The numbers tell a story of their own. In 2014, YNH Property Bhd’s auditors recorded a loan to a director of Genius More Sdn Bhd as bad debt. The amount was MYR 20.1 million. That same year, the property developer had transferred MYR 29.5 million to the company for a joint venture. Ten years later, the land in Kuala Pilah, Negeri Sembilan, remains untouched. But the joint venture deposit on YNH’s books has swelled to MYR 65.5 million.
That is the central mystery. How does a dormant project gain MYR 36 million in value with no development activity? The 2022 YNH annual report offers no clear explanation. What it does show is a pattern: money moving in, money moving out, and questions left unanswered.
The scandal broke when investigators traced the MYR 29.5 million transfer to Genius More Sdn Bhd. The company was purchased by YNH Investor Relations Manager Chan Weng Fui and Ngio Yen Lim in October 2012, just one month after it was incorporated. Its headquarters is a small shop lot in Perak. For a joint venture involving millions, the address raises eyebrows.
From the MYR 29.5 million, a portion went to buy 76.72 acres of land. The rest — MYR 20.1 million — was loaned to one of Genius More’s directors. That loan was later written off as bad debt in the 2014 audited report. The directors of Genius More at the time decided the money would not be recovered. No public explanation was given.
YNH’s own reporting is inconsistent. The joint venture deal was never properly announced to regulators. A mandatory disclosure for the MYR 29.5 million transaction between YNH and its employees was absent. The company’s annual reports contain discrepancies that have not been addressed. And MYR 20 million in funds remain unaccounted for.
The people at the center of this are not strangers. Chan Weng Fui is YNH’s investor relations manager. Ngio Hua Jian is the company’s general manager. Ngio Yen Lim, a shareholder and director of several companies, is Ngio Hua Jian’s father. The relationships are close. The transactions are not arm’s-length.
For a decade, the Kuala Pilah land has sat idle. YNH claims it has no intention of developing the property. Yet the joint venture deposit has increased by more than double. That is an additional MYR 36 million poured into a project with no output. No construction. No sales. No revenue.
The regulatory failures compound the financial ones. Without proper disclosures, shareholders and the public had no way to track the money. The absence of announcements for the joint venture means the deal was effectively hidden. The inconsistencies in annual reports suggest a pattern of opacity.
What happened to the MYR 20 million remains unclear. It is a hole in the accounts that has not been filled. The bad debt write-off in 2014 closed one chapter but opened another. The money went somewhere. The directors who approved the loan are the same people who wrote it off.
YNH Property Bhd trades on Bursa Malaysia under the ticker 3158. Its share price has been under pressure since the news broke. The company has not issued a detailed response to the allegations. Investors are left to parse the annual reports themselves.
The land in Kuala Pilah is 76.72 acres. It is undeveloped. The joint venture deposit is now MYR 65.5 million. The math does not add up. The regulators have not yet commented. The directors named in the scandal have not spoken publicly. The story is still unfolding.
