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00:04 The US is allowing imports from Supermax Corp after customs authorities lifted a ban
00:09 that has been imposed on the glove maker since October 2021 for alleged forced labor.
00:15 In a statement on Tuesday, the US Customs and Border Protection said effective immediately
00:19 the agency will allow imports of disposable gloves manufactured by Supermax
00:23 and its wholly owned subsidiaries to enter the US,
00:26 provided they are otherwise in compliance with US laws.
00:30 CBP senior official performing the duties of the Commissioner Troy A. Miller
00:34 said the action underscores the ongoing impact of CBP's enforcement efforts
00:39 in driving remediation and eliminating forced labor from supply chains.
00:43 CBP began enforcing the WRO against Supermax and its units based on evidence reasonable,
00:50 indicating the presence of 10 out of the 11 international labor organization
00:54 indicators of forced labor.
00:56 In response to the WRO, the company demonstrated to the CBP that it has taken steps
01:02 to remediate the forced labor indicators identified in its supply chain.
01:06 CBP said forced labor enforcement efforts have resulted in the improvement
01:10 of living and working conditions for tens of thousands of workers,
01:14 including repayment of more than US$50 million in withheld wages
01:19 and recruitment fees used to trap workers in debt bondage.
01:22 Two major US electrical and electronic firms are set to expand their operations to Malaysia,
01:33 one of which is expected to invest at least RM500 million.
01:37 At the same time, Elton Industry Limited, a global supplier of consumer and commercial tools,
01:43 appliances and floor care, will be investing a minimum of RM500 million
01:47 to set up its manufacturing and R&D base in Johor,
01:50 said Investment, Trade and Industry Minister Tunku Dato' Sri Zafral Abdul Aziz.
01:54 Pernamba reports that the plan for the new facility, scheduled for completion in 2024,
02:00 was disclosed during a meeting here between the minister and Elton Group President and CEO David Liu.
02:06 Zafral also disclosed that another company, which he said he was not able to name for the moment,
02:11 will be investing a significant sum in Penang.
02:14 He said Elton Group's decision reflects the group's confidence in the country's
02:17 attractiveness as an investment destination and also aligns perfectly
02:22 with Malaysia's recently launched new Industrial Master Plan 2030.
02:26 During the meeting with Zafral, the group also laid out its plan to invest over RM2 billion
02:31 over the next seven years for its expansion and growth.
02:35 Meanwhile, another US firm, Topline Furniture Corp, has expressed its intention to increase
02:39 its imports from Malaysia over the next few years to RM230 million per year.
02:44 The company has been sourcing home furniture from Malaysia since 2000,
02:48 with total imports amounting to approximately RM840 million to date.
02:53 Zafral said the large furniture importer and wholesale distributor, based in Chicago,
02:57 Illinois, has a significant network of distribution centres throughout North
03:01 America and supplies to five of the largest furniture companies in the Midwest.
03:11 EcoWorld International posted a lower net loss of RM12.3 million for its third quarter against
03:16 RM56.7 million a year earlier amid foreign exchange gains from repayment of shareholders' advances
03:23 from EcoWorld Balamore and Bank Balances' conversion from British Pound to Ringgit.
03:27 Its lower net loss was also due to lower finance costs from the full settlement of all borrowings,
03:33 lower share of losses in EcoWorld London, and higher interest income from unit trust
03:37 and fixed deposits following the shareholders' advance repayment from EcoWorld Balamore and
03:42 EcoWorld London. Quality revenue, however, fell 9.65% year-on-year to RM31.17 million due to
03:49 discounts given to accelerate sale of remaining units sold in the current quarter, in line with
03:55 its monetization strategy. President and CEO Datuk Teo Leong Seng, in a statement, said that EWI
04:01 achieved RM1.003 billion in sales plus reserves of RM157 million in 10 months of FY2023, adding up
04:10 to a total of RM1.161 billion, which he says places the group largely on track to achieve the sales
04:16 target of RM1.4 billion for FY2023. He adds that EWI will continue to focus on monetizing its stocks
04:24 with the aim of distributing more excess cash back. Teo says that new launches will continue
04:29 to be put on hold until market conditions improve and cost pressures stabilize. This
04:34 means that immediate working capital requirements for the group will be lower than originally
04:38 estimated. The group expects total dividends payable from its excess cash, including the RM792
04:44 million payable in September, to exceed the original estimate of RM900 million. Teo adds
04:50 that management is working towards declaring a second tranche dividend of RM144 million
04:54 from its excess cash in December 2023, with potentially more in FY2024.
05:00 Saipak Resources co-founder and group CEO Datuk Daud Ahmad has ceased to be the substantial
05:10 shareholder of the group after he disposed of six million shares worth RM5.4 million on Tuesday,
05:16 a Bursa Malaysia filing showed on Wednesday. Following the disposal, Daud now has a 4.88%
05:23 stake or 38.34 million shares in the Renewable Energy and Solid Waste Management Company.
05:29 This comes less than a week after the group announced the emergence of a new substantial
05:33 shareholder, Cheung Tao, after he acquired 40 million Saipak shares on September 14.
05:39 Notably, the acquisition happened the same day Cheung Chee Yang ceased to be a substantial
05:44 shareholder following the disposal of 40 million shares, leaving him with 37.43 million shares,
05:50 or a 4.77% stake. According to previous filings, Chee Yang once transferred 2.77 million shares
05:57 to Cheung Tao in June. For the record, Saipak's largest shareholder is Jackal Capital,
06:03 part of the Jackal Group, with a 22.51% stake. Saipak recorded its maiden loss for the fourth
06:10 quarter ended April 30, 2023, due to impairments and provisioning of RM376 million, including for
06:17 the wasted energy project that was completed this year.
06:21 It was revealed in the High Court today that US$681 million or US$2.08 billion was deposited
06:32 into XPM, Datuk Sri Najib Razak's AmBank personal accounts, in early 2013. During the 1MDB Tanore
06:39 trial, the prosecution's 47th witness on the stand, Bank Negara analyst Adam RF Mohd Roslan,
06:45 testified on the trail of money which led to the huge deposit into Najib's accounts.
06:50 Referring to a 76-page money trail report he had prepared, Adam walked prosecutors through
06:56 the third phase, namely the Tanore phase, of the 1MDB scandal, where there was an issuance of a
07:02 US$3 billion bond by 1MDB via its wholly-owned subsidiary 1MDB Global Investment in 2013,
07:10 where Goldman Sachs was the arranger. Adam said money belonging to the 1MDB unit had
07:15 flowed through companies owned by fugitive Low-Tech Joe's associate Eric Tan Kim Lung
07:19 before reaching Najib's account. Over the last two days, Adam had laid out the money trail for
07:24 the first and second phase of the 1MDB scheme, saying that the $60 million and $90 million which
07:29 were sent to Najib's AmBank account in 2011 and 2012 respectively could all be traced back to
07:35 funds belonging to 1MDB and its subsidiary. Today, he meticulously laid out the money trail for the
07:41 third phase of the 1MDB scheme, where the US$681 million in 2013 entered the same private bank
07:48 account for Najib in a series of fast-paced, multi-layered chain of transactions. The trial
07:54 resumes tomorrow, with Adam expected to continue testifying on the money trail for the fourth phase.
07:59 [Music]
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