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Malaysia sees relief after drought of foreign portfolio flows

KUALA LUMPUR: Foreign investors are slowly coming back to Malaysia after a sell-off last year, attracted by reduced political tensions, the market pricing and hopes for better returns after economic growth picked up in late 2018

In the first two months of 2019, overseas investors bought a net $40 million of Malaysian equities, data from Bursa Malaysia exchange showed. They sold $2.7 billion of Malaysian equities in 2018. (Filepic: People look at trading boards at a private stock market gallery in Kuala Lumpur.)

US seeks to recover $38mil in assets from 1MDB case

WASHINGTON: The U.S. Justice Department on Friday said it had filed complaints seeking forfeiture and recovery of approximately $38 million in assets associated with its 1Malaysia Development Berhard - or 1MDB - case, bringing the assets now subject to forfeiture to a total of about $1.7 billion (1.3 billion pounds).

“These new lawsuits target assets collected by corrupt officials and their associates through a massive scheme that stole billions of dollars from the people of Malaysia and laundered the proceeds across the world,” U.S. Attorney Nick Hanna(pic) said

Jury is out on banks

TWO local banks, namely, Public Bank Bhd (PBB) and AMMB Holdings Bhd have started the ball rolling this quarter, releasing results that look starkly different, at least at first glance.

Menara Public Bank in Jalan Ampang and Menara AmBank in Jalan Yap Kwan Seng.

Aussie Lendlease seeks more projects in M'sia

PETALING JAYA: Australian-listed Lendlease, which is participating in a RM9bil mixed integrated development at the Tun Razak Exchange (TRX) project in Kuala Lumpur, is in talks with several developers to jointly develop other large-scale projects in the country.

Lendlease Malaysia chairman Dinesh Nambiar(pic) said with financing for the TRX project now secured, the group could focus on other developments.  “We’ve had a number of approaches from developers with sites which we are evaluating,” he said

Khazanah’s new mantra: More cash, less control

KUALA LUMPUR: Malaysian sovereign wealth fund Khazanah Nasional will unveil a plan this month to deliver more cash to the government by pruning its stakes in non-strategic assets and dialling back its offshore presence in spots such as London, sources told Reuters.

This underlines the urgent need for Prime Minister Tun Dr Mahathir Mohamad(pic) to raise money for government coffers, depleted by a fiscal deficit and a massive debt from a multi-bil dollar scandal, under the previous government, at state fund 1Malaysia Development Bhd (1MDB).

More cash, less control - New mantra for Malaysia's Khazanah

KUALA LUMPUR/SINGAPORE: Malaysian sovereign wealth fund Khazanah Nasional will unveil a plan this month to deliver more cash to the government by pruning its stakes in non-strategic assets and dialling back its offshore presence in spots such as London, sources told Reuters

Under the new strategy, set to be announced at Khazanah's annual review on Feb. 28, the $39 billion fund will look to trim stakes in some companies identified as non-strategic to 15-25 percent - near the typical holding levels of pension funds, two of the sources told Reuters.

TRX to get RM2.15bil financing

KUALA LUMPUR: Australian-listed Lendlease and TRX City Sdn Bhd (TRXC) have secured a RM2.15bil financing facility for its Lifestyle Quarter joint-venture (JV) development at the Tun Razak Exchange (TRX), a project that has come under scrutiny due to its association with scandal-ridden 1Malaysia Development Bhd (1MDB).

(From left) Lendlease group chief executive officer and managing director Steve McCann, Finance Minister Lim Guan Eng and TRX City Sdn Bhd chief executive officer Datuk Azmar Talib by a miniature of the Lifestyle Quarter project that is being jointly developed by Lendlease and TRX City Sdn Bhd.