PETALING JAYA (June 10, 2013): Zurich Insurance Co Ltd
is negotiating with South African financial services group Sanlam to
sell its 40% stake in MCIS Zurich Insurance Bhd, people close to the
matter said.
Source from (The Sun Daily): http://www.thesundaily.my/news/737448
Published: Jun 11, 2013
It is understood that Samlan is seriously considering Zurich's stake in MCIS Zurich to help expand its footprint in Malaysia.
According to sources, Zurich is desperate to strike a deal quickly as
Bank Negara Malaysia (BNM) has given the Swiss financial group till the
end of this month to separate itself from its troubled partnership with
Koperasi MCIS Sdn Bhd.
"BNM has given Zurich till end of June to quit its joint venture with Koperasi MCIS," a source told SunBiz.
Zurich has to relinquish its 40% stake in MCIS Zurich Insurance Bhd
after acquiring composite insurer, MAA Assurance Bhd for RM344 million
on Sept 30 last year, as the regulator prohibits foreign companies from
owning substantial stake in more than one insurance company in the
country. MAA Assurance has since been renamed Zurich Insurance Malaysia
Bhd.
"BNM has given Zurich an ultimatum to finalise the deal. Otherwise
BNM will come down on Zurich over its dual holding in local insurance
companies. It has been more than a year-and-a-half since Zurich bought
MAA Assurance. BNM wants this issue of dual holding resolved soon," the
source said.
Last September, Zurich Financial Services Group CEO Martin Senn had
said the group was still in talks with various stakeholders for the
proposed disposal of the MCIS Zurich stake within a grace period granted
by BNM.
He had declined to elaborate on the duration of the grace period,
only indicating that it was a private agreement between the central bank
and Zurich.
Zurich has several options to consider. It may merge Zurich Insurance
Malaysia with MCIS Zurich and retain management control of the enlarged
entity, or sell MCIS Zurich and transfer its business and expertise to
Zurich Insurance Malaysia.
Last month, the Sanlam Emerging Markets (SEM), a unit of the Sanlam
Group which is tasked with expanding internationally, bought a 49% stake
in Malaysian general insurer Pacific & Orient Insurance for RM270
million.
In a recent report, Robert Roux, chief of mergers and acquisitions at
Sanlam, said the acquisition of Pacific & Orient Insurance was not
the end game for the company in Malaysia.
"Obviously, we have done something in Malaysia. We don't think that's the end game in Malaysia," Roux was reported as saying.
Apparently, the plan is for Sanlam to expand into life and asset management in Malaysia.
Sanlam, the second-largest life insurer in South Africa, operates
personal finance and insurance businesses across Africa, Europe, India,
Australia and the US.
It has operations in eight African countries with majority stakes in countries such as Ghana, Kenya, Botswana and Namibia.
Monday, June 10, 2013
Saturday, June 8, 2013
Rizab Antarabangsa BNM Berjumlah RM436.8 Bilion Sehingga 31 Mei 2013
KUALA LUMPUR, 7 Jun (Bernama) -- Rizab antarabangsa Bank Negara
Malaysia berjumlah RM436.8 bilion atau bersamaan dengan US$141.4 bilion
pada 31 Mei, 2013.
Source from (Utusan Malaysia): http://www.utusan.com.my/utusan/Ekonomi/20130607/ek_13/Rizab-antarabangsa-BNM-RM4368-bilion
Published: Jun 06, 2013
Source from (Bernama): http://www.bernama.com/bernama/v7/bm/bu/newsbusiness.php?id=954664
Published: Jun 06, 2013
Dalam satu kenyataan Jumaat, bank pusat itu berkata paras rizab berkenaan memadai untuk membiayai 9.5 bulan import tertangguh dan 4.3 kali hutang luar negeri jangka pendek.
-- BERNAMA
Source from (Utusan Malaysia): http://www.utusan.com.my/utusan/Ekonomi/20130607/ek_13/Rizab-antarabangsa-BNM-RM4368-bilion
Published: Jun 06, 2013
Source from (Bernama): http://www.bernama.com/bernama/v7/bm/bu/newsbusiness.php?id=954664
Published: Jun 06, 2013
Dalam satu kenyataan Jumaat, bank pusat itu berkata paras rizab berkenaan memadai untuk membiayai 9.5 bulan import tertangguh dan 4.3 kali hutang luar negeri jangka pendek.
-- BERNAMA
Thursday, June 6, 2013
Kadar jangka pendek pasaran wang ditutup kukuh
KUALA LUMPUR 6 Jun - Kadar jangka pendek ditutup kukuh hari ini dengan campur tangan berterusan Bank Negara Malaysia (BNM) untuk menyerap lebihan kecairan dalam sistem kewangan.
Source from (Utusan Malaysia): http://www.utusan.com.my/utusan/Ekonomi/20130606/ek_19/Kadar-jangka-pendek-pasaran-wang-ditutup-kukuh
Published: Jun 06, 2013
Lebihan kecairan dalam operasi konvensional menyusut kepada RM19.61 bilion daripada anggaran awal RM31.448 bilion, sementara dalam sistem Islam, ia merosot kepada RM3.313 bilion daripada RM8.126 bilion.
Sebelum itu, BNM memanggil satu lelongan tender pasaran wang pelbagai kematangan, dua tender repo dan tiga tender Al-Wadiah.
Bank pusat juga menerbitkan tender konvensional RM18.7 bilion dan satu tender Al-Wadiah RM3.3 bilion, kedua-duanya untuk wang satu hari.
Kadar semalaman tidak berubah pada 2.92 peratus sementara kadar satu, dua dan tiga minggu dicatatkan pada 2.98 peratus, 3.01 peratus dan 3.04 peratus, setiap satu. - BERNAMA
Source from (Utusan Malaysia): http://www.utusan.com.my/utusan/Ekonomi/20130606/ek_19/Kadar-jangka-pendek-pasaran-wang-ditutup-kukuh
Published: Jun 06, 2013
Lebihan kecairan dalam operasi konvensional menyusut kepada RM19.61 bilion daripada anggaran awal RM31.448 bilion, sementara dalam sistem Islam, ia merosot kepada RM3.313 bilion daripada RM8.126 bilion.
Sebelum itu, BNM memanggil satu lelongan tender pasaran wang pelbagai kematangan, dua tender repo dan tiga tender Al-Wadiah.
Bank pusat juga menerbitkan tender konvensional RM18.7 bilion dan satu tender Al-Wadiah RM3.3 bilion, kedua-duanya untuk wang satu hari.
Kadar semalaman tidak berubah pada 2.92 peratus sementara kadar satu, dua dan tiga minggu dicatatkan pada 2.98 peratus, 3.01 peratus dan 3.04 peratus, setiap satu. - BERNAMA
Monday, June 3, 2013
After money laundering, Malaysia now linked to steroids trafficking
KUALA LUMPUR, June 3 — US President Barack Obama has designated a
worldwide steroids trafficking operation that is partly managed in
Malaysia under Washington DC’s Kingpin Statute, which targets
large-scale drug traffickers including the notorious Tijuana cartel in
Mexico, the Wall Street Journal (WSJ) has reported.
Source from (The Malaysian Insider): http://www.themalaysianinsider.com/malaysia/article/after-money-laundering-malaysia-now-linked-to-steroids-trafficking/
Published: Jun 03, 2013
File photo of anabolic steroids seized by the US Drug Enforcement
Administration during a raid in September 2007. — Picture courtesy
of wikipedia.org
The move comes in the wake of Liberty Reserve, a global currency exchanger registered in Costa Rica that was indicted last week for running a US$6 billion (RM18.6 billion) money-laundering operation said to be the world’s largest, and which also involved unlicensed money exchangers based in Malaysia as Bukit Aman has acknowledged.
The WSJ reported Obama had imposed sanctions against six individuals and groups, including an alleged anabolic steroid dealer, Mihael Karner of Slovenia, who reputedly runs a an umbrella company advertising sales of steroids in Malaysia called Asia Pharma — raising concerns about whether Malaysian regulations are so lax that they are being exploited by international criminal organisations.
Also in the same list were Afghan Haji Kotwal Noorzai, the head of a drug trafficking network and the owner of a heroin processing lab, now living in Pakistan who has worked with the Taliban; and Mexican kingpin Luis Fernando Sanchez Arrelano, who has been the reputed operational leader of the Tijuana Cartel tied to a number of kidnappings and murders in the Tijuana area, the WSJ reported.
According to the international business news and current affairs daily, Karner heads an international organisation that sells anabolic steroids on the Internet and has created shell companies to hide the origin of the profits.
An anabolic steroid is known as a performance-booster and consumed for cosmetic purposes but which can severely damage a person’s health in the long run.
Citing a US Treasury official, the WSJ reported Karner to be managing an umbrella company advertising sales of steroids in Malaysia called Asia Pharma.
A check on Google showed Asia Pharma to be a limited liability pharmaceuticals company in Kuala Lumpur with a local phone and fax number but providing no mailing address.
On its home page, the company said its main goal was the manufacture and sale of affordable yet high quality generic pharmaceutical products to developing countries that cannot afford the expensive proprietary drugs. Most of its 56-listed products dealt with male and female hormone treatment.
It claimed the mission of “Asia Pharma Ltd is to improve the efficiency of healthcare systems worldwide by providing them more drugs of the same quality for the same money.”
The WSJ reported Karner, his wife and brother were charged in a Massachusetts federal court in 2010 on three counts of money-laundering conspiracy, and importing and distributing steroids.
Karner was reported to have since fled back to his native Slovenia from where he is continuing his operations despite the US authorities’ actions, the daily cited an unnamed US Treasury official saying.
In calling for sanctions, Obama was reported to have invoked the Kingpin Statute, properly called the Continuing Criminal Enterprise (CCE) Statute, a US federal law aimed to dismantle criminal narcotics enterprises that function like legitimate businesses.
Source from (The Malaysian Insider): http://www.themalaysianinsider.com/malaysia/article/after-money-laundering-malaysia-now-linked-to-steroids-trafficking/
Published: Jun 03, 2013
File photo of anabolic steroids seized by the US Drug Enforcement
Administration during a raid in September 2007. — Picture courtesy
of wikipedia.org
The move comes in the wake of Liberty Reserve, a global currency exchanger registered in Costa Rica that was indicted last week for running a US$6 billion (RM18.6 billion) money-laundering operation said to be the world’s largest, and which also involved unlicensed money exchangers based in Malaysia as Bukit Aman has acknowledged.
The WSJ reported Obama had imposed sanctions against six individuals and groups, including an alleged anabolic steroid dealer, Mihael Karner of Slovenia, who reputedly runs a an umbrella company advertising sales of steroids in Malaysia called Asia Pharma — raising concerns about whether Malaysian regulations are so lax that they are being exploited by international criminal organisations.
Also in the same list were Afghan Haji Kotwal Noorzai, the head of a drug trafficking network and the owner of a heroin processing lab, now living in Pakistan who has worked with the Taliban; and Mexican kingpin Luis Fernando Sanchez Arrelano, who has been the reputed operational leader of the Tijuana Cartel tied to a number of kidnappings and murders in the Tijuana area, the WSJ reported.
According to the international business news and current affairs daily, Karner heads an international organisation that sells anabolic steroids on the Internet and has created shell companies to hide the origin of the profits.
An anabolic steroid is known as a performance-booster and consumed for cosmetic purposes but which can severely damage a person’s health in the long run.
Citing a US Treasury official, the WSJ reported Karner to be managing an umbrella company advertising sales of steroids in Malaysia called Asia Pharma.
A check on Google showed Asia Pharma to be a limited liability pharmaceuticals company in Kuala Lumpur with a local phone and fax number but providing no mailing address.
On its home page, the company said its main goal was the manufacture and sale of affordable yet high quality generic pharmaceutical products to developing countries that cannot afford the expensive proprietary drugs. Most of its 56-listed products dealt with male and female hormone treatment.
It claimed the mission of “Asia Pharma Ltd is to improve the efficiency of healthcare systems worldwide by providing them more drugs of the same quality for the same money.”
The WSJ reported Karner, his wife and brother were charged in a Massachusetts federal court in 2010 on three counts of money-laundering conspiracy, and importing and distributing steroids.
Karner was reported to have since fled back to his native Slovenia from where he is continuing his operations despite the US authorities’ actions, the daily cited an unnamed US Treasury official saying.
In calling for sanctions, Obama was reported to have invoked the Kingpin Statute, properly called the Continuing Criminal Enterprise (CCE) Statute, a US federal law aimed to dismantle criminal narcotics enterprises that function like legitimate businesses.
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