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Salesman pleads not guilty to cheating involving over RM1.1 mln

JOHOR BAHRU A salesman pleaded not guilty at the Magistrate’s Court, here today on five charges of fraud involving losses worth RM1.152 million, between June last year and Feb 18 this year.

 

Lau Kah Wing, 24, made the plea after the five charges were read out to him before Magistrate Mohd Zaki Abd Rahman.

 

On the first charge, Lau, with another individual still at large, was accused of cheating a woman by duping her into handing over RM160,000 and making her believe that she could double the amount, where she would not have given them the money if she was not led to believe as such.

 

While on the second to fifth charges, Lau was accused of duping four women into giving him cash between RM200,000 and RM374,000 by making them believe that he could double the amount of money and award them with petrol fuelling bonus, where the women would not have handed the money if they were not led to believe as such.

 

All the charges were allegedly committed in five separate locations in the city between June 24, 2019 and Feb 18, 2020.

 

On the first charge, Lau was charged under Section 420 of the Penal Code read together with Section 34 of the same law, while for second to fifth, he was charged under Section 420 of the Penal Code.  The offences carry a penalty of imprisonment of not less than one year and not exceeding 10 years, with whipping.

 

 

Meanwhile, at the same court, Lau and an employed man, Kuang Jian Ming, 23, pleaded not guilty on one count of attempting to cheat a man by making him believe that they could double the return if he handed over an amount of money to them, in which the victim had almost handed the money and would not have done so if he was not led to believe that.

 

The offence was allegedly committed by both the accused at a hypermarket in Plentong, here, at about 12 noon on June 18.

 

They were accused under Section 420/511 of the Penal Code read together with Section 34 of the same code, which carries a penalty of imprisonment of not less than one year and not exceeding 10 years, with whipping.

 

The prosecution was handled by Deputy Public Prosecutr Chan Choon Yew. Lau was represented by lawyer Muhammad Syazwan Mohd Salleh while Kuang by lawyer Goh Sze Han.

 

Mohd Zaki allowed both the accused bail at RM4,500 with one surety for each charge and set August 10 for case remention and handing over of documents.

 

 

 

Source: BERNAMA News Agency

 

COVID-19 has marginal impact on Labuan Financial sector: Labuan FSA Dg

LABUAN The COVID-19 pandemic has slightly impacted Labuan’s international financial sector as the leasing segment has felt the pinch over the first few months of 2020.

 

Labuan Financial Services Authority (Labuan FSA) director-general Datuk Danial Mah Abdullah said the situation was rather akin to a ‘double whammy’, owing to the uncertainty of the global economic landscape.

 

 

 

“COVID-19 has affected our sector and this is unprecedented…we are not sure of the business landscape moving forward, there’s so much uncertainty…you’re not sure how it’s going to be played out, so to speak.

 

“We are the regulator, a member of all these various multilateral kind of organisations that comprise all these regulators…(there’s) a lot of all sharing of information, sharing of knowledge, and so on, how to handle this situation, and what other jurisdictions are doing.

 

“We have been scanning around and we have been attending Zoom meetings, with all these other regulators in terms of how we are managing the situation,” he said.

 

 

Mah said some form of impact on the industry were seen in the first few months of this year, but were not on a large scale, but some sectors would be affected such as the leasing business.

 

“It’s like a double whammy, because last year there was a significant drop in oil prices that has affected the oil and gas sector in Labuan…and the situation is now compounded with COVID-19, that doubles the burden,” he said during a recent interview with Labuan International Business Financial Centre (IBFC) chief executive officer Farah Jaafar-Crossby in conjunction with Labuan IBFC’s 30 Years of Intermediating Asia.

 

The excerpts of the interview were released to Bernama today.

 

Mah however said there were also some pockets of positive impact as the new norms are taking its shape in the financial sector.

 

“You talk about digital related businesses…we have been focusing on that industry in the last couple of years, and we are seeing some increase again in that area.

 

“Of course, in the insurance side, there’s one element of captive business. We are seeing a lot more players in that spectrum as well. But overall, we will continue to scan the region to see what else that we can do, in terms of moving Labuan IBFC forward,” he said.

 

Mah said the authority had offered relaxations to the industry players who had been affected by the Movement Control Order such as temporary regulatory reliefs.

 

“This relates to administrative governance. So, there are some reliefs provided to them, in terms of submitting documents to us, and also in terms of how they compute their solvency margin. Of course, the relief is not exhaustive.

 

“We are also working with the players, (to see) what else we can do for them, to manage the situation. But like I said, when we say we scan the environment, we’re not just looking at businesses…as a regulator, we need to see what are the risks we need to manage to make sure we remain sustainable, as well as to make sure that our resilience is maintained,” he added.

 

Mah said the Labuan IBFC needed to remain agile and continue monitoring the situation and ensure it is able to provide the best services to the industry players to enable them to operate without any hindrance.

 

 

 

Source: BERNAMA News Agency

 

Former 1MDB CEO admits he fell for Jho Low’s ruse

Former 1Malaysia Development Berhad (1MDB)  chief executive officer Datuk Shahrol Azral Ibrahim Halmi told the High Court here today that he fell for the ruse created by fugitive businessman Low Taek Jho, or Jho Low,  in setting up Brazen Sky Ltd for the purpose of repatriating the sovereign wealth fund.

 

He told the court this when lawyer  Tan Sri Muhammad Shafee Abdullah, representing former Prime Minister Datuk Seri Najib Tun Razak,  suggested to him that eventhough Jho Low said the company was created for the purpose of repatriating 1MDB’s money, it was actually to give the appearance that some legitimate money was coming into Brazen Sky.

 

Brazen Sky Ltd is a special purpose vehicle (SPV) which was set-up on July 12, 2012, for the purpose of repatriating 1MBD’s money.

 

 

 

However, the ninth prosecution witness said he was not aware of it at that time.

 

He said this while under cross-examination by Muhammad Shafee in Najib’s RM2.3 billion 1MDB graft trial.

 

Muhammad Shafee: Why the need for Brazen Sky? It (the money) can just be transferred straight into 1MDB’s account?

 

 

Shahrol Azral: Jho Low told me that the market conditions were unfavourable for 1MDB to liquidate all of the units at once and proposed the liquidation to be done bit by bit.

 

Muhammad Shafee: But in hindsight, you now know that this was untrue, and the fund was being managed by Jho Low.

 

Shahrol Azral: Yes.

 

The witness also said  it was Jho Low’s specialty in making people feel comfortable that he (Jho Low) was acting in their best interest.

 

The counsel then suggested that his client, Najib, was also duped by Jho Low, to which Shahrol Azral said he could not comment.

 

Towards the end of the evening proceedings, Muhammad Shafee asked to continue his cross-examination on the witness tomorrow as he was  moving to a bigger area.

 

In response to this, Judge Collin Lawrence Sequerah asked the counsel how much longer would he take to cross-examine Shahrol Azral , and Muhammad Shafee said he would take another three weeks.

 

Najib, 67, faces four charges of using his position to obtain bribes totalling RM2.3 billion from 1MDB funds and 21 charges of money laundering involving the same amount.

 

The trial continues tomorrow.

 

 

Source: BERNAMA News Agency

 

Kelantan govt to give monetary aid to families of drowned anglers

BACHOK The Kelantan government has come forward to provide monetary aid  to the families of those involved in a boat tragedy where the vessel capsized after it was caught in a storm  about 10 nautical miles from the Kuala Kemasin Base Jetty here, last night.

 

Kelantan Menteri Besar Datuk Ahmad Yakob said the donation would be made through the Tabung Serambi Mekah to the families of the victims after detailed information was collected by the state government.

 

“We are currently organising the financial aid (to the victims’ families),” he told reporters after checking on the search and rescue (SAR) operation at the fishing jetty in Kuala Kemasin here, today.

 

 

 

Also present were State Welfare, Family and Women Development Committee chairman Mumtaz Md Nawi, Pasir Mas member of Parliament Ahmad Fadhli Shaari and Kelantan police chief Datuk Hasanuddin Hassan

 

It is learned that a RM1,000 emergency fund will be provided to the families of the deceased and RM500 to the families of the survivors.

 

In the meantime, Ahmad also advised recreational water sports enthusiasts to comply with all standard operating procedures (SOPs) for water activities, especially using safety jackets.

 

 

Meanwhile, Ahmad Fadhli said a donation of RM1,000 would be given to each family of the deceased from Pasir Mas.

 

He said the donation would be channelled through the Pasir Mas Service Centre.

 

Yesterday, a boat carrying 20 anglers including the skipper and crew, aged between 18 and 60 years, capsized following a storm about 10 nautical miles from the Kuala Kemasin Base Jetty.

 

In the 8 pm incident, four men drowned, four are missing and another 12 were confirmed to be safe.

 

The dead were identified as Mohd Syahrizan Daud, in his 40s, Muhamad Zaki Muhamad Nordin, 19, Wan Aminudin Wan Hussin, in his 60s and a Thai citizen known only as Pokta, in his 50s.

 

 

 

Source: BERNAMA News Agency

 

Police cripple three organised crime syndicates

KUALA LUMPUR Three of among the country’s largest organised crime syndicates suspected of being involved in the smuggling of migrants and robberies have been crippled following the arrest of 111 gang members.

 

Also arrested were the leaders of the three groups known as the Otong Gang, Halim Gang and Husen Maungdaw Gang.

 

The Otong Gang is headed by an Indonesian and is active in Johor, while the Halim Gang, led by a local, is active in Perak, and an ethnic Rohingyan leads the Husen Maungdaw Gang, active in Penang.

 

 

 

Bukit Aman CID director Datuk Huzir Mohamed during a press conference here today said the Otong Gang was found to be actively smuggling migrants since 2014.

 

“The gang is led by an Indonesian man known as Otong, and has an estimated membership of about 57 individuals and is active in smuggling migrants on the east coast of Johor,” he said without disclosing details of the operation leading to the arrests.

 

Huzir said the Halim Gang, which had about 13 members, was found to be actively smuggling migrants in waters off Hutan Melintang, Perak, since 2017.

 

 

“The Husen Maungdaw Gang has been active in the northern waters of the Peninsula and Penang, involved in migrant smuggling and robberies since 2014. It is led by a Rohingya man known as ‘Husen Maungdaw with a membership of about 19 people,” he said, adding that a majority of them were from the same ethnic group.

 

According to Huzir, leaders and members of the gangs had been arrested several times, with some even charged in court, however, the groups continued to remain active.

 

“Their gang memberships had also been on the rise, and the crimes committed were also more serious,” he said, adding that the CIDs from Johor, Perak, and Penang had launched concurrent operations against the three gangs from June 4 to 20.

 

Huzir said all those arrested were aged between 28 and 68, while the seizures, estimated to be worth about RM1.5 million, included 29 mobile phones, a fishing boat, two speedboats, five cars, two motorcycles, and RM1,500 in cash.

 

Huzir said all the confiscated items were believed to have been used in smuggling operations and police were currently in pursuit of eight remaining members of the groups, namely two from the Otong Gang; Halim Gang (four) and Husen Maungdaw Gang (two).

 

“Members of the groups will also be investigated under Section 4 (1) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

 

“With strong enforcement, police believe they can eliminate the security threat posed by organised crime syndicates,” he added.

 

 

 

Source: BERNAMA News Agency

 

APMM foils drug-distribution activity using waterways

 

 

KUANTAN The Malaysian Maritime Enforcement Agency (APMM) over the weekend detained eight men believed to have been using the waterways for drug distribution activity in Rompin district.

 

Pahang APMM director Marine First Admiral Amran Daud said the suspects were aged between 25 and 49, with four of them nabbed on a fibre boat along the Endau estuary.

 

“We found drugs believed to syabu packed in two packages, weighing 238.5 grammes and also RM3,350 in cash,” he told reporters at the APMM office here today.

 

 

 

Amran said the arrests led to another raid at a house in Endau, in Mersing where syabu and heroin weighing 388.85 grammes were found and four more suspects nabbed.

 

He said all of the drugs seized were worth RM61,000, adding that the suspects were believed to have been based in Johor and had been using the waterways to distribute drugs for the Pahang market.

 

The eight men have been remanded for seven days to facilitate investigations, he added.

 

 

Source: BERNAMA News Agency

 

Funds Managed by Affiliates of Apollo Complete Tech Data Acquisition

Tech Data Plans to Invest Approximately $750 Million in Digital Transformation Initiatives to Improve Channel Partner Experience

Strong Pro Forma Balance Sheet Gives Significant Financial Flexibility, Makes Tech Data One of the Lowest Levered Sponsor-Backed Companies

NEW YORK, June 30, 2020 (GLOBE NEWSWIRE) — An affiliate of certain funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced completion of its acquisition of Tech Data Corporation (Nasdaq: TECD) (“Tech Data”), one of the world’s largest technology distributors. Chief Executive Officer Rich Hume will continue to lead Tech Data from its headquarters in Clearwater, Florida.

“Tech Data is a global, market-leading company with an excellent management team and significant opportunities for expansion,” said Matt Nord, Co-Lead Partner of Private Equity at Apollo. “As a result of this acquisition and the resources we can bring to bear, Rich and the Tech Data team will have the strategic and financial flexibility to invest in new technology, expand services and pursue transactions that we believe will drive long-term value creation.”

Tech Data CEO Rich Hume said, “We are excited to enter Tech Data’s next chapter as a private company with our new sponsors at Apollo who have a track record of building great businesses in our sector. Having a single, strategic equity owner that’s fully aligned with our mission we believe gives us a real advantage in accelerating our transformational strategy and allows us to think more creatively – without the short-term demands that can come with public ownership.”

The transaction gives Tech Data an enterprise value of approximately $6 billion and included a $3.75 billion equity investment made by Apollo. With approximately 2.5x leverage, Tech Data is one of the highest credit quality, lowest levered sponsor-backed companies. As part of its go-forward plan, over the next five years Tech Data plans to invest approximately $750 million in digital transformation initiatives to better serve its channel partners. This includes investments in technology to expand its StreamOne Cloud Platform, optimize and standardize processes and apply data and analytics to be more agile in a rapidly evolving environment.

Apollo Private Equity Partner Robert Kalsow-Ramos added, “Tech Data benefits from exceptional global capabilities, a strong financial position and a values-driven corporate culture, all within an industry that continues to experience strong secular growth. We are excited to now leverage Apollo’s resources and experience to support the management team and take Tech Data to the next level of industry leadership and service to its customers, including thousands of small- and medium-sized businesses around the world. Today’s announcement of a $750 million investment in digital transformation is a testament of this focus and our commitment to Tech Data’s long-term growth.”

Pursuant to the terms of the merger agreement, an affiliate of certain funds managed by affiliates of Apollo acquired all of the outstanding shares of Tech Data common stock. Tech Data’s shareholders are entitled to receive $145 in cash for each share of TECD common stock owned. As a result of the completion of the merger, shares of Tech Data’s common stock no longer trade on the NASDAQ Global Select Market.

About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $316 billion as of March 31, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 90 on the Fortune 500® and has been named one of Fortune’s World’s Most Admired Companies for 11 straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn, Facebook and Instagram.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable federal securities laws.  The forward-looking statements include, without limitation, statements concerning the performance of Tech Data.  Forward-looking statements involve risks and uncertainties, including but not limited to economic, competitive, and technological factors outside Apollo’s or Tech Data’s control that may cause actual results to differ materially from the forward-looking statements. You should not place undue reliance on forward-looking statements as a prediction of actual results.  Apollo and Tech Data expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Apollo Contact Information
For investors please contact:
Gary M. Stein
Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0467
gstein@apollo.com

Ann Dai
Investor Relations Manager
Apollo Global Management, Inc.
(212) 822-0678
adai@apollo.com

For media inquiries please contact:
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
jrose@apollo.com

Tech Data Contact Information
For investors please contact:
Arleen Quiñones
Corporate Vice President, Investor Relations & Corporate Communications
(727) 532-8866
arleen.quinones@techdata.com

For media inquiries please contact:
Bobby Eagle
Director, External Communications
(727) 538-5864
bobby.eagle@techdata.com