Oil prices plunge on Wednesday after U.S. manufacturing activity dropped to a 10-year low as U.S.-China trade tensions weighed on exports and depressed global markets.
Brent crude futures, an international benchmark for oil prices, plunge 2.1% to $57.63 a barrel. U.S. West Texas Intermediate (WTI) crude futures plunge 2.1% to $52.43 a barrel.
"ITS TIME FOR BIG CORRECTION FOR OIL & GAS STOCKS AS OIL PRICE CONTINUE TO PLUNGE TOWARDS $50 A BARREL"
KUALA LUMPUR (Oct 4): Businessman Tan Sri Bustari Yusuf will submit a representation letter to the Attorney-General's Chambers to settle the forfeiture suit involving RM11.9 million belonging to him which was seized by the Malaysian Anti-Corruption Commission (MACC) for being allegedly linked to 1Malaysia Development Bhd (1MDB) funds.
The matter was informed by counsel Datuk Kamarul Hisham Kamaruddin, representing Bustari as respondent, during today’s proceeding of the case which was scheduled for hearing before High Court Judge Collin Lawrence Sequerah.
Kamarul Hisham said the team objected the Government’s forfeiture bid on grounds the prosecution had used a wrong method in filling the suit.
He said that they would file in a representation letter to the AGC in the near future and the court set Nov 1 for the case management for the development of the representation.
Earlier, MACC deputy public prosecutor Mahadi Abdul Jumaat said today was set for hearing of the case, but they had received written submissions from the respondent two days ago.
"We need time to study and provide answers as there are important issues that are included in the written submissions of the respondent who made preliminary objection against the application filed by the applicant (prosecution)," he said.
MACC chief commissioner Latheefa Koya told a press conference recently that the prosecution filed forfeiture applications against 41 respondents in a bid to recover about RM270 million related to 1MDB.
She said MACC acted under the Anti-Money Laundering and Anti-Terrorism Financing Act as it believes the money concerned was actually 1MDB funds transferred from the account of former Prime Minister Datuk Seri Najib Tun Razak.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Will76
591 posts
Posted by Will76 > 2019-10-02 23:27 | Report Abuse
Breaking News from CNBC
Oil prices plunge on Wednesday after U.S. manufacturing activity dropped to a 10-year low as U.S.-China trade tensions weighed on exports and depressed global markets.
Brent crude futures, an international benchmark for oil prices, plunge 2.1% to $57.63 a barrel. U.S. West Texas Intermediate (WTI) crude futures plunge 2.1% to $52.43 a barrel.
"ITS TIME FOR BIG CORRECTION FOR OIL & GAS STOCKS AS OIL PRICE CONTINUE TO PLUNGE TOWARDS $50 A BARREL"