Penny Stock John Soh Chee Wen

The mastermind of a scheme that led to the largest and most serious case of market manipulation in Singapore, which wiped out S$8 billion from the Singapore stock market in 2013, was sentenced on Wednesday (Dec 28).

John Soh Chee Wen, a prominent Malaysian businessman, was handed 36 years' jail. His ex-partner and accomplice Quah Su-Ling, former CEO of Singapore Exchange(SGX)-listed IPCO International, was given 20 years' jail. Soh and Quah had been convicted of 180 and 169 charges respectively after a long-running trial spanning almost 200 days and involving close to 100 prosecution witnesses.

From August 2012 to October 2013, Quah and Soh artificially inflated the share prices of three penny stocks: Blumont, Asiasons and LionGold. They controlled, obtained financing for, conducted illegitimate trading activity in and coordinated their use of 189 securities trading accounts. These accounts were held with 20 financial institutions in the names of 60 individuals and companies.

The bulk of their charges - 106 counts of deception - were for deceiving financial institutions by concealing their involvement when giving instructions to make orders and trades. Soh was additionally found guilty of witness tampering by asking four witnesses to lie to investigators after the stock market crash.

The scheme unravelled on Oct 4, 2013 when the share prices of the three companies crashed, erasing S$8 billion in market capitalisation from SGX.

The prosecution had sought 40 years' jail for Soh, and 19-and-a-half years for Quah, who was less culpable. A third co-accused, 59-year-old Goh Hin Calm, was sentenced to 3 years' jail in 2019 after pleading guilty to two charges of false trading and market rigging.

Bellagraph Nova Group Crashed

A Singaporean businessman who made the news in August 2020 - attempting to buy English Premier League football club Newcastle United but left Singapore weeks later amid allegations of accounting irregularities has been caught in China. Entrepreneur Nelson Loh Ne-Loon, a director of Novena Global Healthcare Group, was sent back to Singapore on Saturday (Dec 24), along with an employee of the company. Loh and and his employee Wong Soon Yuh, both 43, were arrested on the same day. They were charged in court on Monday with two counts of forgery, the police said in a statement.    

Loh also headed the Bellagraph Nova Group along with his cousin Terence Loh and their Chinese business partner, Evangeline Shen. The company had attempted to buy English Premier League club Newcastle United in August 2020 for £280 million (S$490 million at that time) but reports about manipulated photos used in its marketing materials started to emerge.  

Prior to that, not much was known about Bellagraph Nova Group, though it claimed then it had 31 business "entities" worldwide, with a group revenue of US$12 billion (S$16.43 billion) in 2019 and 23,000 employees. 

Nelson Loh was declared a bankrupt in early 2021, according to reports.

Forged Audited Financial Statements - The police said on Monday that Loh and Wong, a Singaporean who worked closely with him, had allegedly forged audited financial statements of NGHG in 2019, and used those statements to obtain bank loans amounting to S$18 million.

It was previously reported that Novena Global Healthcare and Novena Life Sciences had failed to file annual returns due on July 29, 2018 and Dec 9, 2019 respectively.

Days after the pair left Singapore in early September 2020, the police received a report that signatures of accounting firm Ernst & Young had allegedly been forged on some of NHGH’s financial statements.

Warrants of arrest and Interpol Red Notices — request to law enforcement agencies worldwide to locate and provisionally arrest a person, pending extradition, surrender or similar legal action — were subsequently issued against them. The two men were then detained by the Chinese authorities and returned to Singapore on Dec 24, where they were arrested by the Commercial Affairs Department,

Cancer Updates 2022 - Malaysia

More than 20,000 new cancer patients, with an average age of over 40 years, are detected in Malaysia every year. There were currently about 100,000 cancer survivors in the country who were living with various types of cancer.

NCSM is planning to implement the 'One District, One Screening' program in all states next year to encourage and facilitate the people in the country to do health screening, especially to detect cancer. It is aimed at detecting cancer at an early stage so that immediate treatment could be carried out, thus preventing cancer cells from spreading and saving lives.

Over the past two years, there were more new cancer patients aged between their late 20s and early 30s. The age of individuals diagnosed with cancer is now younger and the number of children with cancer is also high.

For men, there are 10 types of cancer that often affect them and the highest category recorded is bowel cancer, followed by lung, prostate, lymphoma, nasopharynx, liver, leukemia, stomach, skin and bladder. 

For women, the highest case involved breast cancer, followed by colorectal or bowel, cervix, lung, ovary, corpus uteri, lymphoma, thyroid, leukemia and skin.

However, he said, the number of cervical cancer patients had dropped in recent years, believed to be due to the administration of the human papilloma virus (HPV) vaccine for school students, especially among teenage girls as young as 13 years old. 

Singapore Insurance - A Gig That Does Not Fit

The General Insurance Association of Singapore's (GIA) alternative proposal for insuring gig workers is "not viable" because it would either lead to higher premiums for platform companies or lower work injury compensation for such workers, said Senior Minister of State for Manpower Koh Poh Koon.

“If it was so viable, why didn’t the insurance and platform companies suggest this earlier when there were workers who were injured or suffered death while on the job?” said Dr Koh. 

He was responding to a supplementary question by Mr Liang Eng Hwa, Member of Parliament for Bukit Panjang Single Member Constituency on the Government's response to the proposal by GIA, which represents some 40 insurance firms here.

Dr Koh’s comments come a week after the Government accepted several recommendations by the advisory committee on platform workers. These requirements will apply to platform companies, such as food-delivery and ride-hail firms. Taxi companies working on a street-hail model, however, will be exempt.

These recommendations include requiring platform companies to provide the same scope and level of compensation as employees’ under the existing Work Injury Compensation Act (Wica).

For example, if a gig worker works for three food delivery companies and is injured while completing a delivery, the company with whom the worker was doing that delivery for, will have to pay for the worker's total income loss across all three firms.

General Insurance Association - In a statement after the recommendations were announced, GIA chief executive Ho Kai Weng propsed an alternative which he said can be efficiently achieved through existing solutions. Instead of Wica, he suggested platform workers be given prolonged medical leave insurance and group personal accident insurance. 

If platform workers were to tap on their Medishield Life as well, the proposal — taken in its entirety — will ensure workers are protected for medical expenses, medical leave wages, permanent incapacity and death, said Mr Ho. 

Dr Koh pointed out that given that employees are covered for up to S$45,000 medical expenses for work injuries, there is no reason for platform workers to have to rely on Medishield Life, which is paid for using their Central Provident Fund monies or out-of-pocket cash.

The advisory committee’s position is that platform workers should receive the same level of coverage for work injury compensation as employees, he said. 

Self Insured In Disguise - “GIA’s suggestion is essentially asking platform workers to pay for their own medical expenses,” Dr Koh said. He added that GIA’s insurace coverage proposal for gig workers will lead to higher insurance premiums for platform companies given that the scope of coverage for their proposed policy is "much wider on a 24/7 basis". 

This would raise the business cost for companies, especially since they would have to purchase insurance coverage even for workers who do only an hour of work a day, he said. 

Dr Koh said that GIA’s proposal was contrary to what insurers had advised the advisory committee before the recommendations were published. 

“I will suggest that GIA members work closely with platform companies to offer financial protection and compensation for these workers at the level of Wica as soon as possible by the first quarter of next year," he said.

Zoom To Doom

Shares of Zoom Video Communications Inc have tumbled about 90% from their pandemic peak in October 2020 as the former investor darling struggles to adjust to a post-COVID world. The stock was down nearly 10% on Tuesday after the company cut its annual sales forecast and posted its slowest quarterly growth, prompting at least six brokerages to cut their price targets.

The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, is trying to reinvent itself by focusing on businesses, with products such as cloud-calling service Zoom Phone and conference-hosting offering Zoom Rooms.

Any turnaround in the business is still a few quarters away as growth in its mainstay online unit slows and competition from Microsoft Corp’s Teams and Cisco’s Webex and Salesforce’s Slack gets intense.

Zoom needed to spend heavily to keep hold of market share. Spending to cling onto, rather than grow, market share is never a good place to be and was a sign of trouble ahead. The company’s operating expenses surged 56% in the third quarter as it spent more on product development and marketing. Its adjusted operating margin shrank to 34.6% from 39.1% a year earlier.

Covid 19 - Opportunity Or Curse For Courrier Company

Nationwide Express Courier Services Bhd is set to become the latest last-mile delivery company to cease operations amid a challenging and competitive operating environment in Malaysia. The company said in a statement that it is currently taking steps to gradually cease its business operations, after a winding-up petition was filed against it. The company said it is ceasing its business operations effective Dec 15.

Nationwide Express, founded by the late businessman Tan Sri Basir Ismail, was one of the country’s leading courier service providers. Its roots can be traced back to 1985. 

Nationwide Express has 1,100 dedicated employees, a fleet of more than 300 vehicles, and 500 motorbike couriers. It has a network of 150 branches and agents in Malaysia, Singapore and Brunei, with the capacity to handle over 40,000 packages per day.

KTM Distribution Sdn Bhd - last month, KTM Distribution terminated its operations effective Nov 1, despite having a 38-year presence in the courier and logistics business. KTM Distribution said that the cessation of its operations was in line with a restructuring exercise.

CJ Century Logistic Holdings Bhd - another company that has exited the last-mile delivery industry is CJ Century Logistics Holdings Bhd, formerly known as Century Logistics, which sold its loss-making courier arm last year for about RM7.5 million.

Other players - such as GDEX Bhd and Pos Malaysia Bhd have suffered consecutive quarters of losses, despite on-steroid growth in demand for courier or last-mile delivery services in the past three years — fuelled by the Covid-19 pandemic — with many e-commerce platforms outsourcing their services to delivery companies.

The last-mile delivery sector is facing an extremely competitive operating environment in Malaysia. The country, with a population of 33 million, has granted 122 courier licences. In comparison, Thailand, with a population of 70 million, has granted only half as many courier licences as Malaysia, while Indonesia has 42 for a nation of 273 million.

Managing Group Project Effectively

When it comes to setting project goals, it is essential to keep the following in mind:

• Clear Objectives
• Team Buy-in
• Expectations
• Responsibility
• Tracking
• Positivity

Clear Objectives - Objectives should be specific, measurable, attainable, relevant and time-bound (SMART). This ensures that everyone is on the same page from the get-go when the team sets out to achieve a goal.

Team Buy-in - It isn’t easy to accomplish anything without buy-in from the team. If team members do not feel invested in a project or goal, achieving success won’t be easy. One way to ensure buy-in is to give employees a voice in decision-making. This could be done through something as simple as a brainstorming session or voting on project objectives.

Expectations - Setting expectations early on will help avoid misunderstandings and frustration down the road. It will also prevent employees or teams from working on projects or tasks that don’t align with the agreed-upon expectations. If expectations are not met, it can lead to conflict within the group. Set realistic expectations and communicate them clearly to avoid this situation.

Responsibility - Assigning responsibility for specific tasks or objectives is important to ensure everyone knows what is expected of them. (We’re looking at you, seat-of-your-pants employee!) In addition, responsibility will help keep the project organized and on track.

Tracking - Tracking progress is essential to ensure the team is heading toward the final goal. This could be done through something as simple as a status update or a daily stand-up meeting. Alongside check-in meetings, you should also track within a project management tool that allows for transparency and collaboration. For example, you can keep track of tasks, deadlines, and assigned roles within each project using Hive, a project management platform. Online project manageent platform provide project clarity and eliminate the need for micromanagement.

Positivity - Last but not least, it is important to maintain a positive attitude throughout the project. This can be difficult when things get tough or challenging, but it is essential to remember that every goal is attainable with hard work and dedication.

Following these six tips, you will be well on your way to set realistic and achievable project goals for whatever is next on your list. With these tips, you can build out a specific project roadmap to success. Then, you will naturally remove the seat of your pants, employee, or team by giving them clear expectations, responsibilities, tasks, and project buy-in. 

Trust & Teambuilding

The term Trust gets thrown around at work a lot. We use it so often that you’d think we all collectively understand what it is and why it’s so important. But it’s worth unpacking this concept a bit to make sure we really do know why it plays such an important role in teams.

Trust refers to an intersecting set of beliefs about the relationship between what other people say and do and what they mean and accomplish. Trust reflects that you believe that team members are telling you the truth and not omitting crucial information in their accounts. It reflects that people will follow through on their commitments. Trust also involves a belief that other people are capable of fulfilling the tasks they set out to perform.

Here are the three reasons why trust is so crucial.

FUTURE PLANNING

A critical part of planning for the future is having a clear sense of what is going on within an organization. A plan starts with knowledge of what is happening in the present. That means when someone gives you information about their capabilities and the current status of project, that information has to be accurate.

A lack of trust in the information you get from team members adds uncertainty to the planning process. You may no longer feel like you have an accurate sense of the current situation or the capabilities of the group. That can make it hard to get a project moving. As a result, you may feel like you have to verify information you’re getting from others before moving forward. Not only is that process time-consuming, but it may also make team members feel like you are checking on up them, which can further erode trust.

DISTRIBUTING WORK

Trust is also crucial for ensuring that every member of a team is assigned a reasonable share of the work. When you don’t believe that your team members will follow through on their commitments (or that they are capable of doing a good job with the tasks), then you shy away from giving them responsibilities. As a result, the rest of the team must carry more of the load.

In addition, when you are forced to rely on the teammates you do not trust, you end up micromanaging their work. You may find yourself telling them how to carry out key aspects of the job, checking up on each step, and asking for confirmation when things are completed. Not only does that take away from your own effectiveness, it leads to frustration from those being micromanaged.

YOUR MOTIVATION

At times, your supervisor has lost your trust. That can undermine your energy and enthusiasm to work. Lots of research suggests that your motivation to complete a task is influenced by whether you think the task can be completed as well as your sense of whether your efforts will be rewarded. When you don’t trust your supervisor, both of these facets of motivational strength are diminished. That can lead to a self-fulfilling prophecy in which you believe that a job will fail, so you don’t put in much work, which then leads the job to fail.

Unfortunately, this pattern feeds on itself. Your mistrust of management increases the chances that a task will go badly. When the team does not achieve its goals, leadership loses faith in the effectiveness of the team, which affects the way they treat the team in the future. Likewise, the team members are reinforced in their sense that management is ineffective.

Toxic Bosses At Work

If toxic bosses are so terrible, why do people still follow them? It has a lot to do with the way your mind works. Many bad bosses are unfit to lead because they are often narcissistic, don’t genuinely care for their employees and would do anything to get the best results — even at the expense of others or basic morals.

Yet many of those managers have admirers and hold positions of power, from the business realm to politics. Take world leaders as an example:- 57 countries are currently led by dictators that are unethical, unstable or incompetent.

People can’t always know they’ll have a toxic boss when interviewing for jobs, but once they’re in the door, they can stay devoted to those bad managers for months or even years — largely because either they have the wrong idea about what good leadership looks like or because they’re trying to reap personal benefits from the relationship.

1. People confuse arrogance and narcissism for strength - Strength and confidence can be important leadership qualities. But people sometimes confuse arrogance and narcissism for strength. In 2011 - a University of Amsterdam randomly assigned a leader to different groups of participants, had each team complete a group task and asked each team to rate their leader afterward. Participants rated the most narcissistic leaders as the most effective, even if those leaders actually inhibited communication and harmed their group’s performance.

A bad boss’ narcissism convinces them that they’re always right, so they reject help from others and don’t learn from their mistakes. Many are drawn to these people who appear competent — like they can take charge and handle a leadership role. But they can be narcissists, and things can get out of hand.

2. People fall into ‘cognitive laziness - If you’ve ever had a bad boss, you’ve probably thought to yourself, “I don’t want to go through the effort of figuring out how to handle this situation. It sounds exhausting. Instead, you find ways to convince yourself that your boss is actually fine. Riggio calls that feeling “cognitive laziness.”

When a bad boss does something wrong, people often give them a “pass” instead of holding them accountable, because they think the boss is above the rules anyway. That can allow a bad boss to engage in even worse behavior with no consequences.

People also tend to trust others similar to them. If your coworkers appear to support your bad boss, you might feel compelled to follow the herd rather than take a stand, and your boss could stay in power without being questioned.

3. People equate good results with good leadership - To you, your boss might be a toxic manager. To someone else, they might be someone who delivers valuable results, like an increase in profits or a successful sales deal.

For those leaders, the ends justify the means. If they appear effective, people just don’t question how they got there. Bad bosses may seem effective at getting good results, but it often involves “collateral damage,” like creating a toxic workplace by treating employees poorly or making unethical decisions. 

4. People enjoy the power of association - Bosses often hold power within a company or group. Some people enable and assist a manager’s worst attributes in the hopes of getting rewarded for loyalty, like a promotion or pay raise. A bad leader attracts hench-persons who surround them because they like being connected to a powerful person.

People should learn to recognize these psychological tendencies, so they can recognize when they’re following a toxic boss. It also helps to understand what a good boss looks like, he adds: someone who achieves results while limiting collateral damage, shows genuine care for their employees and accepts help and feedback from others.

HappyFresh Is Not Happy

HappyFresh has shut down operations in Malaysia and Thailand after struggling in those countries, leaving the embattled grocery delivery startup to focus on its main Indonesian market.

The Instacart-style delivery service said it was left with no choice but to cease operations in the two markets, according to posts on its local Instagram accounts on Thursday. It will stop its grocery business effective immediately, just days after the startup said it secured fresh funding and resumed operations in Indonesia.

Jakarta-based HappyFresh, which struggled this year to raise capital after a sharp downturn in the young online grocery sector, is working with venture debt funds Genesis, Innoven and Mars on restructuring its business. Representatives of US firm Kroll replaced three former directors on its board as part of the effort.

Founded in 2014 as one of the first Instacart-style grocery delivery services in Southeast Asia, HappyFresh has raised at least US$97 million (RM443.2mil) in equity funding in addition to debt financing. Formally known as ICart Group Pte, the company’s business has faced challenges in the face of slowing economic growth, surging inflation and higher interest rates. 

Natthamon - Thailand Super Investment Genius

A popular YouTuber, who claimed to be a successful forex trader has reportedly fled abroad after allegedly cheating thousands of investors out of two billion baht (RM246.7mil). Natthamon Khongchak, better known as Nutty the YouTuber, defrauded over 6,000 victims.

One victim had deposited about 18 baht million (RM2.2mil) with her. On Aug 24, some 30 people to file complaints against Natthamon with the Economic Crime Suppression Division.
The YouTuber had used her popularity to lure victims with the promise of high returns in a short time.

Natthamon’s YouTube account, which is titled Nutty’s Diary, has over 800,000 followers but the last clip was posted some five months ago. Natthamon claimed to be a successful forex trader and financial coach.

She invited people to deposit money in her account, promising 25% returns for three-month contracts, 30% for six-month contracts and 35% for 12-month contracts. She pledged to pay returns every month.

However, in April, her customers began complaining that they had not received the payments as promised.

In a May 25 Instagram post, Natthamon said she had made a mistake in trading and lost all the money but promised to repay to her investors. On June 24, she announced she was being sued in two cases and would not be able to repay other investors if she was jailed.

Yesterday, popular Facebook page Drama-addict posted that Natthamon had fled abroad. It added that one of her alleged victims, identified only as Nok, had offered a reward of one million baht (RM123,395) to anyone who could provide information that led to her arrest.

The page said it received information that Natthamon had fled to Malaysia.

Who is Cui Peijun

An entrepreneur in China who spent 32 million yuan (US$4.7 million) helping more than 4,000 university students from low-income backgrounds to finish their studies has won praise for his generosity. Cui Peijun, from Xinxiang in Henan province, central China, has been funding local university students whose families can’t afford the tuition fees since 2003.

The successful entrepreneur, who was forced to cut his own schooling short because his family could not afford the fees, passionately believes in making education accessible to all.

A week ago Cui was outside the office building where he runs his business for the annual distribution of money to needy students. Cui is seen sitting next to a long table on which are placed rows of 100 yuan (US$15) notes. The money is divided into bundles with different amounts such as 3,000 yuan (US$438) and 5,000 yuan.

Cui hands the money personally to the students who queue up in front of him. As the students approach Cui, they extend both hands towards him, make a bow, and then collect the money.

This year, Cui distributed 1.1 million yuan (US$160,000) to 160 students from his own personal savings.

“I had to drop out of school due to poverty, so I launched this funding project by myself,” Cui said. “Poverty should not be passed down to the next generation. They shouldn’t be stopped from attending school because of poor living conditions.”

In China, it is fairly common for wealthy individuals to finance students from low-income backgrounds or who are struggling with illness or disability.

Earlier this month, a 90-year-old former university lecturer was in the news for providing financial support to low-income students using money he made selling recyclable materials he collected late at night.

In May, a schoolmaster in northern China was in the news for spending his life savings creating a free education system for disabled students. In the 12 years since he started the school, he has helped more than 500 disabled students from ages seven to 30 to complete their education, with around 120 going on to find paid jobs.

Sniffing Out Bully During Job Interview

No sane person wants a boss who is a bully. One of the main reasons people leave a job is because they have a bad manager. Unfortunately, the drastic changes that happened in the workplace during the pandemic may have created more toxic bosses.

Bullying behaviors often stem from stress and anxiety and the desire for leaders to solve a problem. What the recent pandemic did is heighten stress and anxiety in the workplace, especially among leaders who didn’t get training on how to manage a team. All of that is causing leaders to not necessarily act in a respectful way to the team.

Instead of finding out too late that you’re working for a toxic leader, look for these five signs during your interview:

OBSERVE HOW THEY INTERACT WITH OTHERS - One way to spot a bully is to listen to how they speak with others. Do they do they say “please” and “thank you”? Do they call people by their first names? Do they interrupt? Interruptions send a message that ‘what I have to say is way more important than what you’re saying. 

Those are those are strong clues. In an interview panel with more than one interviewer, candidates can also observe how managers react to their coworkers and vice versa. For instance, a manager who dominates the interview without allowing for others’ questions may indicate a domineering management style. If signs seem murky, candidates can ask about how managers maintain a positive work environment… with a dismissive or rude answer pointing toward a workplace bully.


DETERMINE THEIR EXPECTATIONS FOR THE ROLE - During the interview, ask the manager, What differentiates a successful employee in this role from an unsuccessful one? Look for clues that the hiring manager expects compliance, always-on availability, and exerting their authority for the sake of power. For example, if the hiring manager considers successful employees to be the people who put in midnight hours and work weekends, you may find yourself bullied into doing so as well.

NOTICE IF THEY TRY TO PUT YOU AT EASE - Interviews can be stressful. Paying attention to what the hiring manager does to put you at ease. If they do things to create a stressful environment in the interview, they are likely to do so on the job, as well. The hiring manager who is late for the interview and does not give you time to represent your capabilities is likely continue showing little respect for your time and skillset going forward.


WATCH HOW THEY HANDLE DISCOMFORT - The key to spotting toxic people is to get them to confront situations where they might fail or look bad. A lack of concern for others while responding to that ego threat is a sure sign of a potential bully. 

A question you could ask would be ‘What is your opinion on your company’s chief rivals’ strengths and vulnerabilities and how they compare to your company? A good answer is one where the respondent can provide feedback with respect for the rival. Are they able to acknowledge where the rival is more effective? Do they speak of the rival with respect or disdain? Would you want your boss speaking to or about you the same way?”

TALK TO REFERENCES - “It is becoming increasingly popular for applicants to ask to speak to organizational references, such as others on the team or previous employees who have worked on the team in the past.

Speak to people who work for this leader and ask specifically how they are being managed and developed. When managers are investing in their staff and creating a psychologically safe environment, the team will have no problem sharing that information with new applicants.

Bullying managers are likely to create an environment of vague secrecy—team members may not come out and tell you the boss is a bully, so read between the lines and probe deeper, if possible.

Closing The Loophole on Automobile Insurance Claim

The Federal Court has ruled that road accident victims should be automatically compensated without having to sue insurance companies. In delivering the landmark ruling, Federal Court judge Datuk Abdul Rahman Sebli said the provisions of the Road Transport Act 1987 should be construed to protect all motorists, including victims of road accidents. He also said that Parliament's intention in enacting the law was to protect innocent third-party road users.

Datuk Rahman said this in a 140-page judgement on a decision delivered by a three-member bench he led last week — the two other judges were Datuk Seri Hasnah Mohammed Hashim and Datuk Rhodzariah Bujang — that allowed the appeals of eight motorists, seven of whom were injured in motor accidents.

Insurers - Five of the appeals involved Pacific & Orient Insurance Co Ltd, Amgeneral Insurance Bhd, Allianz General Insurance Company (M) Bhd, and Malaysian Motor Insurance Pool.

The victims had filed a negligence suit in the sessions courts against the owners of vehicles and/or drivers involved in their accidents for damages.

Their appeals came about as the insurance companies managed to obtain a declaration from the High Court to nullify the policies of motorists involved in the accidents due to allegations of misconduct on the part of the vehicle owners, which caused the accident victims to be denied monetary compensations that were due to them.

Sambung Bayar & Excuses To Deny Claim - In one of the cases, the vehicle owner had “sold” the vehicle to a third party through what is known as “sambung bayar” (continuing payments), but without informing the insurance company. The owner later asked the court to declare their policy as void. Based on that order, the insurer had refused to cover the victim's losses.

In another case, even after a full trial at a lower court had found the driver of the vehicle to be negligent, the insurance company declined to pay for the damages of the accident the driver caused, after alleging it had been defrauded.

Eventually, the victim of the accident merely held a paper judgement that was “not even worth the paper it was written on”, the Federal Court was quoted as saying. The court said this was unfair because the victim’s constitutional rights to be treated fairly had been infringed.

In allowing the appeals, the apex court awarded RM150,000 in costs to each of the successful parties in the appeal.

Balancing Act For Victim & Insurer - According to Rahman, the Act has to balance two competing interests — that of innocent third parties affected by a motor vehicle accident versus insurance companies. In the case of the insurers, the law has to protect them from being victimized by fraudulent claims.

But in setting the balance between these competing interests, the loss has to fall on one party. And if that is the case, the Act has decided that such a loss should be borne by the insurer, he said. This follows the principle established in a 1959 Indian Supreme Court case (British India General Insurance vs Capt Itbar Singh).

Rahman, in explaining the Federal Court's decision, said it is because it is compulsory for all vehicle owners to have insurance coverage and that the Road Transport Department would not issue road taxes for those without an insurance coverage.

This provides that if a vehicle injured a victim, that person could sue the owner or the driver of the vehicle, as the vehicle owner has insurance coverage. Hence, the insurer should automatically step in and “indemnify” the victim, without the victim having to sue the insurer.

Many grey areas had sprung up in motor accident cases over the years and caused huge problems for innocent road victims. This judgement resolves those difficulties in one fell swoop.

17,599 Declared Bankrupt

A total of 17,599 people have reportedly declared bankruptcy between 2020 and May this year, with men accounting for 73.7 per cent (12,970) and Malays comprising 58.3 per cent (10,267) of all cases.

Women accounted for 4,607 cases, with 22 cases under unknown genders. As for breakdowns by race, 4,447 cases involved Chinese, 1,321 Indians, 1,516 Malaysians of other races and 48 foreigners.

The highest number of bankruptcies declared by age group happened to those between 35-44 with 6,681 cases, followed by 45-54 (4,819), 25-34 (3,171), those aged 55 and above (2,823), and finally youths aged 25 and below (46). A remainder of 59 cases involved unknown ages.

The highest number of bankruptcies occurred in Selangor (4,164), followed by Kuala Lumpur (2,203), Johor (1,987) and Sabah (1,642).

The Insolvency (Amendment) Act 2020, or Act 360, had been amended in Section 5(1)(a) in order to increase the minimum value of bankruptcy from RM50,000 to RM100,000.

In June, it was reported that close to 60 per cent of the 46,132 Malaysians who declared bankrupt from 2018 to May this year were aged between 25 and 44.

Nearly 42 per cent of those who declared bankruptcy in the same time period cited personal loans as a factor leading to bankruptcy, followed by nearly 15 per cent who listed vehicle purchase as a factor, and more than 13 because of business loans.

Who Is Droupadi Murmu

For the first time in Indian history, a tribal leader is going to helm the top constitutional post. Droupadi Murmu, the ruling BJP candidate, was elected as the 15th President of India on Thursday by securing over 60 per cent of the total vote value. The President-elect will take oath on July 25.

Incumbent Ram Nath Kovind’s tenure is set to end on July 24 and the next president will take oath on July 25. Nearly 4,800 MP and MLAs cast their votes on Monday to elect the next president of India.

Who is Droupadi Murmu - The 64-year-old Murmu hails from India’s poorest but resource-rich state of Odisha. She spent her childhood in Mayurbhanj district and used to work as a teacher.

She earlier served as the governor of Jharkhand from 2015 to 2021. She was the longest-serving governor of the mineral-rich state which came into existence in 2000.

Her political journey began when she was elected as a councillor from Rairangpur in 1997. She then contested successfully on BJP tickets and became MLA from Rairangpur in 2000 and then in 2009.

From 2000 to 2002, the 64-year-old was made minister of state with independent charge for Commerce and Transport in the Odisha government, which was run by a coalition of BJP and the regional party BJD. Then from 2002 and 2004, she was given the Fisheries and Animal Resources Development portfolio.

She had also served as the vice-president of BJP’s Scheduled Tribes Morcha in Odisha between 2006 and 2009 and was elected party president in the Mayurbhanj district several times.

What is the significance of her elevation - Murmu belongs to the Santhal tribe of Odisha. The tribe is spread over four states and is India's largest scheduled tribe after the Bhils and Gonds.

Her elevation to the top post is being perceived as the triumph of tribal empowerment and the community’s political aspirations, which have long been neglected.

Housewives Social Security Bill

Approximately three million housewives in Malaysia will soon be eligible for a voluntary insurance protection scheme against injuries suffered while tending to their families and homes. This comes after the Dewan Rakyat passed the Housewives Social Security Bill (HSS), which allows husbands to voluntarily contribute to the scheme for their wives who are below the age of 55.

The scheme, to be managed by the Social Security Organisation (Socso), would offer insurance coverage of between RM300 and RM50,000 depending on the seriousness of the injuries sustained by housewives at home.

The government will allocate RM20mil to provide insurance coverage to 150,000 housewives from the B40 group for 10 months under the scheme, and will seek further allocation from the Finance Ministry for the purpose. For a start, HSS would only cover housewives and not husbands who assumed the role of a homemaker.

Contribution - Under the scheme, husbands are required to pay RM120 in advance to Socso to provide protection for their wives over a 12-month period. The contributions can be made through deductions by the husband’s employers.

A husband who has voluntarily registered for the scheme but fails to make the contribution could face a RM10,000 fine. However, a husband could escape liability should he inform Socso in writing that he is unable to continue with contributions due to loss of income or other reasons.

Housewives can also choose to make their own voluntary contributions if their husbands opt not to sign up for the scheme. The scheme, which is open to housewives in all income groups, offers a range of medical benefits and compensation payments of between RM300 and RM50,000 depending on the seriousness of their injuries sustained at home.

HSS Protection - Under the scheme - participating members who suffer total permanent disability such as the loss of a hand or foot, severe facial disfigurement, loss of sight essential for work or absolute deafness will be eligible for RM30,000 in compensation.

Compensation of RM300 will also be paid out to housewives who lose part of their toes. Also provided is a RM250 monthly allowance to housewives requiring constant attendance due to their injuries. This includes RM200 a month for dialysis treatment for those suffering from end-stage renal failure.

A housewife will also be entitled up to RM50,000 for physical rehabilitation due to her injuries.

Awang said housewives would continue to be protected throughout the insurance coverage period should they divorce their husbands. They will still be protected throughout the coverage period as long as the injury sustained occurred before the divorce.

Who is Teow Wooi Huat

A fugitive Malaysian businessman operating in Thailand has been arrested in southern Songkhla province for alleged money laundering. Teow Wooi Huat, the founder of MBI Group International, was arrested in the early hours yesterday. Police also searched his MBI Group office in Sadao district on the Thai-Malaysian border.

His capture came after the recent arrests of local politicians in Songkhla and Nakhon Si Thammarat provinces. Police investigation discovered their links to Teow, police said on Friday. The business tycoon was found to be the major financier of online gambling rings.

MBI Group’s office in Thailand is located on 16ha of land. It is involved in businesses ranging from hotels and entertainment outlets to amusement parks and real estate.

Teow had been arrested in 2017 on the charge of drug dealing. He fled to Songkhla and later managed to escape prosecution. In 2018, Malaysian authorities charged Teow with financial crimes. His assets were seized for his connection with a pyramid scheme. He fled to Thailand last year.

His company MBI Group International made headlines in Malaysia in October 2019 when scores of Chinese nationals rallied outside the embassy in Kuala Lumpur, claiming they had lost their life savings to the firm. The people said they had been “cheated” by an online pyramid scheme allegedly run by MBI Group International.

Teow was also wanted in Malaysia in connection with a RM336mil (US$83mil) money-laundering scam in Macau.

Foreign Insurer - Malaysia - 70% Stake

Malaysia’s central bank is giving foreign insurers until the end of 2023 to either reduce stakes in their local ventures or contribute to a charitable fund. Foreign insurers that do not comply with the ownership limit by the deadline will have to pay into a national health insurance program known as B40 Health Protection Fund, said the people, who asked not to be identified as the information is private.

The initiative, which was piloted in 2018 by the Malaysian government, provides coverage to lower income households needing treatment for critical illnesses. Insurance companies that contribute to the B40 fund will be deemed to have complied with the ownership limit.

Foreign shareholders accepted the divestment condition when they entered the Malaysian market. The central bank continues to engage with foreign shareholders on their divestment plans and does not comment on specific cases.

AIA Group Ltd, Prudential Plc, Tokio Marine Holdings Inc and Zurich Insurance Group AG are among the international insurers with ventures in the country. Singapore’s Great Eastern Holdings Ltd is the only foreign insurer to have publicly announced a contribution to date, pledging RM2bil (US$451mil) to the B40 fund in 2019, according to a stock exchange filing.

70% Cap Foreign Insurer - The deadline would see Bank Negara enforcing the limit it introduced in 2009 with the liberalization of foreign ownership. The ruling mandated that overseas insurance companies were allowed to hold a maximum 70% in local firms, but it was mostly disregarded until 2017 when the regulator issued a directive reminding insurers they have to meet the requirement.

A plan to impose a hard deadline for compliance in 2018 fell by the wayside following a change in government in the general elections that year. Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus told reporters at the time that foreign insurers would be given some flexibility to pursue options, and that the deadline would be determined on a case-by-case basis.

Death Of SLR Camera

Optics and imaging giant Nikon will stop making new single lens reflex cameras — once the technological mainstay of professional photography. The death of SLR cameras has been coming for quite some time, as mirrorless alternatives have increased in image quality while offering consumers the option to use lighter and smaller products.

According to Nikkei, Nikon will continue to produce and distribute its existing SLR models, but will focus development of new models entirely on mirrorless. Nikkei notes that Nikon’s SLR cameras were “widely used by professional cameramen for more than 60 years and have come to be seen as synonymous with the Japanese company.”

Just last month, Nikon announced that it was discontinuing two of its more affordable DSLRs, the D3500 and D5600 to focus more on “mid to high end cameras and lenses, targeted at professional and hobbyist photographers” while strengthening products for younger users “for whom video is the primary focus.” Last year, according to Nikkei, Nikon sold more than 400,000 SLR cameras.

As well as the rise of mirrorless tech, SLR cameras have also been out-competed by smartphone technology, which has shrunk the camera market over decades.

Canon, the market leader in SLR cameras, has been making similar retreats from the technology. Canon’s CEO said that “market needs are rapidly moving toward mirrorless cameras. So accordingly, we’re increasingly moving people in that direction,” but suggested the company would continue make some intro- and mid-range level DSLR cameras in future.

EPF i-Lindung

The Employees Provident Fund (EPF) is targeting 300,000 contributors to take advantage of the i-Lindung platform launched on Tuesday (July 12) within the first year. The premium is as low as RM30 per annum, the total coverage offered for i-Lindung is RM10,000.

The EPF launched the i-Lindung platform under the Members Protection Plan to facilitate the purchase of insurance and takaful products consisting of life and critical illness protection at an affordable premium from Account 2, with the protection offerings available to EPF members with immediate effect.

Low Penetration rate - The ownership of insurance policies and takaful certificates among the people in this country is still low, especially those in the lowest 40% monthly income group or B40. This situation is particularly worrying as this segment is more vulnerable to disasters and faces a lack of protection. At the industry level, the ownership rate of insurance and takaful coverage that is low will certainly stunt the growth of the insurance coverage industry overall. 

Citing a study from the Life Insurance Association of Malaysia in 2020, Ahmad Badri said that the insurance penetration rate in the country is only at 56.1% for insurance and takaful, and after deducting the number of policyholders with more than two policies, the rate is reduced to 41%.

Of that total percentage, he said over 90% had not enough coverage for themselves and their families. Only 4% of households from the low-income group have takaful coverage or life insurance. 

In a statement, the EPF said members who wish to purchase insurance and participate in takaful products offered by EPF-approved insurance companies and takaful operators can do so via the i-Lindung platform within the EPF i-Akaun (Member) portal.

Participating insurance companies and takaful operators - are FWD Takaful Bhd, Prudential Assurance Malaysia Bhd, Prudential BSN Takaful Bhd, Etiqa Life Insurance Bhd and Etiqa Family Takaful Bhd.

Members below age 55 with a sufficient balance in Account 2, who are Malaysian and registered i-Akaun users, are eligible to purchase products under i-Lindung. Those above age 55 can also purchase products under i-Lindung provided that they are within the eligible entry age of related products and maintain a minimum RM100 in their Akaun 55 or Akaun Emas.

The registration of new EPF members rose by 57% to 146,000 in the first quarter of 2022, while voluntary contributors under the i-Saraan programme jumped 77% to 599,000 individuals. This was after the EPF embarked on a long-term strategy to expand the social protection coverage of Malaysians in an effort to strengthen government-linked companies’ support ecosystem.

Lack Of Self-confidence

Four key indicators to look out for. While some offer only whispers of insecurity, others scream it. If you’re doing one or all of them, chances are their impact is greater than you know. And if you’re not even aware that you’re doing them, it’s time to get curious. Be brave and ask. True leadership development cannot happen without (sometimes) excruciating vulnerability.

MICROMANAGEMENT - Little else broadcasts to others that a leader lacks confidence than micromanaging. Hire great people and leave them alone. Onboard them properly. Trust them to do good work. The impact of micromanagement is sorely minimized, and what it actually looks like is definitely misunderstood. If you’re thinking, I don’t literally walk around telling people what to do or offering nonstop feedback all day long. I’m not a micromanager! then you’re thinking too narrowly about micromanaging.

Micromanaging tells everyone around you that you don’t have confidence in yourself or in your team. It’s the antithesis to employee engagement.

ARROGANCE - Remember, we want leadership confidence, not arrogance. Rather than leading a team, an arrogant leader focuses on anything that’s “wrong” with others, or on anything that makes them look “right.”

An arrogant leader can’t share the spotlight. They’ll say, “Here’s what I think” not “What do you think?” They’ll say, “I had that idea last night!” rather than “Nice! And what else?” They’ll “know what the problem is” instead of asking “What’s the real challenge here for you?” They’ll take the recognition for someone else’s ideas (because, ironically, their arrogance is compensation for missing confidence).

A leader’s inability to let someone else shine, contribute, be right, and be seen reveals their low confidence and completely disengages people.

BULLYING BEHAVIOR - Using your position of leadership to make someone else feel bad so that you can feel better or smarter (whether you’re conscious of it or not) screams a lack of confidence. Unfortunately, many on the receiving end of bullying leaders are so traumatized by the experience that they are unable to see where the problem actually lies. But it’s obvious to others!

If bullying behaviors like railroading, humiliation, and threats—or more subtle behaviors like diversion, undermining, and blame projecting—are part of your leadership tool kit, then it’s time for a long and humble look in the mirror. It’s time to get curious with yourself. And it’s time to make some apologies.

WAVERING SUPPORT - While this one isn’t as obvious as the other three examples, it’s still there under the surface. You might not even notice it at first, then you start to see a pattern. It goes something like this: An employee makes a suggestion. The leader isn’t on board. Time goes by. Someone higher up makes the same suggestion and the leader is suddenly on board. Sound familiar?

A leader with low confidence may have trouble putting their full support behind ideas, especially those that might make another person look amazing! They’ll back an idea only if it comes from someone with more power and influence. If they’re also a micromanaging and arrogant leader, they’re much less likely to slow down and ask the necessary questions to build out a good idea with an employee.

Effective leadership is crucial to an organization’s ability to achieve its goals. It’s my genuine belief that almost all leaders who demonstrate these behaviors actually want more for themselves and either don’t even realize they’re behaving this way or they do but don’t know what the alternatives are.

Take some deep breaths. Be candid with yourself. Ask your employees and colleagues for their feedback. Do the work. Your leadership depends on it.

Liberty Bought AmGeneral Insurance

AMMB Holdings Bhd’s 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB).

AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB.

AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB. 

Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase agreement and other transaction agreements for the AGIB disposal in July 2022 pursuant to the terms of the implementation agreement entered into between AGHB and LIB last year.

As part of the transaction, AMMB said it will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AGIB and LIB will be formally merged at a subsequent date.

Based in Kuala Lumpur, LIB has approximately 450 employees across six regional offices and 24 branches in Malaysia. The company distributes its personal, commercial, and other product lines through multiple channels, including a 2,000-agent workforce as well as franchises, car dealers and banca partners.

Investment Con-sultant

Former investment banker Charles Chua Yi Fuan, who was charged last Thursday for duping four investors to invest in non-existent investment schemes in which they lost RM76,000, has been slapped with 13 new charges for similarly deceiving seven others, which led to the victims losing RM1.67 million between July 2017 and May 2019.

Chua, a former vice-president of debt markets at Hong Leong Investment Bank, had told the seven victims that they were investing in investment schemes involving the subscription of securities, but the purported schemes did not exist.

In a statement, the Securities Commission said Chua was on Friday brought to two separate Sessions Court in Melaka to face the 13 new charges under subsection 179(b) of the Capital Markets and Services Act 2007 for deceiving the victims. If found guilty, he could be imprisoned for up to 10 years and fined no less than RM1 million for each charge.

According to the SC, Chua claimed trial to all the charges preferred against him.

The new charges came after Chua was accused of committing a similar offence against four other victims in the two Kuala Lumpur Sessions Courts on June 16. Likewise, he claimed trial to those charges.

The SC continues to remind investors to exercise caution before parting with their monies and when considering investment opportunities. Investors are advised to refer to the SC’s Investor Alert List for a list of unauthorized websites/platforms, investment products, companies and individuals. Investors can also contact the SC’s Consumer & Investor Office at 03-6204 8999 or email aduan@seccom.com.my for further queries," the SC added.

Investment Scam - Malaysia

A businessman who used a fake Datuk Seri title was charged in two Sessions Courts here on Wednesday, on 12 counts of cheating 12 individuals in connection with a non-existent Planetrade investment syndicate, involving losses amounting to RM2.2 million.

Kyairul Syahirin Ahmad, 46, pleaded not guilty to all charges, read out before Judge Kamarudin Kamsun and Judge Datin Sabariah Othman. According to the charges, Kyairul Syahirin is accused of committing fraud against several individuals, comprising two men and 10 women, by deceiving them into believing that he was conducting investment on Bursa Malaysia.

The accused's act prompted the victims to transfer a total of RM2.2 million into the accounts of his companies, including Planemax Essentials Sdn Bhd, Planetrade Holdings Sdn Bhd, Planeworld Flexi Sdn Bhd and Planetrade Premier Sdn Bhd, to which the victims would not have transferred the money had they been not duped by the victim.

He was alleged to have committed all the offences at an office unit in Plaza Arkadia, Desa Park City, Sentul, between Feb 2 and Nov 28, 2021, and he was charged under Section 420 of the Penal Code which carries a maximum jail term of 10 years and whipping and fine, if convicted.

Meanwhile, businesswoman Rozana Mohamed, 54, also pleaded not guilty in the same two courts, to 12 counts of abetting Kyairul Syahirin to committing fraud against the same 12 individuals involving the same investments and value.

All offences were alleged to have taken place at the same place and dates, and the charges were framed under Section 109 of the Penal Code, read together with Section 420 of the same law, which carries a maximum jail term of 10 years and whipping and fine, if convicted.

On March 4, it was reported that police arrested nine individuals including a man who used a fake 'Datuk Seri' title for alleged involvement in an investment fraud scam in several raids in Kuala Lumpur, Selangor and Penang. The investigation found that the 46-year-old man was the mastermind who owned four companies to carry out the fraudulent investment activities.

SOSCO Pay Covid Claim

The Social Security Organisation (Socso) has paid out RM186 million in Covid-19 benefit claims to 173,498 workers in the country since 2020 to date involving Act 4 and Act 789 under the Self Employment Social Security Scheme (SKSPS).

As of today, a total of 233,746 applications have been received and 173,498 of them have been approved and the applicants have received payments. For Act 4, payments have been handed over to 158,691 local workers and 13,740 foreign workers involving payments of about RM185 million. Meanwhile, for Act 789, payments were made to 1,067 employees with a payment of about RM1 million.

Earlier, he had officiated the Northern Region Industrial Harmony Symposium held to enhance employer-employee relations in safeguarding the importance of industrial harmony as well as increasing the level of legal compliance.

Revlon Filed For Chapter 11

Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection, weighed down by debt load, disruptions to its supply chain network and surging costs.

The New York-based company said that upon court approval, it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running.

Billionaire Ron Perelman, backs the company through MacAndrews & Forbes, which acquired the business through a hostile takeover in the late 1980s. Revlon went public in 1996.

With brands from Almay to Elizabeth Arden, Revlon had been a mainstay on store shelves for decades. But in recent years it struggled not only with heavy debt but also with stiffer competition and failure to keep pace with changing beauty tastes.

The company was slow to adapt to women’s shift away from bright color cosmetics like red lipstick to more muted tones starting in the 1990s. Revlon also faced increasing competition not only from the likes of Procter & Gamble, but most recently from celebrity lines like Kylie Jenner-backed Kylie, which don’t have to invest a lot in marketing because of their massive social media following.

Revlon’s problems only intensified with the pandemic, which hurt sales of lipsticks as people masked up. Sales fell 21% to $1.9 billion in 2020 but rebounded 9.2% to $2.08 billion in 2022 as shoppers went back to pre-pandemic routines. In the latest quarter that ended in March, sales rose nearly 8%. The company avoided bankruptcy in late 2020 by persuading enough bondholders to extend its maturing debt.