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=MALAYSIA PRESS: News Headlines On Friday, October 19

KUALA LUMPUR (Oct 19) -- Here’s a roundup of local news:

*Malaysia’s Petronas Set To Buy 10% Stake In Giant Oman Gas Field

Malaysia’s state oil company has agreed to acquire about a 10% stake in the giant Khazzan natural gas field in Oman, according to people familiar with the matter. The planned purchase, which could be announced in the coming days, gives Petronas-also known as Petroliam Nasional-a toehold in one of the biggest fracking projects ever completed outside the U.S., a $12 billion development run by BP PLC that launched last year. BP’s partner in the project, Oman Oil Co., had been looking to sell a portion of its 40% stake. - The Wall Street Journal

*Billionaire Singh Brothers Found To Have Defrauded Company

India’s stock market regulator has determined the former owners of the nation’s second-largest hospital chain defrauded the company of 4 billion rupees ($54.3 million) and ordered that they return it. The Securities and Exchange Board of India said Wednesday it would continue to investigate the alleged fraud at Fortis Healthcare Ltd. to determine the role other parties may have played. In the meantime, it has given the founders and former majority owners Malvinder and Shivinder Singh, and their related corporate entities, three months to pay the money back. Sebi began investigating the matter in February after a Bloomberg report on the issue, according to the order. - Bloomberg News

*Malaysia Lets Go Of High-Income Nation By 2020 Dream

Malaysia will drop its long-time dream to hit US$15,000 (RM62,300) per capita income by 2020 to meet its high income nation aspirations, as it now looks to ensure high income levels commensurate with higher purchasing power. - The Sun Daily

*Former Malaysian Deputy PM Detained Amid Graft Investigation

Malaysia’s anti-graft agency arrested a former deputy prime minister, Ahmad Zahid Hamidi, on Thursday in connection with an investigation into suspected misappropriation of funds from a charity foundation, the agency said. Ahmad Zahid leads the opposition as the president of the United Malays National Organization, the once-powerful party that ruled Malaysia for 60 years before being ousted in a shock general election defeat in May. He is the latest former high-ranking official to be arrested over suspected graft since the election. - Reuters

- By Kuala Lumpur Newsroom;; +60320267363
- Edited by Glen Nicol Perkinson
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