☕️ Why Zahid’s graft case became NFA

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

The Malaysia Convention and Exhibition Bureau generated an estimated RM4.08 bil in total economic impact for Malaysia in 2025, having secured 392 business events throughout the year. These events saw about 816,950 delegates in total, of which 261,054 were international participants. This marked a continued recovery for the meetings, incentives, conferences and exhibitions (MICE) industry in Malaysia. The industry is projected to draw more than 25 mil visitors and generate RM76.8 bil in revenue over the coming years. The recovery was also aided by Malaysia’s ASEAN chairmanship in 2025 and the upcoming Visit Malaysia Year 2026.

Meanwhile, the office market in Kuala Lumpur could face further pressure with almost six mil square feet of new space coming in, according to a report by Rahim & Co. Malaysia’s capital already holds the largest concentration of purpose-built office space in the country, with a total supply of almost 109.86 mil square feet in the first half of 2025. Occupancy for that space at the end of June 2025 was 72.2%. Comparatively, the nationwide office occupancy rate was 77.8%. The real estate consultancy stressed the need for repurposing or asset enhancement strategies to reduce vacancy and obsolete office space.

On flipping properties, the owner of a mansion in Hong Kong sold the property for HKD1.04 bil (RM539 mil), yielding a gain of more than 25% after holding it for a decade. The seller purchased the home in 2016 for HKD830 mil, before selling it to Golden Visions Holdings Ltd in Dec 2025. The property is located at House 6 at Mount Nicholson, a project known for setting record as Asia’s most expensive apartment per sq foot. The 9,455 square foot property was located in the prestigious Peak area, and featured a swimming pool, garden, elevator, and five bedrooms. The seller, Chow Kwok Fai, is the chairman of Shenzhen-listed Eternal Asia Supply Chain Management Ltd, according to local media reports. The sale is part of an improving sentiment towards luxury homes, aided by a stock market recovery and falling interest rates. Check out the project below.

3. IN MALAYSIA 🇲🇾

Faster route for mega corruption cases
The Malaysian Anti-Corruption Commission (MACC) is pushing for a new way to deal with mega corruption cases, proposing the use of Deferred Prosecution Agreements for cases involving RM100 mil and above. MACC chief commissioner Azam Baki said the framework would allow high-value cases to be resolved without full court trials, through negotiated penalties, compensation and strict compliance measures. The proposal, now being drafted within the Attorney General’s Chambers, is expected to be tabled in Parliament this year. Azam stressed that the mechanism would not apply to everyday corruption cases, but only to those involving exceptionally large sums or major losses to the country, and could cover both corporate entities and individuals. To a layman like us, it sounds like the bigger the crime, the more negotiable it becomes. A perverse incentive to make sure one goes big or goes home with their crime.

The aim is to stop complex cases from dragging on for years while financial losses continue to mount, referencing past Malaysian cases such as 1MDB and SRC International as examples. Azam pointed to how similar frameworks are already used in countries like the UK and the US, citing the Airbus corruption settlement as an example. Under the proposed system, entities would face close monitoring, compensation requirements and firm deadlines.

Some of the past mega cases:

• 1MDB and Najib Razak - RM52 bil in losses

• RM169 mil in cash and assets linked to former PM Ismail Sabri

• RM500 mil alleged money laundering involving Sapura Energy Bhd

• Muhyiddin Yassin’s RM232.5 mil abuse of power case

Why Zahid’s graft case became NFA
Attorney-General Tan Mohd Dusuki Mokhtar has defended the decision to classify DPM Zahid’s case as no further action (NFA), saying it came after a detailed review of six legal representations and fresh assessments of the evidence. He said the decision formally brought the case to an end and was made under the powers granted to the Attorney-General. According to Dusuki, issues were raised by Zahid’s lawyers, which prompted prosecutors to re-examine both the facts and the law, leading to the conclusion that further investigation by the MACC was needed. One key issue, he said, was the presence of multiple money trails, which diluted and weakened the overall case, even though Zahid had previously been called to enter his defence.

While acknowledging the court’s finding of a prima facie case, the AG stressed that such a ruling should not be read as proof of guilt, noting that outcomes can still change at later stages. He added that similar situations have occurred before, including cases where charges were later reduced or overturned on appeal.

Sunway to acquire IJM in RM11 bil deal
Sunway Bhd has announced plans to acquire IJM Corporation Bhd in a cash and share deal worth more than RM11 bil, a move that could create one of Malaysia’s largest construction and infrastructure groups. Under the proposal, every 1,000 IJM shares will be exchanged for RM315 in cash and 501 Sunway shares, valuing the share portion at about RM2,835. The offer represents a premium of around 15% to IJM’s last traded price before its shares were suspended. The combined entity would rival Gamuda as the country’s largest construction firm by revenue. Combined, the 2 companies would own a vast swath of land with potential gross development value of RM118.1 bil with outstanding construction jobs on hand swelling to RM13 bil. IJM counts EPF (18.04%), PNB funds (14.54%) and KWAP (9.64%) amongst its top shareholders.
View table: IJM Corp’s shareholders 

Shorts

1. Direct flight to Busan is back
   AirAsia X is bringing back direct flights between Kuala Lumpur and Busan from June 17, making it the only Malaysian airline offering nonstop service to South Korea’s coastal city. The route will run four times a week, with promo one way fares starting from RM299, as the airline continues expanding its North Asia network.

2. Blast at campus leaves one dead

   One man was killed and nine others injured after an air conditioner compressor exploded at a private university in Bukit Damansara on Monday morning. Police said the victim was a 24-year-old contractor who died in hospital, while students, staff and cafeteria workers were among those hurt. Early checks point to leaking air conditioning gas as the cause of the blast.

3. OKM x KJ bromance
   In an Instagram post (view here), former DAP MP Ong Kian Ming has said he is ready to take leave from academia to campaign for Khairy Jamaluddin at the next general election, regardless of party line. In a birthday post, Ong praised their long-standing friendship and said he would consider joining Khairy’s cabinet if he ever becomes prime minister, keeping talk of a future political partnership alive.

4. AROUND THE WORLD 🌎

Trump’s next targets: A country and a man

Trump to Cuba: Make a deal, or else
Cuba faces a worsening fuel and electricity crisis after US President Trump cut off its supply of Venezuelan oil, with Trump sending an ultimatum to Cuba to make a deal ‘before it is too late’. Trump alleged that Cuba has, for many years, been living off Venezuelan oil and money, in return providing the ‘last two Venezuelan dictators’ with ‘security services’. In response, Cuban President Miguel Diaz-Canel rejected Trump’s threat, suggesting the US had no moral authority to force a deal on Cuba. Cuba’s foreign minister also stated that the country had the right to import fuel from any supplier willing to export it. The minister also denied that Cuba received financial or material compensation in return for security services provided to any country.

Fed Chair condemns Trump-led investigation as intimidation attempt
The Trump administration has opened a criminal investigation into US Federal Reserve Chair Jerome Powell, with the US Department of Justice serving the Fed with subpoenas. They were over the testimony he gave before Congress related to the USD2.5 bil (RM10.16 bil) renovation of the central bank’s headquarters. The testimony was allegedly ‘politically biased’ and ‘deceptive’. The action has led to heightened concerns about the independence of US monetary policy. Powell has condemned the probe, stating that he has carried out his duties ‘without political fear or favour’, adding that ‘public service sometimes requires standing firm in the face of threats’.

When the consumer is king

Weight-loss drugs trim Greggs’ bottom line
Roisin Currie, CEO of British bakery chain Greggs, acknowledged that popular appetite-suppressing drugs have led to people looking for smaller portions, leading to a slimmer bottom line for the company. People are also looking for healthier options, pushing the company to move away from its usual offerings of hearty and high-fat pasties, cakes, and pastries. However, fans of the chain have also hit out at Greggs, with some saying that the chain’s most recent increase in prices signals the endgame for the firm.

Luxus unveils two Hermès-only hedge funds dedicated to bags
Luxury alternative asset management firm Luxus has unveiled two Hermès-only investment funds dedicated to Birkin and Kelly bags, treating them as investment-grade assets. The firm, founded by ex-Blackstone executive Dana Auslander, saw the first fund raise USD1 mil (RM4.06 mil) in May 2025, with a 34% net ROI, while the second raised USD2 mil. This level of interest appears to support Auslander’s thesis that the investor and the collector are the same person and have to be catered to in the same way. Auslander also believed that people want to be able to invest in the assets they collect as well, and this was proven by the support the funds have seen despite only gaining investors via word of mouth. A competitive advantage of the fund is its dedication to authentication, given the rise in high-quality counterfeits. They have a CAO - Chief Authentication Officer.
Check out the site and the ROI of these bags here.

Rio Tinto in talks to buy Glencore, deal could create world’s largest mining company
Should Rio Tinto acquire Glencore, the deal would create the world’s largest mining company with a combined market value of almost USD207 bil (RM841 bil). These talks mark the latest move among global miners to bulk up in metals including copper, which is set to benefit from the energy transition and AI demand. However, both companies have remained tight-lipped on what a merger might look like, not even which assets could be included. Rio Tinto is the world’s largest iron ore miner, and has a market capitalisation of about USD142 bil. Glencore is one of the world’s biggest base metal producers, with a market capitalisation of about USD65 bil.

Crime and punishment

Uber faces sexual assault trial that puts safety record under scrutiny
The ride-hailing giant is facing its first sexual assault trial in US federal court, and marks the first test of whether Uber can shield itself from liability for alleged assaults committed by its drivers, with over 3,000 cases pending in US federal court. Oklahoma resident Jaylynn Dean, who is the plaintiff, alleged that Uber is aware of a wave of sexual assaults committed by its drivers, but had failed to take basic actions to improve the safety of its riders. The outcome of this case would serve as a test case for the litigation, and become the benchmark for the thousands of cases that follow.

Gambia accuses Myanmar of genocide in landmark case
The accusation marks the first genocide case the International Court of Justice is hearing in more than a decade. Gambia’s Minister of Justice Dawda Jallow told the court that Myanmar has denied the Rohingya their ‘simple dream of living in peace and dignity’ by subjecting them to the ‘most horrific violence and destruction one could imagine’. A UN fact-finding mission concluded that the military offensive by Myanmar’s armed forces against the Rohingya in 2017 included ‘genocidal acts’. Myanmar has denied genocide. The case is also expected to have repercussions beyond Myanmar, likely affecting South Africa’s genocide case against Israel over the war in Gaza. Gambia is a West African country with a long, horizontal shape (view map here).

5. FOR YOUR EYES 📺

“Nothing is certain but death and taxes” - Benjamin Franklin, one of the Founding Fathers of US

1. If you are a fresh grad, fancy a career with UNIQLO? Check out their grad programme. More info here.

2. Khairulaming sharing with BFM on his experience opening his first restaurant.

3. Top 10 causes of death in Malaysia in 2025. 2 of the top 3 can be mitigated with healthier lifestyle.