00:00 [Music]
00:04 Low-cost carrier MyAirline announced in the early hours that it is suspending its flight operations
00:10 effective immediately just 10 months after it commenced operations in December 2022.
00:16 This makes it the first Malaysia-based airline to collapse post-pandemic
00:20 even as the industry recovers after COVID-19.
00:23 In a statement, the airline said that it had come to this extremely painful decision
00:28 as a result of significant financial pressures that made it necessary to suspend operations
00:34 pending shareholder restructuring and recapitalization of the airline.
00:38 The board of directors said they deeply regret and apologize for having to make this decision
00:44 understanding the impact it will have on its loyal passengers, dedicated employees and partners.
00:49 They added that they had worked tirelessly to explore various partnership
00:53 and capital raising options only to eventually run out of time.
00:57 The board comprises MyAirline co-founder and major shareholder Datuk Alan Goh Wan Hua,
01:03 his son Sean Goh Zee Han, co-founder and ex-CEO Rainer Teo Keng Hok,
01:08 former Civil Aviation Department of Malaysia DG Datuk Sri Azharuddin Abdul Rahman,
01:13 former Malaysia Airports Holdings COO Datuk Abdul Hamid Muhammad Ali
01:18 and Trillium Cove Holdings Director Jothi Prakash Murugan.
01:21 Teo, who had helmed the airline since its inception,
01:24 stepped down on Sunday, citing health considerations.
01:28 In recent weeks, the rumor mill had gone into overdrive that MyAirline was hitting
01:32 serious turbulence following allegations of unpaid staff wages, late payment of services
01:37 providers' dues and difficulty in raising funds for new aircraft leases.
01:42 Once the news broke, MAHB said that it has deployed its resources at relevant airports
01:46 within its network to extend all possible assistance to stranded MyAirline passengers.
01:52 It said that currently, the situation at the affected airports is under control.
01:57 According to MAHB, operational data shows that up till October 12,
02:01 a total of 39 flights servicing local destinations and one international route
02:06 to the Don Mueang International Airport in Bangkok, as well as about 5,000 passengers, are affected.
02:13 Regulator, the Malaysian Aviation Commission, said it has put in place dedicated hotlines
02:18 and channels to assist consumers affected by the abrupt suspension of MyAirline's flights.
02:24 MAVCOM says it is also currently investigating the airline,
02:27 adding that it stands firm that MyAirline is still liable to refund consumers
02:31 who have purchased tickets but are unable to travel.
02:34 All quarters are advising passengers with tickets on MyAirline who are not yet at the airport to
02:40 not go to the airport, and instead explore flight alternatives from other carriers.
02:45 Batai Air, AirAsia and Malaysia Airlines have all stepped in to offer special assistance
02:50 to any affected passengers through a mixture of various fare options and discounts,
02:55 with the national carrier inviting the management of MyAirline to work together
02:59 in reallocating their passengers on Malaysia Airlines flights.
03:02 The Attorney General's Chambers has rejected Goldman Sachs Group's claim that Putrajaya
03:12 has breached the US$3.9 billion settlement agreement in relation to the Wall Street
03:17 Bank's role in the 1MDB scandal. In a statement, the AGC said Goldman Sachs' claims
03:23 "mischaracterizes the conduct of the government". The AGC, on behalf of the Government of Malaysia,
03:29 said it will prepare its response within the confines of the law and reiterates that the
03:33 interests of the Malaysian people is paramount. Goldman Sachs sued the Malaysian government in
03:38 the London Court of International Arbitration for violating its obligation to appropriately
03:44 credit assets against the guarantee provided by the bank in its settlement agreement and
03:49 to recover other assets, a spokesperson told Reuters. Meanwhile, 1MDB Task Force Asset Recovery
03:55 Chairman Datuk Sui Johari Abdul Ghani called the suit "premature" and without due consideration
04:00 of necessary prerequisites. He said the parties are still in the middle of amicable good faith
04:06 discussions following four extensions granted by the government to Goldman Sachs to settle
04:11 the dispute. The interim payment is part of a US$1.4 billion asset recovery guarantee by Goldman
04:18 Sachs, which together with a US$2.5 billion cash payment forms the settlement agreement signed on
04:24 August 18, 2020. Under the agreement, if the Government of Malaysia did not recover the sum
04:29 of US$500 million by August 18, 2022, Goldman Sachs would be required to pay US$250 million
04:37 as interim payment to the Government of Malaysia. Johari said Goldman Sachs' action of initiating
04:43 arbitration proceedings also appears to be an attempt to detract and divert attention away
04:49 from the bank's obligation to adhere to the interim payment under the settlement agreement.
04:55 IJM Corp. Announced that its wholly owned subsidiary, IJM Construction, has accepted a
05:04 SGD1.1 billion contract from Malaysia Rapid Transit System for the construction of an immigration,
05:10 customs and quarantine complex for the Johor Bahru-Singapore Rapid Transit System Link in
05:15 Bukit Cagar, Johor. IJM Construction had signed a letter of acceptance in respect of the proposed
05:21 design, construction and completion of Packages 2A and 2B of the ICQC project, which is part of
05:28 the JB Singapore RTS Link project. The award also includes a SGD155 million provisional sum.
05:35 IJM says that the RTS Link project is expected to contribute to its future earnings barring any
05:40 unforeseen circumstances. The RTS Link is expected to pull in 35% of the 350,000 people who travel
05:47 across the Johor Causeway daily. The 4km RTS Link will cross the Straits of Johor,
05:53 linking the Bukit Cagar station in JB to the RTS Link Woodlands North station in Singapore.
05:59 The RTS Link is expected to be completed by December 2026.
06:03 K&M Group and its indirect wholly owned subsidiaries, Deutsche K&M and Boschig,
06:13 have sued Flavio Porro and Terence Tan Koon Ping after K&M called off the disposal of Boschig to
06:19 Vorsprung Industries for EUR 220.8 million in December 2022. In a boss filing, K&M said the
06:27 plaintiffs filed the writ action against the duo, who were former executive directors of the group,
06:32 at the Kuala Lumpur High Court on Wednesday. The plaintiffs are seeking for the defendants to pay
06:37 EUR 3.44 million or any other sum determined by the court within 14 days of the date of the order.
06:44 In the event that the defendants fail to pay up, the plaintiffs are seeking for their assets and
06:49 properties to be traced and paid to them in lieu of the amount initially sought. Porro is also part
06:54 of a group of individuals who have been proposed to replace the current board of directors,
06:59 which include K&M's chairman and largest shareholder, Tunku Dato' Yaakob Kaira. An EGM to
07:05 replace the directors was applied for by German billionaire Andreas Heyschen, who had recently
07:10 upped his stake in the company to 8.249% after acquiring another 0.336% on the open market.
07:17 The matter is now fixed for case management on October 25, 2023.
07:22 New Ace Market entrant SSF Home Group ended its maiden trading day at $0.265,
07:32 which is 1.5 cent or 6% higher than its initial public offering price of $0.25. It was the third
07:39 most actively traded stock on the bourse, with over 148.3 million shares changing hands.
07:45 Post-listing, SSF Home says that it is planning to open 18 new retail stores in the next three years,
07:51 according to its executive director and deputy CEO, Lok Kok Kong. This will raise its total
07:56 stock count from 41 to 59. He says that of those 18 new outlets, three are in Selangor and Kuala
08:03 Lumpur, seven in Kedah, Penang and Perak, six in Negeri Sembilan, Melaka and Johor,
08:08 with the two remaining stores earmarked for East Malaysia. With Bank Negara keeping the key
08:13 interest rate at 3%, Lok expects positive growth for the home furnishing retail sector, with the
08:18 increasing adoption of smart technologies in home furnishing as well as better prospects in the
08:24 local property market. SSF Home, which raised a total of $50 million from its IPO, is principally
08:30 involved in the retailing of furniture, home decor and home living products via its retail
08:35 and online channels.
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