The lives of countless individuals in Malaysia have been impacted by a shocking revelation involving YHN Property Bhd, a company listed on the Kuala Lumpur Stock Exchange (KLSE) under the ticker symbol YNHPROP (3158). As of January 4, 2023, it has come to light that the YU Syndicate Directors, controlled by YU KUAN CHON and his brother YU KUAN HUAT, have used a Shady Scheme to Siphon RM1 Billion from YHN Property Bhd. This staggering amount has left many in the community reeling, wondering how such a large sum of money could be misappropriated.
The YU Syndicate, which controls YHN Property Bhd, is a group consisting of more than 30 known companies, including RAPID SYNERGY BHD (RSB), listed on the KLSE under the ticker symbol RAPID (7765). Both YU KUAN CHON and YU KUAN HUAT are Controlling Shareholders and Directors of YNH Property BHD (YNH) and RAPID SYNERGY BHD (RSB), giving them significant influence over the companies’ operations. The historical Annual Reports of YNH show a consistent pattern of property listings, which, when analyzed together, reveal a troubling story. Often, the auditor’s notes can be complicated and difficult to interpret, but with the new FRS regulations, YNH is forced to clarify the status, disposition, and investments made in land.
Uncovering the Truth
In the case of YNH, Property Assets are now listed in 3 categories. The third category, Auditor note 8 item (v) of the 2021 Annual Report, states: “Included in properties held for development and properties under development of the Group are amounts of RM1,007,510,470 (2020: RM952,227,470) paid in respect of joint venture and turnkey contracts entered into with landowners for development work which has yet to commence.” This means YNH has put deposits in cash of more than RM1 Billion into 18 dead or frozen projects. This money is unregulated, unreported, and not controlled by the YNH shareholders. Instead, it is controlled by the YU Syndicate (YNH controlling shareholders and Directors) who use this money unchecked.
The majority of the 18 dead land deals are all Joint Ventured with companies set up by the YU Syndicate and located in Perak at the same address located inside the YNH Construction Sdn Bhd complex and using known YU Syndicate Directors. This raises serious concerns about the lack of transparency and accountability within the company. The fact that this money is being controlled by the YU Syndicate, rather than the YNH shareholders, is a clear indication of a Shady Scheme to Siphon RM1 Billion from YHN Property Bhd.
Impact on the Community
The revelation of this Shady Scheme has sent shockwaves through the community, with many wondering how such a large sum of money could be misappropriated. The fact that this money is being controlled by the YU Syndicate, rather than the YNH shareholders, is a clear indication of a lack of transparency and accountability within the company. The Malaysian Public, who have invested in YNH Property Bhd, are likely to be affected by this scandal, and it is essential that the company takes immediate action to address these concerns.
The YU Syndicate’s actions have also raised concerns about the lack of regulation and oversight in the industry. The fact that this money is unregulated, unreported, and not controlled by the YNH shareholders is a clear indication of a systemic problem. It is essential that the relevant authorities take immediate action to address these concerns and ensure that such scandals do not happen in the future.
What’s Next?
As the investigation into the Shady Scheme used to Siphon RM1 Billion from YHN Property Bhd continues, it is essential to keep a close eye on the developments. The Malaysian Public, who have invested in YNH Property Bhd, deserve transparency and accountability. It is crucial that the company takes immediate action to address these concerns and ensure that such scandals do not happen in the future. In the coming weeks, we can expect to see further revelations and updates on this scandal. If you have information about the YU Syndicate, YHN, RAPID, or other related parties mentioned in this article, feel free to send us an email. We welcome public assistance and will go to great lengths to protect our sources.
