Kuala Lumpur, Malaysia, 18 April 2023 – A shocking revelation has come to light as leaked documents now confirmed by public records expose how YU KUAN HUAT and YU KUAN CHON, leaders of the so-called YU Syndicate and controlling directors and shareholders of YNH Property Bhd (KLSE:YNHPROP), used family members and employees to commit large-scale fraud.
Investigations show that a secret undeclared Joint Venture Agreements were utilised by the organisation to funnel vast sums of money away from YNH Property Bhd under the guise of imaginary future profits for property projects that never materialized. This elaborate scheme allowed YNH directors to receive tax-free dividends while evading regulatory oversight.
Key players involved in this fraudulent operation include LAU SHENG MING, NGIO YEN LIM, CHAN WENG FUI (AKA Daniel Chan), and other members of YNH Property Bhd’s Board of Directors. Bogus Joint Ventures were created using shelf companies, which then received substantial prepayments from YNH based on these hypothetical future earnings.
The following chart displays the companies, years, JV deposit amounts paid, and the associated directors and shareholders involved in the alleged embezzlement by the YU Syndicate:
| Year | Company | JV Deposir Paid (RM) | Director and/or Shareholder |
| 2007 | Irama Gigih Sdn Bhd | 27,669,000 | Ngio Yen Lim & LAU SHENG MING |
| 2010 | Golden Trio Sdn Bhd | 34,848,000 | Ngio Yen Lim & LAU SHENG MING |
| 2011 | Trilink Moderate Sdn Bhd | 10,500,000 | Ngio Yen Lim & CHAN WENG FUI |
| 2012 | Genius More Sdn Bhd | 65,567,000 | Ngio Yen Lim & CHAN WENG FUI |
| total | 138,584,000 |
All of these companies are connected directly to the YU Brothers. Finding show 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.
The suspicious dealings of YU KUAN HUAT and YU KUAN CHON have raised several questions regarding the legality and transparency of YNH Property Bhd’s operations, especially regarding 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).
If these allegations are proven true, it is vital that appropriate measures be taken to hold the wrongdoers accountable and protect the interests of shareholders. Authorities should investigate these allegations thoroughly, and if sufficient evidence is found, initiate legal actions against the individuals and companies involved.
The penalties associated with the violated acts, if the accused are found guilty, are as follows:
- Companies Act 2016: Penalties range from fines up to RM3 million and/or imprisonment up to 10 years, depending on the specific section violated.
- Capital Markets and Services Act 2007 (CMSA): Fines up to RM10 million and/or imprisonment up to 10 years, depending on the specific section violated.
- Malaysian Anti-Corruption Commission Act 2009 (MACC Act): Fines up to RM100,000 and/or imprisonment up to 20 years, depending on the specific section violated.
- Income Tax Act 1967: Penalties include fines up to RM20,000, imprisonment up to six years, and additional fines based on the tax evaded.
- Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA): Penalties include fines up to RM5 million and/or imprisonment up to 15 years, depending on the specific section violated.
The Malaysian Anti-Corruption Commission (MACC) has been called upon to investigate the YU Syndicate’s world of Fraud and Fortune as we follow the money trail.
This breaking news story is the beginning of a series of articles dedicated to the bogus 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 trail.
