Perak Malaysia, 12 May, 2023 – In an unprecedented turn of events, Kuala Lumpur is buzzing as a squadron of minority shareholders of YNH Property Bhd (KLSE:YNHPROP) are reportedly gearing up to launch a representative action lawsuit. They are targeting the company’s directors and officers, accusing them of their alleged roles in a complex web of fraudulent activities and embezzlement plots.
This sensational development follows the shocking revelations around the notorious YU Syndicate, orchestrated by its alleged masterminds – YU KUAN HUAT and YU KUAN CHON. The syndicate is accused of manipulating company resources, engineering secret joint ventures, and making substantial deposits for phantom property projects.
Allegedly, the directors and officers of YNH Property have trampled upon a raft of Malaysian laws and regulations, including but not limited to the Companies Act 2016, Capital Markets and Services Act 2007 (CMSA), Malaysian Anti-Corruption Commission Act 2009 (MACC Act), Income Tax Act 1967, and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
The lawsuit hones in on the directors and officers for their alleged failure to disclose shady related-party transactions, the misuse of company resources, and their involvement in embezzlement schemes that reportedly siphoned off a staggering amount of over RM 1 billion.
The clock is ticking for minority shareholders, who have until June 1, 2023, to join the battle and petition the court for representative action status. Joining the potential recovery doesn’t necessitate serving as a lead plaintiff, as shareholders may opt to be absent class members. This high-stakes legal drama underscores the importance of corporate transparency, accountability, and the urgent need to shield shareholder interests and uphold the integrity of Malaysia’s corporate and financial landscapes.
If you were ever a shareholder of YNH Property Berhad after January 14, 2004, you could be eligible for compensation and are encouraged to join this groundbreaking action. Organizers have set up an email address for rallying more support: ([email protected]). If you’re sitting on any information that could bolster the case, do not hesitate to reach out to the organizers on the mentioned email address.