ACTIONS BEING TAKEN BY ACE GROUP AGAINST “ELLYBILLIONAIRE”

1.  We are aware of the video posted by an Instagram user by the name of “ellybillionaire” (which account belongs to Norhaili Binti Ahmad Mokhtar) on 5 April 2019, containing false allegations against ACE Holdings Berhad and its subsidiaries (“the Group”). The management of the Group takes this matter seriously. 

2. The claims made against the Group are false, misleading, unfounded and defamatory and those claims were done based on malicious intent by the said Norhaili. We strictly condemn such unethical and unprofessional conduct. The Group has filed an official complaint with the Federation of Investment Managers Malaysia for her failure to uphold the professional’s ethical standards. Further, a police report has been lodged against Norhaili and a complaint has been lodged with the Malaysian Communications and Multimedia Commission (MCMC). We have also initiated legal proceedings against the said Norhaili for the false, misleading and defamatory statements made against the Group.

3. It is very unfortunate that these malicious allegations made by Norhaili have caused damages to the good reputation of the Group. We would like to assure you that ACE group practices good governance and compliance.

4. We encourage you to read our official statement regarding this matter on the Group’s website (www.acegroup.com.my). Please do not hesitate to contact us should you have any further questions / concerns.

 

Your sincerely,

 

The Management

OFFICIAL NOTICE

We, ACE Holdings Berhad (“the Company”) have recently been made aware of certain false allegations and defamatory statements made against the Company by an Instagram user by the name of “ellybillionaire” which account belongs to one Norhaili Binti Ahmad Mokhtar and in view of aforesaid, we wish to highlight to the public as follows: - 

1. The Company is an investment holding company in Malaysia and is a well-established business entity with valid licenses and approvals and the Company and its subsidiaries (“the Group”) is not any way involved in any illegal fund-raising activities. 

2. The current fund-raising activities are legitimately carried out by the Company based on the Private Placement Memorandum dated 8 September 2015 and 5 January 2018 which has been deposited with the Securities Commission of Malaysia (“SC”). 

3. We maintain a strong relationship with all our shareholders and we have never been in default of any payment terms or obligations under the respective Private Placement Memorandum. 

4. It is unfortunate that there have been disconcerting actions carried out by the said Norhaili to misinform the public with the intention to defame and tarnish the reputation of the Company and the Group. 

5. We regret to note that our Company’s and the Group’s good name and business reputation has been unnecessarily sullied by such unwarranted and accusatory information and statements made against the Company. 

6. We take this matter seriously and we are in the midst of working closely with the relevant authorities including but not limited to the Malaysian Communications and Multimedia Commission (MCMC) and the Royal Malaysia Police (PDRM) as well as our panel lawyers to take legal action against Norhaili for the false, misleading and defamatory statements made against the Company and/or the Group.

7. In light of the foregoing, we urge the public not to spread false and misleading information against the Company and/or the Group and any enquiries by the public may be communicated directly to us.  

8. We will not hesitate to exercise all our rights under the law to bring a claim against any third party who spread, circulate or distribute any false, misleading and/or defamatory information and statements in relation to the Company and/or the Group in whatsoever forms and howsoever manner. 

 

Date: 5 April 2019

 

THE MANAGEMENT OF 

ACE HOLDINGS BERHAD

 

CORRECTIVE DISCLOSURE IN RELATION TO PRIVATE PLACEMENT MEMORANDA 2015 AND 2018

The Securities Commission Malaysia (“SCM”) had on 11.12.2018 directed AHB to issue this corrective disclosure in order to update the investors that based on SCM’s findings, there are false or misleading statement in the PPM 2015 and 2018 which are as follows:

 

In respect of PPM 2015:

 

  1. At pages 8 and 14 of the PPM, AHB had stated that “The present authorized share capital of ACE Credit (M) Sdn Bhd is RM100,000,000 comprising 100,000,000 ordinary shares of RM1.00 each, all of which have been issued and are fully paid up” (“Statement 1”). Statement 1 is hereby corrected to the effect that “The present authorized share capital of ACE Credit (M) Sdn Bhd is RM100,000,000 comprising 100,000,000 ordinary shares of RM1.00 each, of which 50,000,000 ordinary shares of RM1.00 each have been issued and are fully paid up”;

 

  1. On the cover page, pages 5, 6, 8, 10, 11 and 48 of the PPM AHB had stated that “the Company currently proposes to raise capital of RM250.0 million from prospective investors via the issuance of RPS to provide equity financing to ACSB, its wholly-owned subsidiary”. As at 16.1.2018, AHB had successfully raised RM586,555,000-00 from the private placement, despite the original target AHB set was RM250,000,000-00. The RM250,000,000-00 was successfully raised on 1st March 2017. There is no supplemental memorandum/ notice issued by AHB prior to making invitation or offer to subscribe for more than RM250 million.

 

  1. At page 12 of the PPM, item 1.5 states that “ACSB offers potential subscribers a stable investment in the consumer credit industry with secured dividends from a growing cash flow that is supported by a recurring income business model in line with the growing income and rising standard of living”. Item 1.6 states that “AHB provides investors a unique investment opportunity in consumer credit industry”.

 

and in respect of PPM 2018:

  1. At page 27 of the PPM, AHB had stated that “AHB proposed to raise RM250 million from prospective shareholders for the purpose of expanding its business in the credit and leasing industry” and that “AHB succeeded in raising the full RM250 million in less than 2 years” (“Statement 1”). Statement 1 is hereby corrected to the effect that “AHB had proposed to raise RM250 million from prospective shareholders for the purpose of expanding its business in the credit and leasing industry, and AHB had succeeded in raising RM586,555,000-00. However, AHB did not issue any supplemental memorandum and/or notice prior to any invitation or offer on subscription of redeemable preference shares of more than RM250 million.”   

 

  1. At page 9 & 25 of the PPM, it was stated that AHB proposed to utilize the fund solely for investment in Islamic credit and leasing industry, Islamic capital market activities and Islamic pre-IPO investments.

 

We wish to highlight that AHB issues this letter pursuant to SCM's directive, AHB holds the view that the paragraphs above were done with best interest of the company and subscribers.

In the light of our mistake as above, AHB shall provide an unconditional corporate guarantee backed by unencumbered assets in relation to your subscription of RPS based on the PPM, in which the corporate guarantee is as attached for your perusal. This corporate guarantee is to guarantee any failure of AHB redeeming your RPS upon Maturity Date (as defined in the PPM) at the Redemption Price (as defined in the PPM).

In addition to the corporate guarantee as above, we are also offering you an early unconditional option to redeem, without any penalty, part or all your RPS at the Redemption Price (as defined in the PPM). If you wish to exercise the option as stated herewith, please complete the form as attached and deliver the completed form to AHB within twenty-one (21) days from the date stated above. The option offered shall lapse in the event AHB does not receive the completed form within twenty-one (21) days from the date started above. All completed forms are to be returned by hand, registered mail, facsimile or emails as follows:

Address: Level 17, BO1-A, Menara 2, No. 3, Jalan Bangsar, KL Eco City, 59200 Kuala Lumpur, Malaysia.

Fax No: +603 2202 2244
Email Address: info@acegroup.com.my
Attention to: Mr Calvin Choong

Please note that AHB's redemption of your RPS shall be completed no later than 31st October 2019 in the event you wish to exercise the option as above. You shall be entitled to all interests and/or dividend due prior to the completion of redemption of your RPS by AHB.

In the event you do not wish to exercise the option as stated above, we thank you for your continued confidence in AHB. We will continue to strive to deliver a quality return of investment to you as promised in the PPM.

 

Thank you.

 

Affin Bank gets PCI DSS certification

KUALA LUMPUR: Affin Bank Bhd has been awarded the Payment Card Industry Data Security Standard (PCI DSS) certification, the most thorough global payment-card security standard within the industry.

The certification was issued by LGMS, a leading cybersecurity penetration test and assessment firm in the Asia Pacific region.  

Group Chief Executive Officer Kamarul Ariffin Mohd Jamil said that the worldwide information security standard was set up by the PCI DSS Council, which protects sensitive information and reduces the chances of fraud.

“Only a handful of financial institutions in the country are currently certified with this certification.

“With this achievement, the bank has demonstrated its commitment to information security protection, particularly in providing strong security controls over client sensitive data,” he said in a statement today after receiving the certificate from LGMS.  - Bernama

 

Source: https://www.thestar.com.my/business/business-news/2018/07/02/affin-bank-gets-pci-dss-certification/

CONNECTCOUNTY AND LOCAL PARTNER VENTURE INTO CYBER SECURITY BUSINESS

KUALA LUMPUR (Nov 28): ConnectCounty Holdings Bhd has teamed up with LE Global Services Sdn Bhd to undertake cyber security business, providing information technology (IT) security consultation and services, technical assistance on operating computers, as well as IT training programmes.

The proposed joint venture (JV) is to diversify the source of income of the group by venturing into the cyber security business, said Connectcounty.

In a filing with Bursa Malaysia today, the ACE Market-listed company revealed that it has entered into a shareholders agreement with LE Global, an IT security consultation and services provider, to set up a joint venture company called Rapid Conn Interconnect (M) Sdn Bhd (RCM), which will undertake the business.

LE Global will have a 40% stake in RCM, while ConnectCounty will own the balance 60% of shares.

"The key prospects of the proposed JV are deemed favourable by the board in light of the growing cyber security threats occurring on a global basis," said ConnectCounty.

"In addition, the complexities in tackling such threats have necessitated high level expertise in information technology and security. Therefore, corporate companies tend to outsource the handling of the cyber security threats to specialist companies which RCM may be able to capitalise on," it noted.

Pursuant to the shareholders agreement, ConnectCounty said it may from time to time grant loans of up to RM1 million to RCM as working capital. "Such loans, if so required, will be funded by the group's internal funds."

ConnectCounty shares closed down 0.5 sen or 2.5% at 19.5 sen today, with 50,000 shares done, bringing a market capitalisation of RM62.86 million.

Source: http://www.theedgemarkets.com/article/connectcounty-and-local-partner-venture-cyber-security-business

World Islamic Economic Forum to chart future of halal industry, Islamic finance

KUCHING: The upcoming 13th edition of the World Islamic Economic Forum (13th WIEF) will serve as a comprehensive platform for participating nations to deliberate on the future of the global halal and Islamic finance industries.

WIEF Foundation secretary-general Tan Sri Ahmad Fuzi Abdul Razak said the impact of the Fourth Industrial Revolution, apart from the need to formulate a standard framework to develop the halal industry, the Syariah-compliant banking sector would also take centre stage during the three-day forum.

The establishment of the common framework, he said, is “extremely important” not only to make the halal industry more viable, but also to accelerate the expansion of Islamic banking in Muslims and non-Muslim countries.

“This is something being discussed now. It is a work in progress since the standard adopted by countries may differ from one another in terms of Syariah-compliance.

“In Malaysia, the Islamic Development Department (Jakim) has been assigned to establish the standard in mapping the halal industry, not only in food production, but also other related areas.

“The standard laid out by Jakim has received worldwide recognition from Muslim and non-Muslim nations alike, including China.

“We hope through this forum as a platform, the standard used by Malaysia will eventually be recognised as the world international standard,” said Fuzi in a special interview with Media Prima Bhd, which is the official media partner for 13th WIEF.

Fuzi said Malaysia was capable of playing a leading role in the development of Islamic banking and finance — a sector that has been continuously championed by the forum since its inception 13 years ago.

Malaysia, he said, has introduced a policy, which had helped spur the growth and expansion of Islamic banking sector in the country.

“In Malaysia, a financial institution can offer conventional and Islamic banking under one roof.

“For instance, Malayan Banking Bhd has about 400 branches nationwide and each branch is able to provide both types of banking services.

“This is not the case for some countries, especially members nations of the Organisation of Islamic Cooperation (OIC), where it imposed a requirement of having a separate entity to differentiate conventional and Islamic banking,” he said.

Prime Minister Datuk Seri Najib Razak will open and deliver his keynote address at this year’s forum which begins on Nov 21. Other world leaders expected at the forum include Indonesian president Joko Widodo, Moroccan Prime Minister Saad Eddine El Othmani, President of the Union of the Comoros Azali Assoumani and Vice-President of Ghana, Dr Mahamudu Bawumia.

Source: https://www.nst.com.my/news/nation/2017/11/300893/world-islamic-economic-forum-chart-future-halal-industry-islamic-finance