Ex-wife exaggerated my wealth, Mahmud says

Sarawak entrepreneur Mahmud Abu Bekir Taib today demolished suggestions made by his former wife that he is a multi-billionaire, telling a Shariah court here instead that 90 per cent of his stake in Cahya Mata Sarawak was pledged with banks as collateral for loans, while purported offshore bank accounts were false. “My personal liabilities in…

Ringgit slumps to 17-year low on 1MDB debt woes, growth concerns

Malaysia’s ringgit sank to a 17-year low as concern about the finances of a state investment firm at the heart of a political scandal worsened the outlook for an economy rocked by plunging oil prices and an emerging-market sell-off.The ringgit depreciated 1.3% to 4.2680 a dollar as of 10:17 am in Kuala Lumpur, reversing Tuesday’s 1.2% gain,…

Middle class may need housing subsidies if property sector not reformed, say researchers

Middle-class Malaysians may end up needing government subsidies for housing if current property prices continue to increase, a report by the Khazanah Research Institute (KRI) said, calling for immediate intervention by all stakeholders to transform the housing sector in Malaysia. KRI research director Dr Suraya Ismail said the median price range for housing was “skewered”…

High Court notified of Mahmud’s successful appeal

The Kuala Lumpur Shariah High Court was today informed that the Shariah Appeals Court had on July 14 ruled in favour of Sarawak entrepreneur Mahmud Abu Bekir Taib in the child maintenance claim brought by former wife Shahnaz Abdul Majid against him. The decision was conveyed to Kuala Lumpur Shariah High Court Registrar Nor Faiz…

Exaggerated wealth for mutaah claim not real, they are forgeries masquerading as hacks, says Datuk Seri Mahmud Abu Bekir Taib

Sarawak business entrepreneur Datuk Seri Mahmud Abu Bekir Taib today continued his testimony in the Shariah High Court of Kuala Lumpur in a re examination by his counsel, testifying that an international politically motivated conspiracy had evolved from his divorce maintenance hearings against him and his family, in particular, his father Tun Pehin Sri Abdul…