In today’s edition of Evening 5 — Putrajaya mulls releasing more net energy metering quotas for rooftop solar installations before the year ends. Meanwhile, the Malaysian Bar initiates judicial review proceedings to challenge Datuk Seri Ahmad Zahid Hamidi’s DNAA.
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00:00 Putrajaya may release more net energy metering or NEM quotas for rooftop solar installations
00:11 for residential, commercial and industrial buildings before the year ends, as the existing
00:16 allocation that was expended this year was taken up last week.
00:20 The quota expansion is in line with the government's ongoing efforts to promote greater adoption
00:26 of rooftop solar.
00:28 In a reply to The Edge, Natural Resources, Environment and Climate Change Minister Nick
00:33 Nazmi Nick Ahmad said the ministry is looking into the right quantum of quota to be released
00:39 and will make an announcement before year-end.
00:41 It is also looking at enhancing the rollout of rooftop solar installations with rooftop
00:47 leasing and buyback schemes, although not much details have been shared.
00:52 The faster NEM take-up rates seen this year come on the back of the government's decision
00:57 to remove the blanket subsidy on electricity tariffs since the start of this year, with
01:02 higher tariffs seen for high-voltage and high-consumption users across both residential and non-residential
01:09 groups implemented in the second half of the year.
01:12 The Malaysian Bar has initiated judicial review proceedings to challenge former Attorney-General
01:23 Sultan Syed Idris Haran's decision to apply a discharge not amounting to an acquittal
01:28 in Deputy Prime Minister Datuk Syed Ahmad Zahid Hamidi's case involving the alleged
01:33 siphoning of funds from Yayasan Akal Budi.
01:36 Bar President Karen Chia said this legal recourse was taken as part of the Bar's statutory
01:41 duty to uphold the cause of justice uninfluenced by fear of favour.
01:46 She said Zahid's case holds national and public interest as it involves grave accusations
01:51 of criminal breach of trust, bribery and money laundering against an individual in power
01:56 and authority at the time he was charged.
01:59 It is the Malaysian Bar's concerted view, Chia said, that the AG's discretionary powers
02:05 under the federal constitution is not absolute and should be restricted in its scope and
02:10 limit exercised in a justiciable manner as determined by the courts.
02:15 Separately, amid speculation that Zahid has cancer and will resign as UMNO President,
02:20 the Deputy PM said this was untrue and that he has fully recuperated after undergoing
02:26 an operation last month.
02:28 He returned to work last Friday after recovering from the surgery.
02:32 Prominent lawyer Tan Sri Muhammad Shafi Abdullah and the Inland Revenue Board are in talks for
02:42 a possible settlement in a dispute over RM9.414 million of purported unpaid taxes.
02:49 According to counsels for both parties, they are looking to see if they can resolve this
02:54 amicably and that there are one or two things that have yet to be ironed out.
02:59 The IRB filed the suit against Shafi in May 2021 over five years of alleged unpaid taxes
03:05 from 2011 to 2014 and 2016.
03:09 Shafi has said the claim is inaccurate, unlawful and tainted with malafide and that he had
03:15 submitted a revised capital statement as final consideration for a tax settlement.
03:21 In September 2021, the IRB applied for a summary judgment to be entered against Shafi and a
03:28 hearing was slated for today.
03:30 But the matter was adjourned due to the ongoing talks.
03:33 High Court Judicial Commissioner Rosmawa Rozen gave the parties two weeks to finalise negotiations.
03:40 In the event that an agreement can't be reached, she said the court will proceed to
03:44 hear the IRB's summary judgment application on December 15.
03:48 Kanger International said its largest shareholder and executive director, Kwa Chun Cheng, has
03:59 disposed of his entire 12.28% stake in the company.
04:03 According to a Boris filing today, Kwa offloaded the stake, comprising 74.05 million shares
04:09 via the open market on November 30, ceasing to be a substantial shareholder in the construction outfit.
04:17 Based on the price tag of 7 cent per share stated in the filing, he disposed of the block
04:21 of shares for 5.18 million ringgit.
04:25 Following Kwa's divestment of his stake, the company's largest shareholder is now
04:29 Si Tong Nai, with an 8.39% stake.
04:32 He is also the lone substantial shareholder of Kanger.
04:36 Kwa was made an executive director of Kanger in August 2020.
04:41 Shares in Kanger closed 7.14% lower at 6.5 cent today, giving the company a market capitalisation
04:48 of 42.24 million ringgit.
04:50 Opcom Holdings has proposed to change its corporate name to Hexter Capital Effective
05:01 immediately, its Bursa filing showed today.
05:04 Notably, Hexter's Group CEO, Datuk Eddie Ong Choo Meng, is its largest shareholder
05:09 with a 31.74% direct stake.
05:12 The broadband infrastructure provider was also thrust under the spotlight in September
05:17 this year after it acquired an 18.03% stake or 70 million shares in Ace Market-listed
05:23 Binasat Communications from the latter's managing director, Nabun Aik, for 39.2 million
05:29 ringgit as part of its venture into the satellite telecommunications business.
05:35 The acquisition came less than two months after Opcom said it was eyeing a 49% stake
05:40 in Transgrid Ventures for 98 million ringgit via a cash-plus-share deal to diversify into
05:47 the power transmission and distribution business.
05:50 Opcom's shares fell 0.8% to 60.5 cent, valuing it at 232.33 million ringgit.
05:58 To date, the stock has fallen by 18.24%.
06:02 [Music]