☕️ LELO - the USD1.4 bil sex toymaker and its USD15,000 gold plated-vibrator

World leaders have been exposed in the Pandora Papers. TPG Capital & Johor Corp to consider privatising KPJ Healthcare. HNA Group, another debt-laden China company with USD170bil debt.



USD11.8 trillion — the amount of investment required in the upstream, midstream, and downstream oil sectors between now and 2045 to keep up with surging demand, according to the Organization of Petroleum Exporting Countries (OPEC).

2.94 terabytes — the size of data of the Pandora Papers, organised by the International Consortium of Investigative Journalists (ICIJ) The papers came in the form of 11.9 million documents, which expose the offshore secrets of wealthy elites from more than 200 countries and territories.

998 areas in seven districts in Selangor will be affected by a scheduled water disruption starting at 9 am on Oct 13. Air Selangor said the works are expected to be completed by 9 pm on Oct 16. Only 108 hours without water.



Politics and Local

  1. A politician from Bersatu's Pasir Puteh division Borhanudin Che Rahim insulted Kisona Selvaduray by using a racial slur to refer to her after she was defeated in the women’s singles match of the 2021 Sudirman Cup. The social media post, which has since been taken down said — which estate did BAM find this indian (keling) and made her Malaysia's main player.

    He apologised yesterday and offered to resign as Pasir Puteh Bersatu deputy chief.

    So much for Keluarga Malaysia.

  2. Malaysian Anti-Corruption Commission (MACC) has confirmed the arrest of the CEO in connection with the incomplete uCustoms project and a task force has been formed to probe the issue.

  3. A fire in Kampung Baru China Karak Bentong razed at least 48 houses and eight shops but fortunately, with no casualties in the fire which broke out at 9:10 pm on Friday.

  4. Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed clarified the Bumiputera-to-Bumiputera sales idea only applies to selling activities by a limited number of Bumiputera mandated agencies — four agencies representing Bumiputera interests (PNB, TH, etc.) and eight Bumiputera trust agencies (PHB, EKUINAS, MARA, etc.). Other races are not affected.

In our Sep 28, 2021, issue, we mentioned that Nur Sajat was unnecessarily being hunted by Malaysian authorities. A reader informed us that the Shah Alam High Court issued an arrest warrant for cosmetics entrepreneur Nur Sajat Kamaruzzaman as she failed to appear in court during her trial back on Feb 23, 2021. We apologise for the omission of this matter.


  1. Bank Negara Malaysia has asked all credit reporting agencies to temporarily suspend access to the Central Credit Reference Information System (CCRIS), effective last Friday (Oct 1, 2021).

    CTOS Digital Bhd’s subsidiary CTOS Data Systems Sdn Bhd had received a directive from the central bank to do so. CTOS Digital assured the suspension will not cause any material impact to CTOS’ financials at this juncture.

    On another note, CTOS Data Systems Sdn Bhd is making dark web monitoring through its SecureID available to all Malaysians free of charge for one month, effective today.

  2. PM Datuk Seri Ismail Sabri Yaakob said the government is currently looking into plans to provide start-up capital assistance for micro, small, and medium enterprises (MSMEs). The mechanism could be in a form of a moratorium on principal or interest payments or no repayment.

  3. US private equity firm TPG Capital and Malaysian state-owned investment company Johor Corp are mulling to privatise Malaysia’s largest private hospital operator, KPJ Healthcare Bhd.

  4. One of the members of the Sarawak Petroleum Contractors Association (SPECA) has questioned why did Petronas Carigali award the provision of alternative blasting and painting contract to a firm based in Peninsular Malaysia when the contract is off the state’s coast.

    SPECA president Datuk Rahman Lariwoo said this is not aligned with the Sarawak government’s objective to have more Sarawak companies participating in its oil and gas industry.

  5. VS Industry Bhd (VS) has outperformed the other “big boys” in the electronics manufacturing services (EMS) segment, rising 56% over the last four months. The integrated EMS player should be able to continue its earnings growth momentum, riding on the ramp-up in production for its newer customers and a better product mix.

    Will its price increase as predicted by the research houses? VS closed at RM1.59 per share last Friday.


  1. By now, we hope you have watched the Netflix produced South Korean series that is taking the world by storm - “Squid Game”. In 2020, South Korea’s exports, overseas sales from the media and content industry grew 6.3% to USD10.8 bil. Netflix, the streaming giant, over the years have contributed to a significant chunk of these exports. Between 2016 to 2020, Netflix added KRW5.6 tril (USD4.7 bil) to the economy, with KRW2.3 tril (USD1.93 tril) in just last year alone. 

    Other highlights on Netflix’s contribution to the South Korean economy:

    1. The economic contribution represents production and distribution by the company and the impact on industries like publishing, comics, music, tourism and food and fashion

    2. 16,000 full-time jobs created between 2016 - 2020

    3. Netflix has set up 2 studios, produced 80 films and series since 2016

    4. 3.8 mil subscribers in South Korea

    5. Invested KRW770 bil (USD646 mil) into creating original content in the country 

  2. Two challenges with property investment — high barriers to entry and illiquidity. Fraction, a HK-Thai startup is using blockchain to allow for fractional ownership of properties from as low as THB5,000 (USD150) and the trading of this ownership. The startup is working with 3 major developers to tokenize a portfolio of Phuket beach resorts and downtown condominiums, slicing up to USD462 mil of hard assets and selling it for USD150 per piece

    One of the developers is Magnolia Quality Development owned by the Chearavanont Family of the Charoen Pokphand Group conglomerate (owns the 7-eleven chain in Thailand). The security token offering is slated for Q1 2022, targeting Thai investors and offshore investors. Fraction was approved by Thai securities regulators with an “ICO Portal” license. Investors will be entitled to dividend payment backed by rental income from these properties and the tokens can be traded through a licensed digital asset broker. 

  3. LELO, a Swedish sex-toy designer dubbed as the Apple of the pleasure-product industry, is exploring for an IPO in London, potentially valuing it at more than USD1.4 bil. Founded in 2003 by 3 industrial designers, it sells its products in more than 40 markets and has offices in California, Sydney and Shanghai. LELO makes sex toys for women and men including the Inez, a gold plated-vibrator that costs more than GBP10,000 (USD15,000), amongst the most expensive in the market. 

    The global sexual wellbeing market was valued at USD33.6bil last year and is expected to grow to more than USD52.4bil by 2028.

    [NSFW content]

    News in Brief:

  4. Some notable leaders and former leaders are exposed in the Pandora Papers:

    • Former United Kingdom’s PM, Tony Blair saved on stamp duty when he and his wife bought a £6.45mil property.

    • King of Jordan secretly amassed properties across the US and the UK worth more than USD100mil.

    • Azerbaijan's ruling Aliyev family have secretly acquired UK property using offshore companies.

  5. Singapore’s central bank, the Monetary Authority of Singapore (MAS) said it would create a digital platform enabling banks to share information on customers and transactions, part of efforts to prevent money laundering and financing of criminal activity and quickly detecting bad actors. The platform will launch in H1 2023 with cooperation with Singapore’s 6 biggest commercial banks. 

  6. Another debt-laden company in China - HNA Group, once amongst China’s most acquisitive companies that are built around a core airline business revealed that it owes USD170 bil to creditors, after receiving a total of USD310 bil worth of claims from creditors. In one of China’s highest-profile bankruptcy cases, the company was not able to nail down the amount it owed when it filed for bankruptcy back in January.

  7. Google’s parent company, Alphabet, has handed over 200 patents associated with its failed internet balloon startup, Loon, to SoftBank, which invested USD125 mil in the company in 2019 and is developing its own aerial telecoms tech via HAPSMobile.


  1. Man used a recycling bin to catch an alligator.

  2. How crude oil becomes petrol

  3. Netflix Vox documentary: The End of Oil, Explained [Full episode]