Ngio Hua Jian and Chan Weng Fui, Office of Genius More Sdn Bhd

Kuala Lumpur, Malaysia, March 23, 2023 – YNH Property Bhd (KLSE:YNHPROP (3158)) is a Malaysian property developer. Employees of Chan Weng Fui (Investor Relations Manager) and Ngio Hua Jian (General Manager), as well as Ngio Yen Lim (father of Ngio Hua Jian, shareholder and Director of several companies), have disappeared more than MYR 20 million in a phoney Joint Venture deal with YNH property.

Genius More Sdn Bhd, founded on September 12, 2012, was purchased a few weeks later on October 29, 2012, by Chan Weng Fui and Ngio Yen Lim, father of YNH Property General Manager.

And yes, this is yet another of the famous 91 companies managed by YNH’s Property’s own company Secretary, Audited by Lee, Yip & Associates isthat is owned by Lee Chun Weng, a long-time Director of RAPID SYNERGY BHD, and located together with the rest of the 91 companies at:


We visited this address (Pictured above) to discover a mailbox and a small locked-up shop lot with no activities or indication it is the home of 100’s of millions in business dealings. It is located in a YNH Development and across the street from YNH Construction Sdn Bhd. This address is subject to a different article last year that you can find a link to at the end of this article.

Chan Weng Fui entered into an undisclosed related party joint venture with YNH Property Bhd and transferred MYR 29.5 million to Genius More Sdn Bhd. According to the company’s audited financial statements, some of this money was used to purchase a parcel of land in Kuala Pilah, Negeri Sembilan PT 1792, etc., totaling 76.72 acres for MYR 9,165,071 sometime before 31 December 2013 for further development. That was 10 years ago.

During the same time period, the remaining amount of MYR 30.5 million in YNH Property funds were loaned to a director. It is unclear which one. The loan amount is shown in the 2013 financial statement as MYR 20,219,802.

According to the 2014 Audited Financial Statement, a total of MYR 20,219,802 was written off. That is, the debts (Loan to a Director) can not be repaid or collected and therfore a loss to the company. That is a way of attempting to avoid taxes due from company dividends.

According to the most recent YNH Property Bhd Annual Report, the property has not been developed or is even being considered for development. In fact, YNH Property did not even mention this property until the 2021-2022 Annual reports, as it does with all of its properties. We don’t know why they didn’t include the Joint Venture Deposit in their annual reports from 2013 to 2019, unless it was to intentionally mislead shareholders and creditors.

If YNH Property wanted to add this property to its land bank for future development, it could have simply paid MYR 9,165,071 for the land. Why establish a company with employees and related parties, pay 300% more than the purchase price, embezzle the extra MYR20 million, and then abandon it for 7 years other than for the money?

But wait, there’s more. The deposit amount increased from MYR 29.5 million to MYR 65.5 million in the 2022 YNH Annual Report. An increase of MYR 36 million. This money was obtained from the proceeds of the bond that YNH issued at the time. I’m curious who this money was loaned to.

Chan Weng Fui and Ngio Yen Lim, father of YNH Property General Manager on 29 October 2012 are owners and directors of Genius More Sdn Bhd at all material times and continue in these positions. According to the Annual Report of IMASPRO Corporation Berhad, Chan Weng Fui left Arab-Malaysian Merchant Bank in 2007 to join YNH Property Bhd, where he ventured into property development and construction. He is still working as the Director/Head of Corporate Strategy for YNH Property Bhd.

What’s the problem with this image?

  1. YNH employees formed a company solely for the purpose of forming a joint venture with YNH and remove MYR 29.5 million to jointly develop land worth MYR 9 million.
  2. No Joint Venture announcement or disclosure was made in violation of the Regulatory requirements.
  3. There was no announcement or mandatory disclosure of a MYR 29.5 million business transaction between YNH properties and its employees.
  4. For the past seven years, YNH Property has failed to account for the transaction (cover-up) in its annual report, as it does with other property investments and joint ventures.
  5. The forgivness of a loan to a director is referred to as a dividend and is taxable. Genius More Sdn Bhd likely did not submit a report to the LHDN regarding the gift Dividend.
  6. Likely no report of MYR 20 million in income from the Director who received the money (tax evasion or money laundering)
  7. The YNH Directors YU Kuan Huat and Yu Kuan Chon devised this entire scheme as a fraudulent misappropriation of public funds in order to remove funds from YNH without oversight or payment of taxes. How else does this much money flow unchecked into a company that cannot repay the funds under any circumstances?
  8. This is just one example of why the MYR 1 billion in funds deposited to joint ventures cannot be accounted for as assets on YNH Property’s books. According to the Genius More Sdn Bhd 2020 Annual Report, the company is insolvent, with only leasehold land worth MYR 9 million. However, there is no appraisal or professional opinion of the land’s value; it is simply a guess.
  9. The use of proceeds from bonds issued by YNH Property does not permit giving the money away to related parties and/or YNH employee-owned companies without the required announcement, oversight, and regulatory compliance.
  10. What was the purpose of the MYR 36 million in additional funds paid by YNH in 2021, and how was this money distributed?
  11. Is it legal for Directors of a company who hold a deposit from a Joint Venture Partner to simply loan the money out to themselves with no intention to paying it back? What about duties as a director? YNH Property Bhd has no way to collect back the deposit from the insolvent company.

As you begin to understand the implications of these transactions and secret deals between YU Syndicate insiders, your list of unanswered questions grows. The mind boggling ramifications for the Directors of YNH Property Bhd and Genius More Sdn Bhd span possibilities in both criminal and commercial law.

It would be nice to see some local coverage of these events from the Malaysia press. They have reporters that can read the same public documents just like you can and expose what is happening. There is no ligitimate excuse for this sham series of transactions leaving only devious intention as the purpose.

Anyone who wishes to challenge this article, go to the SSM and download the annual reports of Genius More, then go to the Annual reports of YNH Property and see for yourself. The record is clear and unquestionable. These public records are signed off legally binding documents by auditors, directors and filed as official statements.

But that is not all. This is one example of a entire encyclopedia of twelve (12) more stories about the money flows of public funds from YNH Property bonds, debt facilities and borrowings into dirty Joint Venture Deposits to companies that have little to no assets controlled by the YU Syndicate. Stay tuned for more to come

Click to Visit The portal to find information about the YU Syndicate and its activitiesi

Erika has been writing stories since high school as a campus journalist to college. After pursuing a Bachelor’s Degree in Communication, she was employed in a local newspaper, radio station, and finally in this esteemed organization wherein she embarks on investigative reports. I believe in Writing the wrongs. for new submissions, email me directly [email protected]