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Malaysia and Singapore to Boost Cybercrime Cooperation in Cross-Border Crime Agreement

Key Takeaway: Cybercrime will be included in Malaysia-Singapore cross-border crime cooperation , as the two countries prepare to renew their Memorandum of Understanding (MOU) on the matter. Malaysia’s Home Minister, Datuk Seri Saifuddin Nasution Ismail, announced that cybercrime will be a new focus in Malaysia-Singapore cross-border crime collaboration . The updated MOU will be signed on Nov 14 during Saifuddin’s meeting with Singapore’s Minister of Home Affairs and Law, K. Shanmugam. This move reflects the growing threat of cybercrime , which costs ASEAN an estimated US$64 billion annually. The agreement emphasizes capacity-building, intelligence-sharing, and joint operations as vital components for addressing cybercrime. The exchange of MOU documents will occur at the Annual Leaders' Retreat on Dec 8 in Malaysia, which will be attended by the prime ministers of both nations. Saifuddin also highlighted plans to discuss border congestion issues and will visit Singapore’s Immi
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Atlan's Singapore-Listed Unit Objects to RM70M Compensation for Land Acquisition, Plans High Court Challenge

Atlan Holdings Bhd’s 75.53%-owned subsidiary, Duty Free International Ltd (DFIL), listed on the Singapore Exchange, plans to object to the RM69.9 million compensation offered for two pieces of land in Bukit Kayu Hitam, Kedah, which were acquired by Malaysia's Ministry of Home Affairs (KDN) for a road project.

Following legal advice, DFIL will accept the compensation under protest and will file an objection in the High Court under Sections 37 and 38(1) of Malaysia's Land Acquisition Act 1960, DFIL’s executive director Lee Sze Siang stated in a regulatory filing.

The land in question belongs to Cergasjaya Sdn Bhd and Cergasjaya Properties Sdn Bhd (CPPA), two indirect wholly-owned units of Atlan, and is crucial for DFIL's duty-free business, which contributed 24% to its revenue for the financial year ending Feb 29, 2024.

The oral compensation award of RM69.9 million was provided by the Kedah Department of Director General of Lands and Mines after an acquisition enquiry process on Nov 6, followed by a formal notice on Nov 12. DFIL has expressed dissatisfaction with the award and will pursue a land reference appeal in the High Court, although the financial impact remains unquantified pending the court decision.

DFIL advised shareholders to exercise caution and awaits further announcements on the case’s developments.

Atlan’s shares remained untraded on Tuesday, with its last closing price at RM2.75, reflecting a market cap of RM697.5 million, while DFIL shares last traded at 7.4 Singapore cents, giving a market valuation of S$88.67 million.

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