News by THE EDGE MALAYSIA

In the SRC case, the former finance minister faces one count of abuse of power in relation to his role in approving RM4 billion worth of loans from the Retirement Fund Inc to SRC International. In addition, the Pekan MP also faces three criminal breach of trust charges and three money-laundering charges in relation to RM42 million found in his bank accounts.

Home prices have risen rapidly since 1990, fuelled by historically low interest rates and enabled by the then government’s policies (such as home ownership campaigns, Developer Interest Bearing Scheme and a reduction in the real property gains tax) and banks’ aggressive lending for mortgages. As a result, home affordability has declined by half.

Over the last few years, the Malaysian property market has been characterised by sluggish sales and a rising number of unsold homes. Developers are sitting on large stocks of inventories, which are stretching their balance sheets, funded by borrowings from banks, and the debt and capital markets, including issuing perpetual securities. The sector’s poor outlook is reflected in the low valuation of property stocks, most of which are trading at around one-third book value.

How did this situation come about?

In 5½ decades, never has the group encountered such adversity — its casinos and hotels have had to remain shut for two months now, owing to the Covid-19 pandemic, choking cash flow and revenue.

It will be investing in the renovation of existing rooms at the Parkroyal Kuala Lumpur, adding more rooms and introducing serviced suites.

“During this unprecedented time and with no clear and definite time when businesses will start to move towards normality, hotels may embark on upgrading or refurbishing the properties.”

Governments do have a moral dilemma — lives or livelihoods? But it does not have to be that way if we take a dual-track approach that strikes a balance between health and economics.

Some quarters voiced their concerns over the loss of an independent body to regulate the operations of airports in the country, while others were more worried about the prospects of MAHB.

Only a few have striven to build shareholder value by undertaking corporate exercises to unlock the true worth of their assets.

Razak would have been very proud of the two brave civil servants who stood up against instructions they felt were against the interests of the nation.