LOOKING BACK AT 2022
In many ways, the year 2022 marks a turning point in the economic and geo-political landscape. From Russia’s war in Ukraine to the passing of Queen Elizabeth and final Soviet leader – Mikhail Gorbachev, to Sri Lanka’s bankruptcy to US House Speaker Nancy Pelosi’s trip to Taiwan.
Back at home, certain events provides some solace for the average Malaysian, from the suspension of MySejahtera check-ins, to the imprisonment of former Malaysian Prime Minister Najib Razak and the tense battle of the country’s 15th General Election, resulting in the subsequent victorious election of Datuk Seri Anwar Ibrahim as the country’s 10th Prime Minister.
…All during a major energy crisis in Europe and a rising global inflation with the compliments of extreme weather events, notably droughts and floods.
Nonetheless, 2022 ended on a good note, as it marks the turning point of a new decade.
Down below is the notable events of 2022, gathered from The Edge’s Newspaper / Magazine Publication dated 26 Dec 2022
All rights reserved to the respective owners and authors of the article.
JANUARY
03 Apple Inc is the first US company to hit US$3 trillion in market value
06 Serba Dinamik Holdings Bhd is classified as a Practice Note 17 (PN17) company after its external auditor expressed a disclaimer of opinion on its audited financial statements for the 18-month financial period
ended June 30, 2021
13 The Ministry of Finance has received RM341 million from KPMG, following an agreement to settle a civil suit filed by 1Malaysia Development Bhd (1MDB)
20 Supermax confirms that the Canadian government had terminated its nitrile glove supply contract over allegations of forced labour
22 Johor’s Sultan Ibrahim lskandar dissolves the state assembly, paving the way for a state election
25 Thailand decriminalizes marijuana, the first Asian country to do so
26 RHB Banking Group’s managing director/ group CEO Datuk Khairussaleh Ramli tenders his resignation
31 Grab Holdings Ltd completes the acquisition of a majority stake in Jaya Grocer Holdings Sdn Bhd
Febuary
10 The High Court dismisses Serba Dinamlk Holdings Bhd’s application for an injunction to prohibit Bursa Malaysia Securities Bhd from forcing it to release EV Consulting·s fact-finding update
10 Air Asia Group Bhd changes its name to Capital A Bhd
14 Five wholly-owned subsidiaries of Sapura Energy Bhd have been served winding-up petitions from separate petitioners in relation to unpaid contract sums, settlement agreement sums and judgment sums totalling some RM47.5 million
24 Russian forces invade Ukraine in a mass assault by land, sea and air
24 Brent crude hits US$105 for the first time in eight years; gold surges above US$1,900 per ounce; crude palm oil jumps past RM7,000 a tonne following the Russia-Ukraine war
25 The US and European Union impose sanctions on Russian banks and oligarchs
MARCH
08 Malaysia decides that borders will reopen on April 1
12 Barisan Nasional wins in the Johor state election, achieving a two-thirds majority in the state assembly
16 The government offers a 70% stake in Digital Nasional Bhd (DNB) to mobile network operators
16 The government agrees to allow a special Employees Provident Fund withdrawal of RM10,000 to help contributors deal with the impact of the pandemic
23 The Securities Commission Malaysia (SC) registers two initial exchange offering operators to promote responsible innovation in the digital space
24 Moscow’s stock exchange resumes partial trading nearly a month after its closure
30 RHB Banking Group appoints Mohd Rashid Mohamad as group managing director cum CEO, effective April 1
APRIL
01 Malaysia transitions to endemic phase
04 The government agrees to restructure four highway concessionaires, namely Kesas Expressway, Smart Tunnel, Sprint Expressway and Damansara Puchong Expressway
12 Sri Lanka defaults on foreign debt of US$51 billion after running out of foreign exchange to import needed goods
20 Netflix sees first drop in subscribers for more than a decade, losing 200,000 users in 1Q
27 French company Thales is charged with complicity in bribery over a 2002 sale of submarines to Malaysia
28 Datuk Syed Zaid Albar tenders his resignation as executive chairman of SC six months after his term was extended for three years; and he is replaced by Datuk Dr Awang Adek Hussin
29 Bank Negara Malaysia awards five digital banking licences to Boost-RHB, GXS Bank-Kuok Brothers YTL-SEA, .A.eon-Moneylion and KAF-led consortium
29 Tycoon Robert Kuok’s Pacific Carriers Ltd ceases to be a substantial shareholder of Malaysian Bulk Carriers Bhd after selling a 32% stake
30 Malayan Banking Bhd group president and CEO Datuk Seri Abdul Farid Alias steps down; and he is succeeded by Datuk Khairussaleh Ramli
MAY
01 Covid-19 standard operating procedures in Malaysia are relaxed; mask-wearing outdoors is optional and MySejahtera check-in is no longer required
01 Minimum wage in Malaysia is increased to RM1,500 per month from RM1,200 previously
04 John Soh Chee Wen – the alleged mastermind of the 2013 penny stock crash – and his co- conspirator Quah Su-Ling are found guilty of forced trading, price manipulation and deception
05 Mahinda Rajapaksa resigns as Sri Lanka’s prime minister
09 Ferdinand Marcos Jr, or “Bongbong”, wins the Philippines’ presidential election
10 Bank Negara raises the overnight policy rate (OPR) to 2% from 1.75%, the first hike since January 2018
11 Serba Dinamik Holdings Bhd and its four top executives are given a discharge and acquittal after paying RM16 million in compounds issued by the SC
13 Petronas Chemicals Group Bhd buys the entire stake in specialty chemicals group Perstorp Holding AB from Financlere Foret SARL for €1.538 billion cash
17 MPHB Capital Bhd agrees _to sell Its 51% equity interest in MPI Generali lnsurans Bhd to Generali Asia for RM485 million
19 Bitcoin tumbles 30% to US$31,663 after the Chinese government tells banks and other financial institutions not to accept digital coins
19 The government announces a halt in the export of 3.6 million chickens a month from June 1 to address the chicken shortage
23 US President Joe Biden launches the IndO-Pacific trade deal with 12 lndo-Pacific countries, including Malaysia, to strengthen their economies
JUNE
03 Fraser & Neave Holdings Bhd proposes to privatise its 27.66%-owned associate Cocoaland Holdings Bhd at RM1.50 per share
07 IHH Healthcare Bhd divests its entire stake in IMU Health Sdn Bhd to Inbound Education Holdings Sdn Bhd for RM1.24 billion
12 Russia opens rebranded McDonald’s restaurants, without the signature Big Mac, after McDonald’s exits Russia in May
14 Malaysia’s retail sales record 18.3% growth in 1Q
15 US Fed raises interest rates by 75bps, the largest in 28 years
16 Microsoft Corp officially ends support for its iconic web browser Internet Explorer after 27 years
JULY
06 Bank Negara hikes OPR by 25bps to 2.25% amid rising food and energy prices
07 Boris Johnson resigns as UK prime minister after losing the support of his ministers and most Conservative Lawmakers
08 Japan’s former prime minister Shinzo Abe dies, aged 67, after being shot while campaigning for a parliamentary election
12 Two Luxembourg subsidiaries of Petroliam Nasional Bhd (Petronas) are seized by “heirs of the last Sultan of Sulu” over a US$14.9 billion legal dispute linked to an 1878 agreement over land in Sabah
15 The government is said to have rejected a RM1.5 billion offer by Low Taek Jho to settle all charges against him
15 Ranil Wickremesinghe is sworn in as Sri Lanka’s new president to lead the country out of its economic crisis after president Gotabaya Rajapaksa flees the country and resigns via email
25 Between 83% and 100% of creditors of Serba Dinamik Holdings Bhd and four of its subsidiaries approve the scheme of arrangement proposed by the group at a court-convened meeting
26 Datuk Seri Najib Razak appoints Hisyam The Poh Teik as lead counsel in his final appeal in the SRC International Sdn Bhd graft case – which is perceived as a delaying tactic
27 The motion to extend the detention period of suspects under the Security Offences (Special Measures) Act 2012 is passed for another five years beginning July 31
28 The US GDP shrinks in 2Q at an annualised rate of 0.9% after falling 1.6% in 1Q, unofficially signalling a technical recession
AUGUST
01 Malaysia agrees in principle to implement a global minimum tax of 15% on certain multinational corporations
01 MRT3’s cost of construction, land acquisition and project management is estimated to be RM50.2 billion
01 The declassified littoral combat ship project report reveals Datuk Seri Dr Ahmad Zahid Hamidi’s personal involvement In the troubled project
02 US House Speaker Nancy Pelosi’s visit to Taiwan stirs tensions between China and the US. She is the highest ranking offical to visit in 25 years.
04 The Public Accounts Committee says RM1.4 billion of funds were misused in the procurement of LSC from Boustead Naval Shipyard Sdn Bhd
05 The Court of Appeal reverses a landmark High Court decision that allowed citizenship to be granted to children born overseas to Malaysian mothers with foreign spouses
09 US President Joe Biden signs into law a broad competition bill that includes US$52 billion to boost the domestic semiconductor R&D after the passing of the CHIPS Act
10 Petronas agrees to pay RM50 billion in dividends to the government in FY2022, the second highest after RM54 billion in FY2019
13 The Bank of England raises the interest rate by 50bps to 1.75%, the most in 27 years, in a bid to slow inflation
12 Malaysia’s GDP expands 8.9% in 2Q on strengthening domestic demand
23 Former prime minister Datuk Seri Najib Razak is sentenced to 12 years· jail and fined RM210 million after the Federal Court upheld the guilty verdict in the SRC International Sdn Bhd trial
30 Mikhail Gorbachev, the last president of the Soviet Union and who was instrumental in ending the Cold War with the US and the West, dies at age 91
30 Affin Bank Bhd completes partial disposal of its equity interests in joint ventures, AXA Affin Life Insurance and AXA Affin General Insurance, to Generali Asia NV
SEPTEMBER
01 Malaysia’s retail sales grow at a record 62.5% in 2Q due to easing restrictions, Hari Raya spending and low-base effect
01 Datin Seri Rosmah Mansor is found guilty and sentenced to 10 years in Jail and fined RM970 million on three counts of graft in connection with the RM1.25 billion hybrid solar project for 369 rural schools in Sarawak
05 Russian President Vladimir Putin says gas flows through the Nord Stream 1 pipeline will not resume until Western sanctions over Ukraine are lifted, causing the euro to hit a 20-year low as gas prices surge
06 Liz Truss becomes Britain’s new prime minister after members of the ruling Conservative Party elect her as their new leader
08 Queen Elizabeth II, Britain’s longest-reigning monarch, dies at Balmoral Castle in Scotland, aged 96
13 The Edge Malaysia’s former editor-in-chief Ahmad Azam Mohd Aris is charged at the magistrates court for criminal defamation over two news reports on the abnormal surge in penny stocks in 2020 and 2021. Contributing editor Shanmugam Murugasu is also named in one of the cases.
14 Former MIC president Tun S Samy Vellu, who helmed the party for 31 years, passes away, at age 86
22 Venezuelan police arrests fugitive Leonard Glenn Francis or “Fat Leonard”, who is at the centre of a US Navy bribery scandal, as he prepares to leave for Russia
22 British government bonds see biggest daily drop since March 2020, in reaction to Prime Minister Liz Truss· mini budget
23 Datuk Seri Dr Ahmad Zahid Hamidi is acquitted of all 40 charges of receiving bribes from a company to extend its foreign visa system contract
OCTOBER
05 The anti-party hopping law takes effect, banning members of the Dewan Rakyat from changing parties
05 Caely Holdings Bhd lodges a police report against 12 of its former directors for alleged misappropriation of funds amounting to RM30.55 million
05 OPEC+ agrees on two million barrels-a-day cut to output limit, the deepest reduction since 2020
07 Budget 2023 is tabled with an allocation of RM372.3 billion, the second-largest ever
08 The US tightens new export controls aimed at restricting China’s ability to buy and manufacture high-end chips
10 Parliament is dissolved to pave the way for the 15th general election (GE15)
11 The government eases a restriction on exports of live chickens
20 Liz Truss resigns after six weeks as UK prime minister, brought down by an economic programme that roiled financial markets
21 The ringgit touches a record low of 4.7387 against the US dollar
23 China’s President Xi Jinping secures a historic third term as the Communist Party’s leader
25 Rishi Sunak sworn in as Prime Minister of UK
26 Alphabet Inc and Microsoft Carp’s disappointing results spark US$380 billion megacap rout
NOVEMBER
03 Capital A Bhd sells its remaining 16% stake in Air Asia India for RM89 million
03 Bank Negara raises the OPR by 25bps to 2.75%
03 Two ex-directors of Silver Bird Group Bhd are sentenced to a day in jail for furnishing false statements
04 The Bank of England raises interest rates to 3% from 2.25%, its biggest rate rise since 1989
09 Rapid KL Sdn Bhd shuts down 16 LRT stations along the Kelana Jaya line for a few days due to train signalling issue
10 CapitaLand Malaysia Trust buys retail parcels in Penang’s Queensbay Mall for RM990.5 million in a related-party transaction
10 Meta Platforms begins slashing over 11,000 jobs
11 Malaysia’s economy expands 14.2% in 3Q, bringing nine’-month growth to 9.3%
12 Crypto exchange FTX files for US bankruptcy protection, while its founder Sam Bankman-Fried resigns as the CEO
14 The High Court dismisses the forfeiture of 2,435 pieces of jewellery, seven watches and 29 handbags belonging to former prime minister Najib and his wife Rosmah
16 Nationwide Express Courier Services Bhd ceases operations amid challenging and competitive operating environment
17 Dagang NeXchange Bhd’s one-third market value is wiped off in dispute with Chinese partner over SilTerra Malaysia Sdn Bhd
17 Dutch judges convicts three men of murder for their role in the 2014 shooting down of MH17 over Ukraine, and sentences them to life in prison
17 Republicans regain control of the House of Representatives, securing a narrow majority in the US midterm elections
19 15th General Election ends in hung parliament. single party is able to form a new government despite Pakatan Harapan winning 82 seats – the highest among all coalitions – in GE15, followed by Perikatan Nasional (74) and Barisan Nasional (30)
21 The FIFA World Cup 2022 kicks off in Qatar
21 KLIA Aeropolis land is carved out of the Kuala Lumpur International Airport (KLIA), with the extension of the land lease to 99 years
21 The Edge Malaysia’s Ahmad Azam Mohd Aris is discharged of one criminal defamation charge. For the second charge, he is given a discharge not amounting to an acquittal.
22 Pavilion REIT inks deal to buy Pavilion Bukit Jalil from Malton Bhd for RM2.2 billion
24 Datuk Seri Anwar Ibrahim is sworn in as the 10th prime minister after a unity government is formed
29 Air Asia X Bhd proposes a merger with Capital A Bhd’s aviation arm
29 Genting Malaysia Bhd fails to secure a new 10-year gaming concession in Macau
DECEMBER
01 SC goes to court to prevent ACE Group from taking control of Apex Equity Holdings Bhd
01 KNM Group Bhd calls off RM1.03 billion sale of BorsigGmbH
02 New cabinet·line-up unveiled, with Prime Minister Datuk Seri Anwar Ibrahim appointing himself as finance minister, and naming Datuk Seri Dr Ahmad Zahid Hamidi and Datuk Seri Fadillah Yusof as deputy prime ministers
05 The newly appointed ministers agree to take a 20% pay cut until the economy recovers
05 The number of special draws for number forecast operators is reduced to eight times in 2023 from 22 times currently
05 The Employees Provident Fund’s (EPF) total gross Investment income slips 18% to RM39.31 billion in the first nine months
07 KNM Group defaults on RM418 million loans; warns of cross defaults in other facilities
07 Malaysian Anti-Corruption Commission unfreezes Classita Holdings Bhd (formerly Caely); no charges against the company
09 Prime minister names 27 deputy ministers, with Datuk Seri Ahmad Maslan and Steven Sim Chee Keong appointed as deputy finance ministers
12 FTX founder Sam Bankman-Fried Is arrested in the Bahamas after US prosecutors file criminal charges against him
12 Public Bank Bhd founder and chairman emeritus Tan Sri Dr The Hong Plow passes away at age of 92
16 A landslide at a campsite in Batang Kali, Selangor, kills at least 24 people
18 Argentina defeats France on 4-2 penalty shootout In the World Cup
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Article from The Edge, Newspaper / Magazine Publication dated 26 Dec 2022
All rights reserved to the respective owners and authors of the article.
