Datin Jeyanthini Kannaperan informed Justice Nadzarin Wok Nordin that Serba Dinamik and its subsidiaries will be sending a further draft of terms of consideration later on Wednesday. I propose that the dates fixed for the handover of submission [to appoint an interim liquidator and for Serba Dinamik to cross-examine the winding up petition] remains," she proposed. Besides Jeyanthini who appeared for the six syndicated creditors — AmBank Islamic Bhd, UOB (M) Bhd, Standard Chartered Bank (M) Bhd, Bank Islam (M) Bhd, MIDF Amanah Investment Bank Bhd, HSBC Amanah (M) Bhd — the others present were Tan Kah Weng for HSBC Amanah, one of the bilateral lenders, and Karen Tan for Hong Leong Islamic. Counsel Mak Lin Kum appeared for Serba Dinamik Holdings as well as its three subsidiaries — Serba Dinamik International Ltd based in Labuan, Serba Dinamik Sdn Bhd and Serba Dinamik Group Bhd. The creditors are of the view that Serba Dinamik Holdings is unable to pay its debts as per Section 465(1)(e) and Section 466(c) of the Companies Act 2016, taking into account the company's current, contingent and prospective liabilities.

GEORGE TOWN: While an undergraduate managed to get to his convocation on time, a pastry shop owner was not so lucky, as 20 of her cakes melted in her car after being caught in the Penang Bridge jam on Tuesday (May 24) morning. The cakes that were meant for University Sains Malaysia’s convocation, were destroyed after she was trapped in the traffic for four hours. He said he can see his sister crying, but stressed that the tears were not in despair, but tears of strength in facing business challenges. He said as a young individual, his sister must keep up the spirit and don't easily lose hope in what she does. Recalling his experience as a businessman himself, he faced difficulties but all of that has become experience for him that makes him what he is today.

This will result in annual interest savings of RM85.02 million, KNM said. Borsig sale not what KNM originally plannedKNM’s proposed sale of Borsig came as a surprise to the market, with the counter down 3.5 sen or 17.95% soon after it resumed trading. Further, the €220.8 million (RM1.03 billion) sale is well below the price tag of €300 million (RM1.47 billion) sought by KNM’s previous board. Recall that KNM bought Borsig for €350 million or RM1.67 billion in 2008. At 3.48pm, KNM shares were down 3.5 sen or 17.95% at 16 sen, giving the group a market capitalisation of RM588.52 million.

TOKYO: Prime Minister Datuk Seri Ismail Sabri Yaakob has been awarded an honorary doctorate in medicine by Nihon University, one of the most distinguished and oldest private universities in Japan. The move was in appreciation of Ismail Sabri’s efforts and contributions in the fight against Covid-19. He received the honorary doctorate yesterday from Nihon University president Dr Naoto Kato at its campus in Itabashi, one of the cities in the metropolis of Tokyo, during his six-day official visit to Japan. The Prime Minister said Malaysia was also recognised by several international agencies such as Bloomberg and Nikkei as among the top five nations in the world to have succeeded in controlling the spread of the virus. Kato, in his citation, acknowledged that Ismail Sabri played a central role in the response to the pandemic and had given top priority to the people’s life and health.

PETALING JAYA: A study is being done to determine if the Government should make it mandatory for all new motorcycles above 150cc to have anti-lock braking systems (ABS), says Datuk Seri Dr Wee Ka Siong. "Among the main factors of motorcycle accidents in Malaysia are the motorcycles skidding or failing to dodge while riding. Thus, a better and more effective braking system is highly hoped for and encouraged in our search for solutions to end motorcycle accidents," he said. Dr Wee added that the ABS is one of the latest technologies used for motorcycle safety, especially with low engine capacity motorcycles which constitute the majority in Malaysia. ABS technology is a technology which helps to stop the motorcycle from slipping, skidding and failing to dodge while braking.

COMMODITIES may still be riding an upward trend, but metal prices have melted to pre-Russia-Ukraine conflict levels. Since surging past US$3,800 a tonne in March this year — the highest in more than 13 years — aluminium prices have retreated 30% to a five-month low of US$2,700 a tonne. Local analysts are not overly concerned about softer aluminium prices as they project a pickup in global demand when economic activities fully recover. His aluminium price assumption for the year is relatively lower at US$2,600 against US$2,800 next year. He gives Press Metal Aluminium Holdings Bhd as an example.

KUALA LUMPUR: The tens of millions of ringgit in the Yayasan Akalbudi foundation allegedly misused by its founder Datuk Seri Dr Ahmad Zahid Hamidi belonged to him, he told the High Court. “Before I became a member of the administration, namely as deputy minister, minister or deputy prime minister, I was in the corporate business sector. He said this when questioned by his lawyer Datuk Ahmad Zaidi Zainal on the third day of his defence proceedings, Bernama reported. Day in court: Ahmad Zahid (centre) arriving at the Kuala Lumpur High Court for the corruption trial. On Jan 24, the court ordered Ahmad Zahid to defend himself against all the charges after the prosecution succeeded in proving a prima facie case.

Ambassadors have been named to most of the Asean countries — unlike in the Trump years when many ambassadorships in Asean went unfilled. The key American departments overseeing relations with Southeast Asia, such as defence, state and the National Security Council, are now manned by regional experts. It would not surprise us to see a revised Belt & Road Initiative, which would shower Southeast Asia with more money and higher priority. The competition between the two big powers will therefore deliver better benefits to the region. But the net effect eventually will be reduced Chinese demand for components that Southeast Asian countries currently export to China.

It (the particular cash trusts and similar schemes in question) is a big scam. It is also understood that complaints have been made to the SC and other enforcement agencies on these cash trusts companies and those with similar schemes. One such company’s website states that a cash trust is created when a sum of cash is placed in a trust, and the beneficiary or beneficiaries can tap on to the cash trust for emergencies, including for legal expenditure while waiting for an insurance payout, or pending an inheritance claim. A unique feature of a cash trust, it states, is that it will not be frozen upon the cash trust creator’s death, and that cash in the trust is still accessible subject to terms and conditions. One source familiar with the cash trusts operations said that in some cases, companies operating such schemes are well connected, which makes them more brazen.

He also reiterated that he had never given her authority to pay bills and issue cheques using his rubber signature stamps. This came after his lawyer Datuk Ahmad Zaidi Zainal showed him a credit card statement addressed to Zahid which showed an outstanding current balance of RM136,604.58. Ahmad Zaidi: Can you please explain, because I don't understand, how she came up with the figure of RM155,183 [to pay to the bank]? "I have also never given the bank my authorisation to use the rubber stamps for transactions. The charges, under Section 409 of the Penal Code, each carries a maximum of 20 years in jail, whipping and fine.

THE sound of ambulances accelerating in and out has become the norm for those living in Ara Damansara, Petaling Jaya. Ara Idaman Residents Association (RA) chairman Albert Lau, 67, said it was not right for businesses to operate from a terrace house in the gated-and-guarded enclave, worse still an ambulance service. “Residents living along Jalan PJU 1A/28B are the worst affected as it is a cul-de-sac. “Recently, the littering of personal protective equipment, especially masks and breathing tube apparatus, can be seen on Jalan PJU 1A/28B, outside the residence that houses the ambulance service,” he said. Lau reiterated that allowing an ambulance service to operate from a residential area was wrong and wanted MBPJ to take action.

MMC Corp Bhd is eyeing a stake in Suria Capital Holdings Bhd for its exposure to East Malaysia ports, sources tell The Edge. In August 2017, in response to an article in The Edge stating that MMC was looking to buy a stake in Sabah Ports, Suria Capital replied to a query from the local bourse saying, “The discussion between MMC and Suria Capital with regards to the proposed acquisition of a stake in Sabah Ports by MMC Port Holdings, a wholly-owned subsidiary of MMC, has taken place. However, the board of directors of Suria Capital has yet to make any firm decision in relation to the same. Based on its current market value, a 5% stake in Suria Capital should set MMC back by less than RM20 million. Among others, MMC Port Holdings wholly owns Johor Port Bhd, Penang Port Sdn Bhd and NCB Holdings Bhd, which owns Northport (M) Bhd in Port Klang.

This is not to mention the fact that for those with children, the school holidays are almost upon us. To do away with that worry, why not travel locally and enjoy Cuti-Cuti Malaysia? > Pahang: An ideal spot from which to explore Kuantan, Mega View Hotel offers travellers easy access to all that the lively city has to offer. An ecotourism champion in Sarawak, Roxy Hotel is strategically located throughout Sarawak, while Cove 55 is a private boutique hotel hideaway located near the seaside. From these locations, visit attractions such as the Sarawak Cultural Village or the Semenggoh Nature Reserve, hike up Mount Santubong or immerse in the wonder of the Sarawak Orchid Garden, amongst others.

PETALING JAYA: Two Malaysian-born people have made headway in the Australian federal election. The law and arts graduate from the University of Adelaide moved to Australia as an eight-year-old in 1976. As for Sam Lim, the Johor-born won the MP’s seat of Tangney in western Australia. He joined the Western Australia Police Academy in 2006. Two years ago, he was awarded “police officer of the year” for his work with multicultural communities during the Covid-19 pandemic.

(May 23): The wreckage of a US$5 trillion rout in emerging markets is starting to look like a buying opportunity to some intrepid investors. After 15 months of capital outflows, emerging markets are at an advanced stage of pricing in the risks. Meanwhile, MSCI’s equity benchmark for emerging markets has fallen every month this year, extending its 2021 declines. All these indicators don’t necessarily mean emerging markets are ripe for a turnaround. Even without those shocks, most investors expect emerging markets to witness more losses before hitting a bottom.