KUALA LUMPUR: PPB Group Bhd, the company controlled by billionaire Robert Kuok, has agreed to acquire Armed Forces Fund Board entire 16.8% stake in property developer Hillcrest Gardens Sdn Bhd for RM59mil cash.
AUDITS get noticed only when things go wrong. Last week British MPs issued a scathing attack on KPMG, an auditor, for failing to avert the collapse of Carillion, a contracting company. South African authorities are looking into Deloitte’s audit of Steinhoff, a retailer. PwC, another auditor, could face a court-damages verdict for hundreds of millions of dollars for not spotting fraud at Colonial Bank, a failed American lender. It is also fighting a $3bn lawsuit in Ukraine and a two-year ban in India.Investors are also waking up to audits. They almost never vote against management’s choice of auditor. But last month over a third of shareholders at General Electric, an industrial conglomerate, voted against the reappointment of KPMG. Investors in Steinhoff are suing the company and Deloitte for $5bn for their losses.These actions challenge an industry dominated by four big firms: Deloitte, EY, KPMG and PwC. Between them they earned $47bn from auditing most of the world’s largest...Continue reading
A startup from Myanmar is taking aim at becoming the "Netflix for games" among mobile game systems. And in Southeast Asia's emerging countries, the CEO believes a local company is best suited to capture the swiftly-growing market.
KUALA LUMPUR (May 25): Malaysian police seized 114 million ringgit (US$29 million) in cash, as well as bags containing jewelry from an empty apartment as part of its investigation into 1MDB.
Police also raided two apartments where children of former Prime Minister Najib Razak were residing, according to commercial crime investigation department director, Amar Singh.
Amar declined to say who owned the apartments.