Robert Kuok, the sugar king who owns a string of five-star hotels in the region, retained his position as the richest individual in Malaysia with assets worth a staggering RM50.04 billion. with telecommunications tycoon T. Ananda Krishnan, who is worth RM45.78 billion, coming in a close second.

In third place is Public Bank chairman Tan Sri Teh Hong Piow, who moved up one notch with a fortune of RM12.77 billion, said the Malaysian Business magazine based on a survey of the 40 richest individuals in the country.

As in previous years, the wealth of the country’s top 40 individuals was assessed based on the value of their stakes in listed companies.

The survey also revealed Malaysia’s 40 richest individuals were collectively worth RM206.27 billion as at Jan 21, up 30 per cent compared with RM156.7 billion last year, boosted by the bullish stock market and an expanding economy.

“The overall increase is in tandem with the 20 per cent rise in the FBM KLCI benchmark,” it said.

The magazine said Ananda Krishnan’s wealth soared close to 70 per cent following Maxis’ higher valuations and his move to take private three of his listed companies.

In fourth place was IOI Corporation Bhd’s Tan Sri Lee Shin Cheng who is worth RM12.74 billion, followed by Genting Group’s Tan Sri Lim Kok Thay who was unchanged at number five and valued at RM10.89 billion.

Hong Leong Group’s Tan Sri Quek Leng Chan took sixth spot with a fortune of RM10.75 billion, while ranking seventh was Bumiputera entrepreneur Tan Sri Syed Mokhtar Albukhary of the Albukhary Foundation, who was valued at RM8.84 billion.

Tan Sri Lim Goh Tong‘s widow, Puan Sri Lee Kim Hua, returned to the eighth spot with a fortune estimated at RM7.43 billion while Tan Sri Tiong Hiew King of Rimbunan Hijau Group was unchanged at ninth with a fortune of RM4.77 billion.

Singapore-domiciled tycoon, Ong Bee Seng, claimed the 10th spot, with assets worth RM3.98 billion, followed by AmBank Group chairman Tan Sri Azman Hashim with RM3.93 billion.

Berjaya Group’s Tan Sri Vincent Tan took the 12th spot with assets worth RM2.43 billion.

Other individuals who are in the top 20 richest man circle in the country are Datuk Lee Yeow Chor and Lee Yeow Seng of IOI Group, Datuk Seri Lee Oi Hian and Datuk Lee Hau Hian of Batu Kawan, Tan Sri Yeoh Tiong Lay of YTL Group, Tan Sri Lau Cho Kun of Hap Seng Consolidated, Datuk Mokhzani Mahathir of Kencana Petroleum and Tan Sri Jeffrey Cheah of Sunway Group.

There were three newcomers to the list, with two making a first-time entry, who were Tan Sri Leong Hoy Kum of Mah Sing Group Bhd, Datuk Seri Stanley Thai of Supermax Corporation Bhd and Datuk Tan Heng Chew of Tan Chong Holdings Bhd.

The full list of the 40 tycoons and details of their wealth appears in the magazine’s Feb 16th issue which also presents a list of the 10 richest tycoons on the ACE market.

Source :  BERNAMA

For full list please refer Senarai 40 Orang Terkaya Malaysia 2011

Technorati Tags: billionaire, fortune, malaysia, malaysian, millionaire, richest, wealth

The Malaysian Communication and Multimedia Commission (MCMC) today announced that Malaysia is in the midst of implementing a new public cellular phone numbering format which is 3 + 8. The announcement was made at a briefing held at MCMC Headquarters which was attended by industry members, regulatory bodies, the media, consumer forums and interested parties. The briefing sought to enhance participants understanding of the new public cellular numbering system.

The new public cellular phone numbering will take off with the prefix-011 followed by eight digit numbers (011 1XXX XXXX), set to be launched on 15 December 2010.

This is one of the long-term planning measures undertaken by MCMC after taking into consideration that the existing public cellular phone numbering format of 3 + 7 is running out and will not be able to support and accommodate the demands from the industry in the near future. This new implementation is also a result of the increase in the number of cellular service providers and the potential of various service applications which will be made available due to the advancement of communication technologies.

Thus, MCMC is making a comprehensive approach in implementing the new format via consultation and close collaboration with communication service providers to ensure that this initiative is successfully carried out.

In his speech, Dato’ Jailani Johari, MCMC Chief Regulatory and Supervisory Officer, explained, “This project is a preleminary task by MCMC in carrying out the new format of the public cellular numbering into eight digits. Based on the national numbering plan, all numbers for the public mobile service will be migrated into 8 digits, which will be
done through phases according to the present needs, and MCMC will inform everyone concerned on this matter from time to time”.

MCMC has established a working group comprising industry players to identify various issues in relation to this exercise plan. The working group, headed by MCMC has discussed actions to speed up the implementation process as it can have a major impact on communication service providers as well as consumers.

“Through MCMC, the Government has collaborated with the industry in carrying out this new format to the consumers and will continuously monitor the preparation and readiness of the participating parties. This is because it will involve various systems and differing service providers networks. This is a matter that requires efficient
management, including upgrading or overhauling the systems and network so as to enable this exercise to be be carried out without interrupting existing services,” he added.

The service providers’ commitment towards the implementation of the new public cellular numbering is required to ensure success of the numbering programme as it is one of the Government’s strategic initiatives to increase the national broadband penetration rate.

In relation to that, a briefing was held to inform the industry, regulatory bodies, consumer forums and interested parties to enhance their understanding on the implementation of this new public cellular phone numbering.

Source : Malaysian Communication and Multimedia Commission

Technorati Tags: 011, 3 + 8, celcom, cellular phone, digi, eight digit, handphone, maxis, mcmc, mobile phone, new format, new number, phone numbering, tunetalk

The “good feelings” brought by some benefits in the 2010 Budget have been wiped off by the new National Automobile Policy (NAP). The government will continue protecting domestic cars, making the public suffer.

As expected, the revised NAP will not lower car prices and the government will maintain the high import duty and excise duty as the taxes were important “revenue sources for the Government.” In fact, it is meant to protect domestic cars.

It is disappointing that the automotive industry has not really moved towards openness, which has contravened the Prime Minister’s commitment to implement economic liberalisation. A protection which is too strong will undermine the country’s efforts to attract foreign investment.

The new NAP shows a little signs of liberalisation, such as foreign firms will be given manufacturing licenses to hold 100 per cent equity in firms producing luxury vehicles. However, foreign firms are allowed only to manufacture luxury vehicles with an engine capacity of more than 1,800 cc and costing more than RM150,000, which are not the selling point of Proton.

The government made a promise in the NAP announced in March 2006 that the open approved permits (APs) would be terminated on 31 Dec 2010. But under the new NAP, the promise has changed and the new deadline is 31 December 2015. If even a promise can also be changed, how can we expect confidence from foreign investors?

Other protective measures are, starting from June 2011, imports of used automotive parts and components will be prohibited and imports of used commercial vehicles will also be prohibited effective 1 Jan 2016. It is not open at all. If a foreign automobile company wishes to set up a factory in Southest Asia, it is not going to choose Malaysia.

Another impact on car owners would be the mandatory roadworthiness inspections for vehicles aged 15 years or older before road tax renewal and old vehicles may also be prohibited on the road in the future. The mandatory roadworthiness inspections will further burden low-income earners. Currently, there are about 2.7 million vehicles aged above 10 years on the road. Puspakom should have a great business volume and thus, it should pay the government additional taxes.

In order to protect the environment, developed countries usually have a set of regulations to phase out old vehicles. But the government will provide subsidies and preferences. In fact, the subsidies come from automobile firms as they will benefit from the relevant laws, especially for domestic cars.

The government starts the implementation of the mandatory roadworthiness inspections before having a comprehensive policy. It is indeed a big hit for the used vehicle market.

With an underdeveloped public transportation system, cars have become a necessity for Malaysians. But domestic cars, including national cars, are more expensive than foreign cars (Tata Nano from India costs only US$1984). As the government continues protecting domestic cars and refuses to open up the market, it will force the people to forever “work” for cars. How can the little tax deduction allowed by the Budget offset the people’s losses?

The government claims that it wants to transform the country into a high-income country. But before we can see any specific programs to increase revenue, the burden has been aggravated. We have to pay annual service taxes for credit and charge cards and the government wants to impose the goods and services tax (GST) in the future. As our incomes are not able to catch up with surging housing and car prices, what’s the use to feed on illusions?

I have only one word for the revised NAP: Disappointing!

~ By LIM SUE GOAN/Translated by SOONG PHUI JEE/Sin Chew Daily ~

Source : Sin Chew Daily

Technorati Tags: 2010, AP, approved permits, automotive industry, domestic car, nap, National Automotive Policy, proton

Some of the highlights of the Budget 2010 presented by the Prime Minister Datuk Seri Najib Tun Razak are as follows;

• Employees EPF contributions will be raised again to 11 per cent on a voluntary basis with immediate effect. However, from Jan 1, 2011 employees’ EPF contribution will revert to 11 per cent.
• The Government proposes existing personal tax relief of RM6,000 for EPF contributions and life insurance premiums be raised to RM7,000.
• Government allocates RM2.3 billion to build and upgrade infrastructures in rural areas.
• Government provides RM41 million to improve income and quality of life of the Orang Asli Community by implementing various projects.
• Budget 2010 allocations totalled RM191.5 billion, of which RM138.3 billion is for operating expenditure and RM53.2 billion for development expenditure.
• Federal Government revenue in 2010 to decline by 8.4 per cent to RM148.8 billion.
• Budget deficit at 5.6 per cent of GDP compared with 7.4 per cent in 2009.
• Effective Jan 1 2010, government agrees to allow agencies to retain 50 per cent of rentals received while the remaining 50 per cent will be remitted to the government as revenue.
• The Government will implement fuel subsidy management system in early 2010.
• The Government proposes the maximum income tax rate to be further reduced to 26 per cent from 27 per cent effective from the 2010 year of assessment.
• Maximum tax rate for cooperatives will be reduced to 26 per cent while the fixed tax rate for non-resident individuals will be cut to 26 per cent.
• Personal tax relief will be increased to RM9,000 from RM8,000 effective from the 2010 year of assessment.
• The Government also proposes income tax on employment income of Malaysians and foreign knowledge workers residing and working in Iskandar Malaysia be imposed at 15 per cent compared with the maximum 26 per cent for the rest of the country.
• Government to launch a scheme in January 2010 that enables EPF contributors to utilise current and future savings in Account 2 to promote house ownership.
• RM14.8 billion is allocated to manage, build and upgrade hospitals and clinics.
• The Government will issue 1Malaysia Sukuk totalling RM3 billion.
• The Government will establish the 1Malaysia Retirement Scheme to be administrated by EPF.
• To introduce a basic insurance and takaful scheme for motor insurance protection by mid-2010.
• To expand micro insurance and takaful coverage for small-scale businessmen to benefit from coverage ranging from RM10,000 to RM20,000 with a premium as low as RM20 per month.
• Stock market to be further liberalised to enhance efficiency.
• Liberalise commission-sharing arrangements between stockbrokers and remisiers by allowing flexible brokerage sharing at a minimum rate of 40 per cent for remisiers and to have commission-sharing fully liberalised effective January 1, 2011.
• Allowing 100 per cent foreign equity participation in corporate finance and financial planning companies.
• All public-listed companies to offer e-Dividend and stockbroking companies to provide e-Payment options.
• Current tax incentives to develop financial services, particularly Islamic finance, extended to 2015.
• Twenty per cent stamp duty exemption on Islamic financing instruments.
• Tax exemption on banking profits derived from overseas operations.
• Double deduction on expenditure incurred in promoting Malaysia as an international financial centre.
• Deduction on expenditure incurred to set up islamic stockbroking companies.
• Deduction on expenditure incurred on the issuance of Islamic securities.
• Government to encourage all syariah-compliant financial and banking institutions such as Bank Muamalat and Bank Islam to offer Ar-Rahnu scheme.
• Government to ensure regional corridors be developed according to schedule. Todate 126 of 195 planned projects are at various stages of implementation. Planned investments totalling RM221 billion have exceeded the 9MP target of RM145 billion.
• Government to allocate RM3.5 billion for infrastructure and basic amenities and training programmes and socio-economic projects to support implementation of private sector projects.
• Government is in the final stage of completing a study on imposing Goods and Services Tax (GST). The rate will be lower than the current sales and service tax.
• Income tax for 2010 based on income derived from 2009 will be allowed to be paid in instalments in five years.
• A five per cent tax to be imposed on gains from disposal of real property from Jan 1, 2010.
• A RM50 service tax to be imposed on each principal credit card and charge card and RM25 a year on each supplementary card from Jan 1, 2010.
• RM100,000 to be imposed for each AP to open AP holders effective Jan 1, 2010. A portion of the collection will be channelled to the Bumiputera development fund in the automotive sector.
• Malaysia’s economy to grow by two to three per cent in 2010.
• Mining to grow 1.1 per cent, manufacturing 1.7 per cent, agriculture 2.5 per cent, construction 3.2 per cent and service sector 3.6 per cent.
• Private consumption to expand 2.9 per cent while private investments 3.4 per cent.
• Per capita income to increase by 2.5 per cent to RM24,661.
• TNB to spend RM5 billion to implement electricity generation, transmission, distribution projects in 2010.
• RM149 million allocation to develop food farming industry such as fruits, vegetables, organic farming, herbs, seaweeds and swiftlet nests.
• RM58 million to develop basic infrastructures for livestock farms and establish supply chains for beef and mutton production.
• A consortium comprising FELDA, FELCRA and RISDA will be established by the end of 2009, with a paid-up capital of RM300 million and with each agency contributing RM100 million.
• Government to provide subsidies, incentives and assistance amounting to some RM2 billion to farmers and fisherman to safeguard their interests.
• Government to allocate RM9 billion to finance infrastructure projects, with RM4.7 billion for road and bridge projects, RM2.6 billion for water supply and sewerage services, RM899 million for rail facilities, RM820 million for ports and sea services and RM276 milliion for airport projects.
• To consolidate 79 SME funds to 33 to simplify access to SME financing to be coordinated by SME Corp.
• To allocate RM350 million to SME Corp, with RM200 million set aside for SME soft loans, RM100 million for capacity enhancement and the balance for branding and promotion.
• Financial institutions to approve micro-financing in six days and disbursement in four days.
• To allocate RM538 million for implementation of various SME programmes, with RM281 million to state economic development corporations, RM200 million to TEKUN and RM57 million for purchase of business premises and infrastructures.
• Government to sanction RM20 million to intensify green awareness activities and practise environment-friendly lifestyle.
• Develop Putrajaya and Cyberjaya as pioneer townships in Green Technology as a showcase for the development of other townships.
• Establish a RM1.5 billion fund to promote green technology, with a maximum RM50 million financing for suppliers and RM10 million for consumer companies. Applications for financing through the National Green Technology Centre to commence on Jan 1, 2010 and 140 companies are to benefit.
• Building owners obtaining GBI Certificates from tomorrow until Dec 31, 2014 are to be given income tax exemption equivalent to additional capital expenditure.
• Stamp duty exemption to buyers of buildings with GBI Certificates from tomorrow till Dec 31, 2014.

Source : BERNAMA

Technorati Tags: 2010, budget, malaysia, ministry of finance, najib tun razak, prime minister

Thousands of bird “motels” have opened across Malaysia to lure the swiftlets whose nests are harvested to make bird’s nest soup, a costly delicacy in Chinese cuisine.

But as the business booms and flocks of swiftlets — who make the nests out of their saliva — descend on towns and villages, the noisy, messy practice has triggered a wave of protest.

In the heart of the coastal town of Klang, southwest of the capital Kuala Lumpur, the owner of the Goldcourse Hotel has converted part of the multi-storey building into a swiftlet “motel”.

To entice the swiflets to build their nests in their concrete home — and not their natural cave habitat — from sun-up to sun-down a soundtrack of shrill bird noises including mating calls is blasted from speakers.

Nearby, other entrepreneurs have opened competing ventures by turning four-storey shophouses into bird havens, and the cacophony and shower of bird droppings is alienating those living and working nearby.

“The sound is so loud and irritating, and the bird droppings can be harmful to our health,” said local resident Abdul Hamid Abdullah as he watched the swiflets dart in and out of the buildings.

“These birds build their nests in caves. That is where they should be,” the 46-year-old told AFP.

Malaysia’s swiftlet industry began in the 1980s but gained momentum after the 1997 Asian financial crisis when entrepreneurs converted the interiors of abandoned properties into bird motels.

Fans of the gelatinous soup, which is popular in China, Hong Kong and Taiwan, say it can stave off ageing, boost sex drive, prevent lung disease and enhance the complexion.

A kilogram (2.2 pounds) of the small, cup-shaped nests can fetch 4,000 ringgit (1,130 dollars), and the combination of big profits and a lack of legislation has seen countless swiftlet “farms” established illegally in populated areas.

Kenneth Khoo, from the Small and Medium Industries Association in northern Penang, told AFP that the global trade in raw bird’s nests was estimated at 20 billion ringgit (5.7 billion dollars).

“Swiftlet farming in Malaysia is a sunrise industry. Demand far exceeds supply as more wealthy Chinese emerge,” he said, adding that bird’s nest soup remains a status-booster on business menus in China, Hong Kong and Taiwan.

Khoo said Indonesia controls up to 70 percent of the business in the region, sourcing its bird’s nests from both caves and farms, while the other two main producers are Thailand and Malaysia.

He estimated that there are at least 35,000 swiftlet farms in Malaysia, only about 4,500 with legal permits, in a business worth 800 million to 1.2 billion ringgit.

But as the industry expands along the east and west coasts of peninsular Malaysia, opposition to the swiflet farms is growing louder and environmentalists are demanding a complete ban.

There are also allegations of cruelty as some “farmers” reputedly destroy chicks and fertilised eggs in order to harvest the nests at times when prices are high.

Conservation group Friends of the Earth has condemned the trade and called on the government to close down the proliferating swiftlet farms.

“This rather impetuous booming industry has led to complaints from the public due to the nuisance, health hazards and the number of bird hotels coming up,” said Mohamad Idris, president of the group’s Malaysian branch.

“Collectors may not wait long enough for the young to fledge, often throwing the chicks onto the ground or leaving them to die after taking the nests,” he said.

“In view of the problems faced by many in the farming of swiftlets and from the welfare point of view of the birds, we would like to call for a ban on all farming of swiftlets.”

Source : AFP

Technorati Tags: bird, bird motel, bird nest, bird soup, swiftlet

The Pakatan Rakyat (PR) Selangor state government is planning to introduce a new tax system which will allow it to have control over taxes.

Mentri Besar Tan Sri Abdul Khalid Ibrahim wants to implement a zakat system that is currently practiced by Muslims to the non-Muslims in the state.

“The state and federal government have agreed that the zakat payment can be considered as income tax payment so when they pay RM2,000 to the fund, then they can deduct the same amount from their income tax and the zakat will stay in the state,” he said.

Zakat is a religious tax for charity which is obligatory for Muslims.

Khalid is considering a system where income tax would be deducted straight from the salary and channelled into a trustee fund or a Baitulmal which will be solely used for state development.

He said that those who contribute to the fund will be exempted from paying income tax to the federal government. Khalid also plans to also introduce this scheme to non-Muslims.

“During the glorious age of Islam, non-Muslims during that period could also pay zakat to the baitulmal. The zakat will be collected into one fund and the fund will be used for development,” he added.

Khalid explained that the new system was necessary because the federal government was currently withholding funds from the PR state government.

“This might jeopardize the relationship between the state and federal governments but I would like allocations to be given to the people of Selangor and managed by the state government. The fund however can be audited by the federal government,” he said.

Khalid stressed that the Baitulmal project is still in the discussion stage and he would consult with religious scholars before considering any further action.

Source : The Malaysian Insider

Technorati Tags: income tax, pakatan rakyat, Selangor, state government, zakat

What started off as a 1.8 billion Malaysian ringgit ($516.2 million) project has ballooned into one which could cost more than 10 billion ringgit following an acrimonious pullout by the project’s Dubai-based international partner.

The issue raises the question of risk foreign investors face when doing business in Malaysia. It has been used to attack the integrity of the government by the opposition at a time when Malaysia’s new prime minister is still reeling from losses in the 2008 general election.

The port authority has released the auditor’s report. Some members of the ruling coalition have been pressing for disclosure to prevent the project from tarnishing the government’s image.

The report would be available online at www.pka-report.com for a period of two weeks while the appendices to the report would be available for public viewing during office hours at PKA at Jalan Pelabuhan, Port Klang until June 10.

Port Klang Authority chairman Datuk Lee Hwa Beng has handed over the audit report on the Port Klang Free Zone to the Malaysian Anti-Corruption Commission office here on Friday.

Transparency in the way Malaysia does business will be a major factor in whether it can attract much-needed foreign direct investment.

What Is PKFZ ?

The Port Klang Free Trade Zone started as a joint venture between the Port Klang Authority and the promoters of the Jebel Ali Free Trade Zone in 1999 to attract foreign investment and promote Malaysia’s main ports situated near Kuala Lumpur.

How Did The Scandal Unfold ?

Land for the project was acquired by a company, Kuala Dimensi, whose shareholders include senior politicians from the ruling United Malays National Organisation , the lead party in the National Front coalition that has ruled Malaysia for 51 years, as well as politicians from other Front component parties.

The port authority reportedly ignored advice from the government chief legal adviser and bought the land from the company in 2002 for 1 billion ringgit, or about 25 ringgit per square foot, compared with the 3 ringgit per square foot which the company acquired the land for.

The company was later awarded sole rights to develop the zone without competitive bidding. Kuala Dimensi later raised funds through the issuance of bonds backed by the Transport Ministry.

PricewaterhouseCoopers was later called in by the Port Klang Autrhority to prepare a report amid mounting public anger.

PKFZ came under public scrutiny due to its escalating cost. Previously, the government had said the project would not cost more than 4.6 billion ringgit.

On 5 May, MPs briefed by the authority told reporters that the cost of the project could exceed 10 billion ringgit.

Why Did The Foreign Partner Pull Out ?

Jebel Ali Free Zone Internation , the Dubai-based company appointed to managed PKFZ terminated its 15 year-contract, withdrew from the project in July 2007, citing “strategic purposes”.

A newspaper report on Jafza’s pullout, which cited documents relating to the project, said the separation was acrimonious and due among others to interference by politicians and others with vested interests.

Bond Liabilities

The Port Klang Authority paid RM1.09 billion for the land to be settled over 15 years in a deal that was backed by a government guarantee and Kuala Dimensi sold bonds worth 1.3 billion ringgit. Kuala Dimensi sold 1.4 billion ringgit of bonds, again backed by a government guarantee to develop the site.

Two more tranches of bonds with a total face value of more than one billion ringgit were then sold.

Political Dimension

The heads of the PKA have all been senior leaders from the Malaysian Chinese Association, the second largest party in the National Front coalition.

Among its board members, Kuala Dimensi has Azim Zabidi, who was a one-time treasurer of UMNO. Tiong King Sing is director of Kuala Dimensi and treasurer of the Sarawak Progressive Democratic Party, another member of the coalition.

Also involved in the project are a former UMNO youth leader from Selangor state, Faizal Abdullah, whose father-in-law, Onn Ismail, is another influential figure in Selangor UMNO, was a former chairman of the cooperative that sold the land to Kuala Dimensi.

Source : Reuters

Malaysia’s 40 wealthiest are worth $36 billion, down from $46 billion a year ago. That loss is largely in line with the 21% drop in the Kuala Lumpur Composite Index and not too bad considering the fact that the Malaysian ringgit has lost 10% against the U.S. dollar, the currency in which net worths are measured.

Malaysia’s billionaires continue to dominate. The country’s two richest people, Robert Kuok and Ananda Krishnan, both again No. 1 and No. 2, are worth a combined $16 billion and account for 44% of the top 40′s wealth. The two, who have topped Forbes Asia’s Malaysian rich list since it debuted in 2006, are also the two wealthiest in Southeast Asia. The country’s nine billionaires are worth $30 billion, or 84% of the total, the biggest wealth disparity among any of Forbes Asia’s other rich lists. Vincent Tan is the only Malaysian to have dropped out of the billionaire ranks in the past 12 months, as share prices in his companies declined.

Syed Mokhtar Albukhary, who lost his billionaire status earlier this year, is back up top, worth $1.1 billion, thanks to a rebound of his Malaysia Mining Corp. stock.

Top 40 Richest Man In Malaysia For 2009 are:

1. (1)Robert Kuok USD 9 billion, 85, married, 8 children.
   Diversified
2. (2)Ananda Krishnan USD 7 billion, 71, married, 3 children.
   Telecom
3. (3)Lee Shin Cheng USD 3.2 billion, 70, married, 6 children.
   Palm Oil
4. (5)Lee Kim Hua USD 2.5 billion, 80, widowed, 6 children.
   Gaming
5. (4)Teh Hong Piow USD 2.4 billion, 79, married, 4 children.
   Banking
6. (6)Quek Leng Chan USD 2.3 billion, 68, married, 3 children.
   Diversified
7. (7)Yeoh Tiong Lay USD 1.8 billion, 79, married, 7 children.
   Diversified
8. (8)Syed Mokhtar AlBukhary USD 1.1 billion, 57, married, 5 children.
   Diversified
9. (10)Tiong Hiew King USD 1 billion, 74, married, 4 children.
   Timber
10. (9)Vincent Tan USD 750 million, 57, married, 11 children.
    Diversified
11. (11)Azman Hashim USD 470 million, 69, married, 5 children.
    Finance
12. (12)William H.J. Cheng USD 390 million, 66, married, 3 children.
    Retail
13. (26)G. Gnanalingam USD 260 million, 64, married, 3 children.
    Ports
14. (15)Lim Kok Thay USD 225 million, 57, married, 3 children.
    Gaming
15. (19)Anthony Fernandes USD 220 million, 45, married, 2 children.
    Airlines
16. (20)Mokhzani Mahathir USD 215 million, 48, married, 5 children.
    Oil Services
17. (17)Lee Oi Hian USD 210 million, 58, married, 4 children.
    Diversified
18. (-)Chan Fong Ann USD 209 million, 78, married.
    Palm Oil
19. (21)Kamarudin Meranun USD 205 million, 48, married, 5 children.
    Airlines
20. (24)Chong Chook Yew USD 200 million, 87, widowed, 4 children.
    Real Estate
21. (-)Chen Lip Keong USD 195 million, 61, NA.
    Gaming
22. (13)Lee Swee Eng USD 190 million, 53, married.
    Oil Services
23. (22)Jeffrey Cheah USD 185 million, 64, married, 3 children.
    Real Estate
24. (27)Lim Wee Chai USD 180 million, 51, married, 2 children.
    Rubber Gloves
25. (34)Ahmayuddin Ahmad USD 175 million, 52, married, 4 children.
    Port
26. (23)Lee Hau Hian USD 174 million, 55, married, 1 child.
    Diversified
27. (29)Lau Cho Kun USD 165 million, 73, married.
    Diversified
28. (16)Vinod Sekhar USD 150 million, 41, married, 2 children.
    Rubber
29. (33)Liew Kee Sin USD 140 million, 50, married, 4 children.
    Real Estate
30. (32)Tiah Thee Kian USD 135 million, 61, married, 5 children.
    Real Estate
31. (-)Rozali Ismail USD 130 million, 53, NA.
    Infrastructure
32. (36)Lin Yun Ling USD 115 million, 54, married, 2 children.
    Infrastructure
33. (18)Yaw Teck Seng USD 113 million, 71, married.
    Forestry
34. (-)Goh Peng Ooi USD 112 million, 53, NA.
    Software
35. (35)Eleena Azlan Shah USD 110 million, 49, married, 2 children.
    Infrastructure
36. (31)David Law Tien Seng USD 105 million, NA.
    Mining
37. (-)Syed Mohd Yusof Tun Syed Nasir USD 100 million, 61, married, 3 children.
    Banking
38. (-)Hamdan Mohamad USD 98 million, 53, married, 2 children.
    Infrastructure
39. (-)Tan Teong Hean USD 95 million, 65, married, 3 children.
    Banking
40. (28)Kua Sian Kooi USD 90 million, 56, married, 4 children.
    Insurance

Note : (last year rank)

Three newcomers debut, thanks to the discovery of better or new information. They include software executive Goh Peng Ooi, ioi board member Chan Fong Ann and gaming tycoon Chen Lip Keong, who operates a casino in Cambodia and a tourism business in Malaysia.

Four people have returned to the ranks after an absence of a year or more. Among them are Syed Mohd Yusof Tun Syed Nasir and Tan Teong Hean, who cashed out of Southern Bank several years ago and are now making new investments. The minimum net worth to make the list is $90 million, down from $100 million last year. This is held by Kua Sian Kooi, executive chairman of Kurnia Asia, who made it to the last spot following a big rally in his insurance firm’s stock, up 50% since the start of April.

Among those who dropped out of the ranks are several tycoons who barely missed the cut, including CIMB bank’s Nazir Razak and OSK finance group’s Ong Leong Huat. Malaysian citizen Ong Beng Seng, who has lived in Singapore for decades, is wealthy enough to qualify but stands to be listed among that nation’s 40 richest in September, largely due to the fact that he and his wife, Christina, who is a citizen of Singapore, share a number of holdings.

Not in the list this year;

• (14)Ong Beng Seng, 64, married, 2 children.
• (25)Yaw Chee Ming, 50, married.
• (30)Abdul Hamed Sepawi, 59, married, 2 children.
• (37)Ong Leong Huat, 65, married, 4 children.
• (38)Lim Thian Kiat, 51, divorced.
• (39)Khoo Kay Peng, 70, NA.
• (40)Nazir Razak, 42, married.

The list was compiled using shareholder and financial information provided by individuals themselves, stock exchanges, public documents and analysts. For people with publicly traded documents, net worths were calculated using stock prices and exchange rates from May 15. Privately held fortunes were calculated using database company BRIS and other sources to estimate what companies and assets would be worth if public.

Source : Forbes

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Malaysia on Monday moved to boost foreign investment in financial services, although the opening fell short of expectations as ownership caps on commercial banks were not raised.

Prime Minister Najib Razak said that foreign ownership caps for insurers and investment banks would be raised to 70 percent from 49 percent and that new foreign-owned Islamic banks and trade banks would be licensed.

“Moving forward, the financial sector will have a greater role in facilitating and catalysing economic growth as Malaysia transitions towards achieving developed economy status by 2020,” Najib told reporters in the country’s administrative capital.

A cap on foreign ownership of Malaysian commercial banks was kept at 30 percent, counter to expectations among some financiers that the industry would be liberalised.

“The market will be disappointed since the foreign ownership of commercial banks was left untouched at 30 percent but there are some good prospects with opening up of investment banks and insurers, you are effectively giving control to foreigners anyway,” said Kaladher Govindan, head of research at local broker TA Securities.

A single foreign investor is prevented from owning a stake of more than 20 percent in a Malaysian commercial bank while the overall limit is 30 percent for foreign ownership.

Foreign banks already own some sizeable stakes in Malaysian banks and some market players have speculated that foreign banks would seek to raise their stakes.

ANZ owns part of Ambank and Bank of East Asia has a stake in Affin Holdings, while private equity firm Primus Pacific has a stake in Affin EON Capital.

Many of the policies announced on Monday, such as raising foreign equity stakes in insurers, are part of a financial sector plan to be implemented by 2010.

The liberalisation came after Najib, who has been in office since April 3, acted last week to end the requirement for Malays to own 30 percent equity stakes in some small sectors of the service economy.

The premier has promised to reduce Malaysia’s economic dependence on electronics and commodities exports as these have been hit hard by the global economic downturn.

“Similar to last week’s announcement, this is going to be a slow burn type of process,” said Robert Prior-Wandesforde, economist at HSBC in Singapore.

“I think the combination in particular of the services sector changes and to a more limited extent the financial liberalisation will encourage potential investors to look more closely at Malaysia as an investment destination in time.”

Malaysia, once a preferred destination for foreign direct investment in Asia, has seen others push ahead of it.

At end-2007, the latest year for which data was available, Malaysia had $76.75 billion of FDI stock while Thailand, which lagged it until 2001, had $85.5 billion, according to United Nations figures.

Source : Reuters

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Malaysia’s government said it has scrapped a 30 percent requirement for ethnic Malay ownership of investments in some service sectors as it tries to boost the country’s flagging economy.

The move Wednesday marks a dilution of the country’s politically sensitive affirmative action program, which aims to uplift Malays who are a majority but lag economically.

Prime Minister Najib Razak said full foreign ownership will now be allowed in 27 areas spanning health and social services, tourism, transport, business and computer-related services.

Analysts hailed the opening of the services sector as a positive move but said the liberalization should be expanded to cover key services sectors such as banking and telecommunications. The Malay ownership rule still applies in these sectors.

“It is a good start but it will be more beneficial for the economy if key services sector such as finance are also opened up,” said Wan Suhaimi Saidi, economist with Kenanga Investment Bank.

The services sector contributed 55 percent of gross domestic product last year, and the government hopes to raise this to 60 percent, Najib told a news conference.

Malaysia’s exports have been hit by the meltdown in global demand and the government says the economy will shrink 1 percent this year in its worst case scenario.

“Liberalization of this sector will provide the impetus to enhance its contribution to economic growth,” Najib said. “It will boost investment and make the services sector more competitive.”

He said he will announce details for liberalization of the financial sector next week.

Critics say the decades-old New Economic Policy hinders investment and has largely benefited well-connected elite Malays rather than the poor. But the government has been unwilling to scrap it for fear of alienating the Malays who form the main constituency of the ruling party.

It has, however, allowed 100 percent foreign ownership in the manufacturing sector, a key pillar of the economy.

Najib said the move was in line with Malaysia’s commitment to open up its services sector under a regional agreement of the Association of Southeast Asian Nations.

He stressed that liberalizing the sector would not adversely affect the domestic services industry. The sector accounts for 57 percent of total employment in Malaysia.

“With the liberalization of the services sector, the government expects greater inflow of investments,” he said.

The government plans to progressively open other sectors, said Najib, without giving any details.

Last year, approved investments in services reached 50.1 billion ringgit ($13.7 billion), exceeding the official target of 45.8 billion ringgit ($12.6 billion). But foreign investments were only 11 percent of the total figure.

As part of measures to make Malaysia an international financial center, Najib said the legal profession will also be liberalized to allow up to five top international law firms with expertise in Islamic finance to offer services in this field.

Source : Associated Press

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