News by THEEDGEMARKETS.COM

During cross-examination with ad-hoc prosecutor Datuk V Sithambaram, Najib said he removed Nik Faisal from the post following complaints by SRC's chairman at the time, Tan Sri Ismee Ismail, that he was not a man of integrity.

Zerin Properties has refuted the claim made by CBRE|WTW managing director Foo Gee Jen last week that should prices not correct substantially, it will take the next five years to clear unsold stocks of SOHOs and SOVOs.

Najib's admission came as deputy public prosecutor Datuk V Sithambaram was conducting his cross-examination on the former prime minister in the SRC trial at the High Court.

In a statement today, BNM said the ceiling and floor rates of the OPR corridor are correspondingly reduced to 3% and 2.5% respectively. At the current level of the OPR, the MPC considers the stance of monetary policy to be appropriate in sustaining economic growth with price stability, the central bank said.

Responding to questions from ad hoc prosecutor Datuk V Sithambaram, Najib testified today that he contacted Wan Abdul Aziz to tell him to issue a letter requesting KWAP to disburse the loan to the former unit of 1Malaysia Development Bhd (1MDB) even before the cabinet had approved the government guarantee for the RM2 billion loan.

The case involves seven parcels of land measuring 2,800 acres that the company alleges were acquired at 93 sen per sq ft (psf) as assessed by a government valuer — a mere fraction of the RM5.30 psf appraisal by its valuer.

In a filing with Bursa Malaysia, the group said the police raided part of the premises, tenanted by a third-party, in relation to a drug probe.

The contract — which entails the supply, delivery, installation, testing, commissioning and maintenance of street lighting, high mast and traffic light system — was awarded to its wholly-owned subsidiary Mudajaya Corp Bhd by Turnpike Synergy Sdn Bhd.

Justice Mohd Nazlan Mohd Ghazali also allowed the prosecution to call any rebuttal witness if needed, as provided for under Section 425 of the Criminal Procedure Code.

Najib and his defence team have been harping on the calling of an Australian expert to look at the documents as Najib claims he is unsure whether the documents tendered as evidence, which are mostly photocopies, contain his signatures.