IHH, 11.87% in KPJ Healthcare Bhd (RM12 bil market cap).

• Johor Corp: The state investment arm of Johor is the largest shareholder of KPJ, with 35.86%

4. AROUND THE WORLD 🌎

European solidarity backs Ukraine

UK, France propose partial truce
After a London summit of European leaders agreed to draw up a Ukraine peace plan to present to the US, UK PM Starmer stated there were “a number of options” on the table, including a suggestion from France for a month-long initial truce. Still, as much as the European leaders have rallied to support Ukraine, the approach being taken is still highly-dependent on the US as a source for protection and security. This has raised doubts about the coalition’s strategy, especially after the very public blow-up between Zelenskiy, US President Trump, and US Vice President Vance. The Kremlin has commented on the summit as well, saying that the results of the meeting, which included a pledge to increase funding to Kyiv, points to “the continuation of hostilities” rather than peace.

Can the relationship be saved?
Despite the blow-up on live television, which some parties believe was a trap for Zelenskiy, the Ukrainian President still believes he can salvage his relationship with Trump, but stated that any discussions need to continue behind closed doors. However, Trump’s allies are already tearing into him, pushing Trump’s rhetoric that Zelenskiy is not fit to be a leader and that he is not ready to “make peace”. The Kremlin has also commented on the “Vance the Attack Dog” show, stating that it is important that someone “make Zelenskiy want peace”, claiming that the Kyiv regime wants the war to continue. It was truly a shameful display of what Vance did. Worst part is that he’s actually doing this elsewhere too.

Money: IPO, Trump’s crypto world

• Mixue’s shares end IPO day up 43%
  The beverage chain saw its shares being traded almost 32% higher at HKD267 at the opening bell, reaching an intra-day high of HKD297, up almost 47%, before ending the day at HKD290, up 43% from its IPO price of HKD202.50. This has been seen as a pleasant surprise to investors, as many Chinese tea chain stocks had dismal debuts, according to a research house. This also marks a rebound in retail and investor sentiment after Beijing pledged support for private enterprises, a positive sign for Chinese companies listing on the Hong Kong Exchange. Mixue’s market cap stands at USD9.82 bil. Have you heard Mixue’s theme song before (warning - earworm)?

• Trump declares five cryptocurrencies as base of national stockpile
  The US President named bitcoin, ether, XRP, solana, and cardano as the five coins at the heart of his cryptocurrency strategic reserve, sending prices soaring following his announcement. Trump signed the executive order for this initiative as part of his salvo of orders when he was inaugurated last month. As for the required assets, Trump’s crypto group planned to look at cryptocurrencies seized during law enforcement activities.

What’s that about Thai barriers?

• Thai govt drops USD1.5 mil asset requirement for local casino-goers
  A deputy finance minister shared that the requirement was cut as it would exclude more than 70 million people, especially as the government is looking to build up a major gaming industry. In its place, the draft law now proposes that Thai nationals need a three-year tax history to enter the planned casinos instead of having USD1.5 mil in fixed deposits for six months. The minister also said that having such a high bar of entry would not curtail illegal gambling either, adding that there were only 10,000 deposit accounts in the country with more than USD1.5 mil.

• Govt studying idea of border wall, says spokesperson
  The plan is for a wall to be built along part of the border Thailand shares with Cambodia, in a bid to prevent illegal crossings as part of a multi-national effort to dismantle a network of scam centres. These scam centres are responsible for carrying out massive financial fraud out of Southeast Asia. A government spokesperson said the administration was looking at how the wall would be implemented and how it would address the problem as part of the study, though the length of the wall was not specified. Thailand and Cambodia share a border that is 817km long. This proposal also follows a previous one that suggested a wall blocking off a 55km natural crossing between the two countries. Here’s hoping we don’t get a Southeast Asian Trump who wants the Cambodians to pay for the wall.

Shorts

1. Manila schools shut down due to heat wave

   Temperatures almost hit danger levels in Manila and two other areas of the Philippines, leading to schools in nearly half of Manila shutting down on the orders of local governments. The suspension affected over 68,000 students across 42 schools.

2. Israel slams Oscars after Gaza documentary win

   The Israeli Cultural Minister condemned the Oscar for Best Documentary won by “No Other Land”, a documentary directed by Israeli-Palestinian activists about an Israeli settlement in the occupied West Bank being destroyed. The minister claims the filmmakers echoed narratives that “distort Israel’s image in the world”. Watch trailer here.

3. Reddit co-founder joins TikTok bid

   Billionaire Frank McCourt, who leads a consortium looking to buy TikTok’s US operations, revealed that Reddit co-founder and venture capitalist Alexis Ohanian (and husband of tennis superstar Serena Williams) has joined the bid, taking the role of a strategic adviser specialising in social media. Ohanian will help promote the bid as well, because there are plans to run the app on technology that lets users control how their data will be used and shared.

5. FOR YOUR EYES 📺

1. Toddlers below 3 don’t respond to negative sentences (i.e. no), according to a speech therapist. Instead, toddlers will respond to these negative sentenes as affirmative.

raisinglittletalkers

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2. Have you heard of this rare, banana-shaped fruit — august melon?

vegnews

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