Scib tommorow open will limit down again

limit down

SCIB limit down

Medusa goreng up can call everybody buy earn money together...now boss chow liao... this company bye bye liao don't call everybody losses money follow company going coffin

walao eh ! adik huang tiong sii ... wang teok si....si liao si liao ....teok sii want bye bye liao....

sarawak development corp not holder liao also sell liao....

walao eh ! adik huang tiong sii ... wang teok si....si liao si liao ....teok sii want bye bye liao....

big sharesholder HUANG TIONG SII 27mil 4.22%

walao eh ! si liao abang no here liao.... chiew ji bet ...chiew chiew chiew busuk busuk busuk liao....

YU BOSS HUAT LAH...

YOU NI FATT Mah ???

YNH Property Bhd Scandal

The public records contradict YNH’s announcement data, revealing several actions beneficial to YNH Directors and their family:

On July 28, 2003, Imbuhan Sempurna permitted the property to be used as collateral for a personal loan from HSBC of RM 15 million by Yu Kuan Huat, Yu Kuan Chon, Yu Kuan Seng, Tew Nai Sim, and Ling Mooi Hung. This transaction suggests that the Yu family exerted control over the company, its property, and assets.

On February 27, 2006, Imbuhan Sempurna once again allowed the same property to be used as collateral for another loan from HSBC, this time for RM 2.5 Million, to Yu Kuan Huat and Yu Kuan Chon. These transactions could not have occurred if these two YNH directors did not have direct or indirect control of the company, property, and investments.

On May 15, 2009, Imbuhan Sempurna allowed the property to be used as collateral for an additional loan of RM 50 million from HSBC to Kar Sin Berhad, a subsidiary of YNH Property Berhad and a vendor in this current deal. A company like Rapid Synergy Bhd, controlled by the Yu Brothers.

On April 8, 2006, Imbuhan Sempurna once again allowed the property to be collateral for an open-ended loan to Kar Sin Berhad.

On March 29, 2019, Imbuhan Sempurna permitted a third-party open-ended charge for OCBC Al-Amin Bank in behalf of Kar Sin Berhad.

The key beneficiaries of all these transactions appear to be Yu Kuan Huat and Yu Kuan Chon and the companies they control. They seem to have leveraged the property and the company not just for personal gain, but also to meet YNH’s needs. If all of this is not a related party transaction going back over 20 years, then what is a related party transaction and how hard it is to create one? Where is the compliance and regulators all this time?

On top of using the assets as collaterial, YNH has made nearly RM 240 million in dubious JV interest-free deposits (loans) to this network of Yu Syndicate companies, used liberally by the controlling members of the syndicate. Even if they manage to refund the JV money offset in part by the RM 150 million sale price backdated to just after the close of the last audited financial period, they are still short of the lost interest costs to YNH.

This property and others that are used by the Yu Syndicate have extracted more than RM1 Billion in YNH Property funds interest free. In many cases to RM2 companies with no assets or business all located at the same YNH address using the same auditor owned by a Director of Rapid Synergy and YNH’s own inside company Secretary.

With the layers of deceit and financial manipulation continuing to unfold, it’s clear that the YNH Property Berhad scandal is far from over. The unethical conduct and alleged fraud perpetrated by the Yu Syndicate are raising significant questions about the future of the company and its directors.

The Directors and Major Shareholders’ audacious denial of their involvement in such transactions, despite clear evidence contradicting their claims, is not only outrageous but also a significant breach of trust. These actions are symptomatic of a corporate culture that prioritizes personal gain over the welfare of the company and its shareholders.

Given these grave revelations, it is no surprise that a class-action lawsuit against YNH Property and its directors is imminent. The minority shareholders’ attempt to bring these allegations to court represents a significant effort to hold those responsible accountable for their actions.

In the past months, minority shareholders have made numerious repoirts to the authorities requesting investigaton and action. Given the overwelming evidence in the public record, it is clear what must be done next.

This scandal serves as a stark reminder of the potential for corruption and exploitation in the corporate world. It underscores the critical importance of transparency, ethical conduct, and robust oversight in maintaining the integrity of financial institutions.

As the investigation into YNH and the Yu Syndicate deepens, the true extent of their financial transgressions is yet to be fully uncovered. The coming days will undoubtedly reveal further unsettling truths about the company’s dubious financial practices. The financial world waits with bated breath as this explosive scandal continues to unfold. This is indeed a dark chapter in Malaysia’s corporate history, one that will serve as a stern lesson for companies and directors alike.

midst a swirling scandal, YNH Property Berhad (KLSE:YNHPROP) has swiftly sold the disputed land plot HSD 47941, Lot 48632, to Sunway Living Space Sdn Bhd, a fully owned subsidiary of Sunway Bhd, for RM 170 million. This sudden disposal comes just weeks after release of an investigative report involving a RM 239 million Joint Venture deposit scandal for this property. The probe has spotlighted undisclosed transactions and potential conflicts of interest involving close relatives of the YNH Board of Directors.

A link to the report is available at the end of this story below

This hasty disposal seemingly signifies YNH Property Berhad’s desperate attempt to shift focus away from the scandal. The Yu family, at the helm of YNH and the notorious Yu Syndicate, are under fire for allegedly disguising an interest-free Joint Venture Deposit of RM 239 million to a relative without the required disclosures. YNH is now presenting a misleading narrative of a significant victory, claiming a false gain of RM 2.6 million, whilst completely overlooking a loss to YNH shareholders exceeding RM 50 million in interest expenses.

In a bewildering series of events, it appears the YNH Board of Directors has been willing to sell bonds and accumulate debt, imposing interest costs and fees on YNH shareholders, in order to grant interest-free loans back to the directors. This suspicious financial maneuver seemingly supports personal interests such as inflating the stock of YNH and Rapid Synergy Bhd, which consequently increases their lines of credit backed by shares they hold both directly and indirectly via proxy shareholders like Daniel Chan (Chan Weng Fui).

In an attempt to delve deeper, we reached out to the land office and the SSM to access publicly available records for the various entities and property listed in the announcement. Before we disclose what we unearthed, it’s worth highlighting section 16 of the Bursa announcement linked above:

“The Directors and Major Shareholders of YNH and persons connected to them do not have any direct or indirect interest in the Proposed Disposal.”

This audacious claim is difficult to digest considering the depth of involvement of the Yu Syndicate’s members and proxies.

Owners and/or directors of both Yu Syndicate entities, Imbuhan Sempurna Sdn. Bhd. and Great Wall Park Sdn. Bhd., include Lau Sheng Ming and Yu Teong Wei. Until December 2016, Yu Chon Lan and Yu Choon Sing — sisters of Yu Kuan Chon and Yu Kuan Huat — owned Imbuhan Sempurna Sdn Bhd. Their positions were later occupied by Yu Teong Wei, a first cousin, and Lau Sheng Ming, both reputedly proxies for the Yu brothers. On October 10, 2020, Yu Teong Wei resigned his directorial role at the company and various other proxy firms, but continues to hold shares.

The YNH Board of Directors’ audacious denial of compliance with Security Commission Malaysia and Bursa Malaysia rules is bewildering. Despite public records exposing clear violations, the Malaysian authorities have yet to penalize the implicated parties.

The saga doesn’t end there. The Yu family’s dominion over these entities and assets is made evident by numerous public records. Let’s remind ourselves that back in January 2002, Rapid Synergy Berhad and Supreme Concept Sdn Bhd, controlled by Ho Swee Ming and Ng Bak Nai, former directors of YNH and kin of the Yu Brothers, entered a joint venture agreement. However, this venture was discontinued in July 2003, demonstrating that the property has been a bargaining chip for the Yu Syndicate for over two decades before last month’s exposé.

GREAT MALAYSIAN BANK HEIST

Nothing will be left of assets in the company except for non-refundable deposits to YU Syndicate companies with imaginary projects that will never happen. The Yu Syndicate has been getting away with activities like this for a long time and thinks it has a free hand to do so.

Banks involved in lending to YNH and its shareholders are about to become part of what is to be the greatest bank heist of Malaysian history. Bankers who accept YU Syndicate Shares such as YHN PROPERTY BHD, KLSE: YNHPROP (3158), IMASPRO CORPORATION BHD, KLSE: IMASPRO (7222), and RAPID SYNERGY BHD KLSE: RAPID (7765) are all companies the YU Syndicate controls to create collateral for pledged Lending accounts.

When the YU Syndicate reaches the point in this Ponzi scheme that uses overinflated shares to lend against to cover the costs of interest from bonds and financial instruments, the YU Syndicate will hide behind Bankruptcy laws, statutes of limitations, and confusion leaving banks with nothing and plenty of time for the YU syndicate to count its plunder and buy new companies to repeat the process again and again.

Information used in this story has been obtained primarily from public and corporate records and inside confidential sources close to the matter. A big thanks to those helping hands that provide the inside perspective and documents to support our articles. This investigation is ongoing, and the facts and data will lead us to the truth.

We now have over 20 years of documents and material about the YU Syndicate. There is so much material that our team will be working on this project for months to come. A website has been created to help people sort through the materials and is now open to the public. Feel free to visit for updates and the latest information.

We have recently received a wealth of new leaked documents and statements we are currently reviewing. You can expect an entire series of articles forthcoming as we trace the money from place to pocket. Stay tuned for more breaking news!

RECOVER RM 1 BILLION IN IMAGINARY JV DEPOSITS

It is time for YNH Minority Shareholders to demand from Directors DATO’ DR. YU KUAN CHON and his brother and co-director DATO’ YU KUAN HUAT to return the RM 1 Billion that has been pumped into these imaginary deals as JV deposits and declare these transactions as related and connected parties to the Yu Brothers.

This “Deposit” money sits on the books as an asset of YNH but makes no return on investment. Where is the RM 1 Billion? How is it benefiting YNH Minority Shareholders and protecting Creditors? How much is it worth if YNH goes into liquidation?

With a YNH P/E ratio of 284 as of February 9, 2023, it is clear that the YU Syndicate is pumping up the stock price to prepare for a future exit from the company. As the stock price inflates, lines of credit held by the YU Syndicate Shareholders increase allowing them to extract cash using pledged accounts secured by the shares. Much of this money is probably used to buy the First Tranche Junior MTNs by the YU Brothers as stated in the announcement.

INCOMPLETE VALUATIONS

A review of the valuations released by the Board of Directors of these 2 malls accounts only for the real-estate value of the land and buildings. The “independent” valuation makes no mention of the forward-looking cash flows and profits of the business model that profits from these properties.

(link to the two mall valuations is located at the end of this article)

If the true purpose was to raise capital for YNH for Repayment of bank borrowings and Working Capital, then it is customary to do a Private Placement exercise to bail out the financial crisis. It is a transparent and fair exercise to raise capital offered to the public and in front of all Shareholders to benefit. The best deal wins.

When a major shareholder of a company needs or wants to inject capital, they do not make a securitized scheme to loan money, this is only used if the unit holders of the scheme are outsiders who want to have independent Securitization because they don’t trust the company can or will pay the funds back. That means the YU Brothers have no faith that the funds will be paid back.

NO MARKET FOR YU SYNDICATE SECURITIES

YNH cannot do a Private Placement. No investment firm would invest money into an over-inflated valuation with a PE Ratio over 275 like YNH. This company in recent years has made very small money and cannot even pay its interest-carrying costs on its debts. Without periodic cash injections in clever ways by the Yu Brothers using the Yu Syndicate companies, the interest payments for old debt cannot be made. How long can a company borrow money to pay interest on old Debt?

There is no market for the shares of the YU Syndicate companies. Whatever small trading you see is likely between YU Syndicate members to create a false impression of public float and to inflate the share price. There is very little investment from sources outside of the YU Syndicate group who mostly use the inflated shares as collateral to lend against.

In the fine print, it is clear that the two malls are being sold to a YU Syndicate-controlled company with ZERO assets in exchange for a note to pay RM 422 million. ALX has no income or operating history to pay the note unless it raises money. That is where the YU Syndicate steps in and uses money previously embezzled from nearly RM 1 Billion paid into deposits that have disappeared into imaginary future JV development projects of the YNH. A sort of Ponzi scheme circling money round and round.

INDEPENDENT PROFESSIONALS

All professionals and advisors connected with this transaction are in the know and are clearly compromised as a part of the lie that is this transaction. Professionals and providers involved in the creation of this exercise have a duty and responsibility to report immediately to the Security Commission of Malaysia about any irregularity.

Instead, they turn a blind eye. How else can the YU Brothers appoint two wives of YNH Employees with no experience or qualifications, other than to do what uncle Yu says, to oversee RM 422 Million in assets independently? There is no way the professionals involved did not check and understand who the ALX Directors were.

ASSET REMOVAL EXERCISE

This exercise is for the purpose of removing valuable assets of YNH under the cover of a fundraising exercise. A fundraising exercise funded personally by the YNH Directors and controlling shareholders DATO’ DR. YU KUAN CHON and DATO’ YU KUAN HUAT. The initial funding has already been disclosed as a Related Party by the YU Brothers who will buy the first, and probably all of the Tranche pursuant to the transaction. This a great way to keep great assets when YNH fails and defaults under the heavy debt load they now carry.

Using this scheme allows the YU brothers to buy the assets with little oversight or fair price valuations. Basically buying the assets below value and removing these assets from Minority Shareholders and Creditors when the Default of YNH Property Bhd occurs.

To obtain a fair price for these assets, a regular company will tender a sale and look for the best return on investment. In fact, the directors are mandated to do so under the law. This scheme allows them to bypass the law that protects Minority Shareholders and Creditors from Controlling Shareholders such as the YU Brothers.

ALX ASSET BERHAD

ALX Asset Berhad is not an “Independent” company, public records show ALX Directors are CHOON SEE WAY and BEH RUI KHEE. Both are unqualified to be is such a position and are directly connected to the YNH Directors as wives of long-time employees. Why appoint these people in the first place if you have no devious intentions to commit fraud?

Just days after a recent news article exposing the two ALX directors as Persons Connected to DATO’ DR. YU KUAN CHON and DATO’ YU KUAN HUAT (both are Directors and Controlling Shareholders of YNH), DATO’ YU KUAN HUAT replace the directors with his ALX nominee shareholders in an attempt to mitigate the damages that are sure to come when the Malaysia SC completes its review of the matter.

Malaysian law clearly requires Securitized Assets to be controlled by “Independent” parties. YNH Property has blatantly violated the requirements to securitize assets and intentionally violated SC regulations for deliberate attempts to hide the Persons Connected. Clearly, the wives of long-time YNH staff are Persons Connected to the Directors of YNH. It is all part of the Public record and needs minimal investigation to confirm.

The mere fact that the YU Syndicate appointed clearly Connected Parties shows that not only can they select whoever they want to be the “Independent” Owner and Director of the Scheme, but they control all the Professional service providers who advise and administer ALX and its compliance requirements.

YNH Property Bhd Co-Directors (DATO’ DR. YU KUAN CHON and brother DATO’ YU KUAN HUAT) caught plundering assets worth RM 422 Million in a scam transaction to isolate and sell the company’s two primary income-producing assets.

Leaked documents revealed that YNH and its professional group of cohorts are covering-up yet another violation of Malaysia Security Commission regulations in a scheme to sell two malls owned by YNH Property Bhd undervalue to yet another YU Syndicate-controlled company called ALX Asset Berhad that is funded by the YU Brothers under the cover of “Securitized Asset” exercise.

In a Regulatory Announcement dated 17 November 2022, YNH Property Bhd Directors disclosed the setup of the alleged Fraudulent scheme to Securitize Assets by transferring ownership of two malls owned by YNH to the “Independent” ALX setup and controlled by the YU Syndicate to raise working capital and pay off more Bank borrowings of YNH. Probably the same bank borrowings they claimed were the use of proceeds of the past 2 bonds issued in 2019 and 2022 totaling more than RM 415 Million.

YNH Property Bhd (KLSE:3158), It took only 2 working days for YU KUAN CHON, co-leader of the now infamous YU Syndicate to Replace his Exposed Directors at ALX Assets Berhad after being caught Red-Handed in the Press for being Related and Connected Parties of YU KUAN CHON and his brother YU KUAN HUAT.

The original story can be found at the bottom of this page.

It is clear that YU Syndicate leaders YU KUAN HUAT and his co-leader and Brother YU KUAN HUAT (Pictured above) are getting too old to manage the organization. Insiders report that the two brothers are slipping and maybe need to retire before the long-time criminal enterprise collapses.

YU KUAN HUAT and YU KUAN CHON are the Directors and controlling shareholders of YNH Property Berhad and Rapid Synergy Bhd (KLSE:7765). They both share leadership of the YU Syndicate, an organization of companies used to siphon untold billions in loans, bond offerings, and loans collateralized on manipulated shares based on imaginary business transactions.

The story first released just a week ago (Jan 25, 2023) during the Chinese New Year celebrations, exposed the YU Syndicate for attempting to move 2 Malls out of the reach of Shareholders valued at what many say is nearly RM 1 Billion.

The YNH announced the sale would be for less than half of the reported value to a newly formed company ( ALX Assets Berhad) whose two Directors are wives of YNH Property Bhd Employees. ALX is to pay for this transaction with notes, not even real money!

Jan 30, 2023, just a few days after being exposed, YU KUAN CHON ordered the ALX Assets Berhad Directors Choong See Way (pictured above) and Beh Rui Khee to immediately resign.

YU KUAN CHON, in a fit of rage, ordered CHAN WENG FUI (AKA Daniel) to resign from Paragon Union BHD, PARAGON (KLSE:9407). YU KUAN CHON blamed Daniel for the blunder and damage to the YU Syndicate organization.

CHAN WENG FUI, the long-time poser of the YU Brothers, husband to his third wife with a child to resigned director of ALX, Choong See Way (Pictured above), has taken more power in the organization in recent years. Some believe he is in the running to replace the YU Brothers.

Malaysia is no longer a developing nation, this type of blatant activity needs to be stopped by those who have been empowered to do so. The Malaysia Security Commission and Bursa should see such obvious violations and take immediate enforcement action.

There is no doubt or even question that YHN Property Bhd intentionally lied in the announcement. No amount of cover-up can hide the regulatory announcements they produced. It does not even require an investigation to understand the truth.

YNH Property Bhd stated clearly that the two wives of YNH Employees were not Connected Parties and were in fact, Independent from YNH Property Bhd. A fact in the public record that is legally untrue, not speculation. This is an intentional act to defraud shareholders, lenders, and those vested interested in the company.

Just a simple read of the facts. Let’s see if the Yu Syndicate can buy its way out of this mess or if the Malaysia Security Commission takes enforcement action.

below is a link to the 25 Jan 2023 story:

YNH property’s latest RM 500 million asset sale exposed as Fraudulent

below are links to the regulatory announcements mentioned above:
31 JAN, 2023 Connected party Resignations:

http://ynhb.listedcompany.com/news.html/id/2423559

17 NOV, 2022 YNH PROPERTY BERHAD PROPOSED DISPOSALS

http://ynhb.listedcompany.com/news.html/id/2415353

31 JAN, 2023 CHAN WENG FUI (AKA Daniel) to resign from Paragon Union BHD

https://www.klsescreener.com/v2/announcements/view/4277925

Information used in this story has been obtained primarily from public and corporate records and inside confidential sources close to the matter. This investigation is ongoing, and the facts and data will lead us to the truth. Stay tuned for more to come in the following weeks.

YNH Property Bhd Director YU KUAN HUAT and YNH Employee Chan Weng Fui who is also Director of Genuis More Sdn Bhd

Malaysian property developer YNH Property Bhd (KLSE:YNHPROP (3158)) is currently in the spotlight over an alleged embezzlement scandal involving more than MYR 20 million in a dubious joint venture deal. YNH Investor Relations Manager Chan Weng Fui, YNH General Manager Ngio Hua Jian, and Ngio Yen Lim, father and connected person to Ngio Hua Jian, shareholder and director of several companies, have been implicated in the scandal.

Genius More Sdn Bhd, a company established in September 2012, was purchased by Chan Weng Fui and Ngio Yen Lim in October 2012. The company headquarters is located at a small, inconspicuous shop lot in Perak, raising suspicions about its legitimacy.

Under the Guise of a Joint Venture, YNH Property Bhd allegedly transferred MYR 29.5 million to Genius More Sdn Bhd, a portion of which was used to purchase 76.72 acres of land in Kuala Pilah, Negeri Sembilan. The rest of the funds (MYR 20.1 million) were loaned to one of the Genius Directors. In the 2014 Audited report of the company, the Directors wrote off the loan to the director as bad debt.

Despite the property remaining undeveloped for ten years, the YNH Joint Venture Deposit mysteriously increased from MYR 29.5 million to MYR 65.5 million in the 2022 YNH Annual Report. That is an additional MYR 36 million dumped into a project that YNH claims has no intentions of developing.

Regulatory violations have also been uncovered, including a lack of proper announcements or disclosures for the joint venture, the absence of a mandatory disclosure for the MYR 29.5 million business transaction between YNH properties and its employees, and inconsistencies in the company’s annual reports.

Additionally, MYR 20 million in unaccounted funds raises concerns about potential tax evasion and money laundering. Questions have been raised about the legality of directors loaning money to themselves with no intention of repayment to YNH Property who funded the recent increase of MYR 36 million from proceeds of a recently floated YNH Bond.

This scandal is just one example of the alleged misappropriation of public funds by YNH Property Bhd and Genius More Sdn Bhd directors, which has serious implications in both criminal and commercial law. Local Malaysian media and shareholders are urged to investigate these allegations further and hold those involved accountable.

This article is based on publicly available documents and annual reports, which have been legally signed off by auditors and directors as official statements. More stories regarding the questionable financial activities of YNH Property Bhd are expected to be uncovered soon.

Amidst a swirling scandal, YNH Property Berhad (KLSE:YNHPROP) has swiftly sold the disputed land plot HSD 47941, Lot 48632, to Sunway Living Space Sdn Bhd, a fully owned subsidiary of Sunway Bhd, for RM 170 million. This sudden disposal comes just weeks after release of an investigative report involving a RM 239 million Joint Venture deposit scandal for this property. The probe has spotlighted undisclosed transactions and potential conflicts of interest involving close relatives of the YNH Board of Directors.

A link to the report is available at the end of this story below

This hasty disposal seemingly signifies YNH Property Berhad’s desperate attempt to shift focus away from the scandal. The Yu family, at the helm of YNH and the notorious Yu Syndicate, are under fire for allegedly disguising an interest-free Joint Venture Deposit of RM 239 million to a relative without the required disclosures. YNH is now presenting a misleading narrative of a significant victory, claiming a false gain of RM 2.6 million, whilst completely overlooking a loss to YNH shareholders exceeding RM 50 million in interest expenses.

In a bewildering series of events, it appears the YNH Board of Directors has been willing to sell bonds and accumulate debt, imposing interest costs and fees on YNH shareholders, in order to grant interest-free loans back to the directors. This suspicious financial maneuver seemingly supports personal interests such as inflating the stock of YNH and Rapid Synergy Bhd, which consequently increases their lines of credit backed by shares they hold both directly and indirectly via proxy shareholders like Daniel Chan (Chan Weng Fui).

In an attempt to delve deeper, we reached out to the land office and the SSM to access publicly available records for the various entities and property listed in the announcement. Before we disclose what we unearthed, it’s worth highlighting section 16 of the Bursa announcement linked above:

“The Directors and Major Shareholders of YNH and persons connected to them do not have any direct or indirect interest in the Proposed Disposal.”

The origional YNH Announcement) http://ynhb.listedcompany.com/news.html/id/2440500

(First 26 Questions and Answers to the SC Inquiry) http://ynhb.listedcompany.com/news.html/id/2440961

(second 7 Questions and Answers to the SC Inquiry)

Under the Bursa Malaysia Listing Requirement 9.19, companies must disclose any information necessary to prevent a false market in its securities or that would likely materially affect the price or value of its securities. These allegations, if true, clearly merit full disclosure to ensure transparency and compliance.

Further scrutiny is being directed towards YNH’s Board of Directors. How were they not aware, or why did they permit the Yu family to allegedly benefit from related party collateral, along with the use of RM 239.5 Million for a development project that hasn’t commenced for years, resulting in an incurred debt exceeding RM 50 Million in interest at the expense of shareholders?

Sections 132 and 133 of the Capital Markets and Services Act 2007 obligate directors to act in the best interests of the company and its shareholders. The involvement and oversight of the board in these transactions are, therefore, under severe scrutiny.

The potential tax implications of these transactions are alarming, particularly the apparent disappearance of substantial funds. A detailed investigation into the use of these funds is warranted, including if any part of these funds were used in any attempt to manipulate the share price of YNH using its own capital.

This reporter firmly believes that the implicated Yu family members were fully aware of their actions when they allegedly misused YNH’s capital. Such actions merit not just a thorough investigation, but serious consideration for a potential criminal breach of trust. Directors of a public company are invariably held to a higher standard and must adhere to stringent financial regulations. Using public funds, derived from bonds and public debt for personal gain, is strictly prohibited. Given the experience of the directors on YNH’s board, it’s indisputable that they should be aware of the substantial risk associated with such activities and be held personally accountable.

Moreover, there are serious concerns over the proposed transaction, seen by some as a move to conceal the missing funds. Any sale of the land should only be permitted after the full return of the allegedly missing funds, in view of the possible detriment to the shareholders. It is clear the YNH has no development on this property like so many others. The SC should require a full refund of the RM 239.5 million prior to allowing this transaction to proceed. If they can’t return it with imediate effect, then why is it actually listed as an asset on the books right next to more than RM 1 billion in other like JV deposits payments to non-existing projects?

Amid these allegations, a comprehensive forensic investigation by an independent authority is being demanded. Such an investigation would aim to review the facts, take appropriate corrective actions, and hold those responsible accountable for any misconduct.

The situation starkly emphasizes the importance of corporate transparency, minority shareholder rights, and strict adherence to financial regulations. As the story unfolds, the attention now turns to the SC for its response and potential action. Stay tuned for more updates as we continue our scrutiny of these disturbing revelations.

In addition to the questions posed by the SC, Shareholders want to ask the following and hope that the SC will assist in requiring urgent and transparent responses. These are not just mere queries but an echo of shareholder concerns:

Can YNH provide a clear and detailed justification, backed with documentary evidence, for each transaction involving the company and its associated entities?
Why were substantial funds transferred with no apparent development work taking place on the property, as evidenced by the lack of progress despite several significant Joint Venture Deposit traunches made totaling RM 239.5 million?
Could YNH explain the timing and reasoning behind the company and Rapid changing their financial year end just days before the annual reports were due to be published that include the activities reported in this transaction?
How were potential conflicts of interest managed, considering the extensive involvement of Yu family members in the transactions?
Can YNH demonstrate its tax compliance, particularly whether Capital Gains Taxes or Profits Taxes that might have arisen from these transactions were appropriately paid and reported?
Could the company disclose the full details and rationale behind the use of third-party collateral for loans for Kar Sin Bhd, particularly when the collateral seems to be controlled by members of the Yu family?
How can YNH explain the allegations of personal gain by Yu Kuan Chon and Yu Kuan Huat, with personal loans and further undisclosed transactions?
Can YNH explain how it can report this property in the 2019 Annual report as a part of its landbank, when at this time you sate on the record that it in not a related party transaction
Can YNH show that the family members that are directors of the various companies involved in this transaction are somehow not subordinate to members of the YNH board of Directors and therefore not persons connected and related parties?

Unsettling evidence of potential financial irregularities within YNH Property Bhd (KLSE: YNHPROP) has prompted investigative journalists and stakeholders to call on the Securities Commission Malaysia (SC) to initiate a thorough investigation. This comes amid growing concerns over the company’s possible breaches of Bursa Malaysia Listing Requirements and the Capital Markets and Services Act 2007. Link to the YNH Announcement at the bottom of this article:

The urgency for an in-depth probe escalated after YNH Property Bhd admitted to an oversight: “We acknowledge our oversight of such announcement and shall seek advice from the Adviser to rectify this oversight.” This unprecedented admittance has thrown the spotlight on the governance and financial integrity of the entity. Links to the SC inquiries at the bottom of this article:

The Directors of YNH are not new comers to the regulations and do not simply overlook Bursa requirements. The announcements were not made likely because the deals proposed in the announcements were fabricated and back dated to support the coverup of recently disclosed news reports of the property in question and the missing RM 239.5 million. (story below)

A Family Affair of Fraud, Embezzlement, and Corporate Deception

Companies Act 2016:

Section 213: Breach of directors’ duties, such as acting in good faith and in the best interest of the company

Section 228: Misuse of company property, information, or opportunities

Section 230: Disclosure of interest in transactions, property, and offices

Section 446: Fraudulent trading by company officers

Section 591: Failing to maintain proper accounting and other records

Capital Markets and Services Act 2007 (CMSA):

Section 179: Insider trading

Section 182: Market manipulation

Section 188: Fraudulently inducing persons to deal in securities

Section 210: Disclosure of information in the prospectus and annual reports

Section 317: Disclosure of interest by substantial shareholder

Section 369: Offences related to financial statements and reports

Malaysian Anti-Corruption Commission Act 2009 (MACC Act):

Section 16: Soliciting or accepting gratification by an agent

Section 17: Offence of giving gratification by an agent

Section 23: Using office or position for gratification

Income Tax Act 1967:

Section 114: Failure to furnish returns, submit information or keep records

Section 113: Evasion of tax and tax fraud

Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA):

Section 4: Money laundering

In conclusion, this story reveals a complex web of fraudulent activities, embezzlement, and manipulation allegedly orchestrated by YU KUAN HUAT, YU KUAN CHON, and their associates in connection with YNH Property Bhd and related companies. The accused parties have allegedly misused their positions, resources, and relationships to divert significant amounts of money from YNH Property Bhd through a series of undisclosed related-party transactions, ultimately benefiting themselves at the expense of shareholders and the integrity of the Malaysian corporate landscape.

The various activities described in the story potentially breach several Malaysian laws and regulations, including the Companies Act 2016, Capital Markets and Services Act 2007 (CMSA), Malaysian Anti-Corruption Commission Act 2009 (MACC Act), Income Tax Act 1967, and Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).

As a legal expert would say, it is crucial to emphasize that an in-depth investigation would be necessary to fully determine the extent of the wrongdoings and to gather sufficient evidence to support any legal actions against the individuals and companies involved. If the allegations are proven to be true, it is essential that the relevant authorities take appropriate actions to hold the wrongdoers accountable, protect the interests of shareholders, and uphold the integrity of the Malaysian corporate and financial sectors.

This is the first of a series of articles dedicated to the Joint Venture Deposits paid out in the past 20 years by the YU Brothers to family and connected persons. Stay tuned for more as we investigate the YU Syndicate’s world of Fraud and Fortune as we follow the money!

10+ year old JV deposits for future profits paid by YNH
These companies each received a JV deposit prior to purchasing land for future development. Much of the land was sold to these companies by other members of the YU Syndicate or connected persons to the YU Family.

The deposits paid were far in excess of the value of the land. In the case of Genius More Sdn Bhd, the directors spend RM9 million on property, and then loaned the rest of the money (RM 20 million) to themselves. The next fiscal year the directors wrote off the loans as a loss to the company and kept the money.

In the case of Irama Gigih Sdn Bhd, the directors opened a trading account and used the YNH JV Deposit funds to miniplate the share price of YNH Property. For some reason YU KUAN HUAT and YU KUAN CHON do not disclose that the shares of this company are connected to them even though the Directors are immediate family of YNH employees.

All the properties owned by the companies listed above in this article are listed as a part of the land bank of YNH Property under Joint Venture Deposits paid in the 2021 Annual report issued in 2022. The value of these properties as stated by the Independent Auditor of each company report assrts that are far below the deposits paid with most companies with no cash in the bank. The Independent Auditor of these companies is actually not Independent, so we really don’t know what to believe. Rapid Synergy Director Lee Chun Weng owns the company that provides the Independand Audited reports of each company.

One has to ask the question, why does the YNH Board of Directors instruct its employees and family to open shelf companies and find property to buy to later Joint Venture with YNH? Why pay some future profits that will never materialize in advance of a deal? Who does that in the business world? Keep in mind these 4 companies have had some of these deposits now for at least 15 years with no progress.

I think we all know the answer to that question.

here is a list of the Malaysian laws and acts that would apply against the wrongdoers:

Year Company JV Deposit Paid Director and/or Shareholder
2007 Irama Gigih Sdn Bhd RM27,669,000 Ngio Yen Lim & LAU SHENG MING
2010 Golden Trio Sdn Bhd RM34,848,000 Ngio Yen Lim & LAU SHENG MING
2011 Trilink Moderate Sdn Bhd RM10,500,000 Ngio Yen Lim & CHAN WENG FUI
2012 Genius More Sdn Bhd RM65,567,000 Ngio Yen Lim & CHAN WENG FUI
Total RM138,584,000

Details emerge about how YU KUAN HUAT and his brother YU KUAN CHON, leaders of the so-called YU Syndicate and controlling directors and shareholders of YNH Property Bhd (KLSE:YNHPROP) use family members and employees to systematically commit fraud in behalf of the Syndicate. Leaked documents confirm suspicions that secret Joint Venture Agreement and huge deposits of YNH funds for Imaginary future property projects are actually used to embezzled vast sums of money by the organization.

Finding demonstrates that LAU SHENG MING and NGIO YEN LIM, the father of YNH General Manager NGIO HUA JIAN, worked together with CHAN WENG FUI, whom is YU KUAN CHON’s stand-in and Director of YNH public relations. They created bogus Joint Ventures with YNH using shelf companies at the instruction of the members of YNH Property Bhd Board of Directors. These endeavours demanded that YNH prepay the shelf companies with hypothetical future earnings. This technique efficiently avoided regulatory oversight, made it possible to steal substantial sums of money from YNH, and ultimately gave YNH Directors tax-free dividends.

No legitimate businessman would give away huge sums of public capital as profit or deposits for future profits of a Joint Venture that has not even started. In many cases the amounts paid are far above the paid-up capital amounts of these Joint Ventures leaving YNH shareholders with no recourse for recovery when the projects fail to materialize.

Every one of these companies are located at the same address, 91 Jalan PPMP 8, 32040 Manjung, Perek (Location is one of the YNH past developments and home to many of its subsidiary and imaginary project companies).

Each company has the same company secretary (CHENG GHEE CHENG, long time internal YNH COSEC) and is audited by Lee, Yip & Associates ( a company owned by Rapid Synergy Director Lee Chun Weng).

Rapid Synergy Bhd (KLSE:RAPID), like YNH is controlled by YU KUAN HUAT and YU KUAN CHON. Both are Executive directors and combined with others including YNH employee CHAN WENG FUI are the controlling shareholder of both companies.

All of these parties are related and connected persons to YU KUAN CHON and YU KUAN HUAT. Therefore, require appropriate disclosures, reporting and approvals to do business with each other or any related party company.

Although this story is not all of the wrong doing resulting and embezzlement by this group, it accounts for RM138,584,000 of the more than RM 1 billion believed to be the actual amount.

The public record or lack thereof of proves beyond any doubts of the wrong doing by the group of people mentioned in this article. The Annual report of YNH operations for 2021 released in July of 2022 confirms these facts along side documents obtained from SSM and the public record. The following companies and Connected Party Directors were used as corporate vehicles to embezzle at least RM138,584,000:

CNY bigholder took profit

chin CNY GONG XI FA CAI ...who buy above 20c will JIN GUAN CAI

chin family afternoon will sell 40m in open market because he bought 6c ESOS contra gains

End show BEFORE CNY chin start selling FOR CASH ... CHIN GONG HEE FATT CHOY

Chin PUSH UP from 4c to above 20c FOR SELLING

sell aeroplane to AAX later capital A delist listing

ya...boss selling all their hand shares

this year is time they doing shares consolidation to burn sharesholder

yes this company shares issued all over 5 billions

hong seng shares issued 5.1 billions as as AT

shares consolidation

hongseng same as AT gloves

shares issued 5.1 billions

28 Nov 2023 DALPHON LIMITED Disposed hongseng 155,000,000 units

shares issued 5.92b

pang sai huat

boss gangs sanichi