Pictured is Gan Siew Liat, KNM Group Bhd Executive Director (Left) and Lee Swee Eng Director and Chief Executive Officer (right)

Kuala Lumpur: The Offshore Leaks Database that is published by the International Consortium of Investigative Journalists (ICIJ) suggests there are several members of the KNM Group Bhd Board of Directors as once Secret Owners and Directors of several suspicious offshore companies. KNM is a Malaysian publicly traded entity on the KLSE. 

The German authorities have raided Deutsche Bank Head Quarters with more than 100 police and officials in connection with an investigation into money laundering through its subsidiary offshore BVI company REGULA LIMITED. According to the Offshore Leaks Database, REGULA LIMITED controlled several offshore companies, this allowed the bank to allow its customers to move vast amounts of potentially dirty money unchecked and unreported through international financial institutions.  

German prosecutors are actively pursuing this money-laundering investigation involving Deutsche Bank that now includes raids on several wealthy former clients. With the many years of financial transactions for the investigators to scrutinize and new evidence being exposed during the investigation, this case will likely expand in scope across the globe for many years to come. 

Active Nobile Incorporated, a REGULA LIMITED Subsidiary revealed by the ICIJ database is jointly owned and controlled by key and controlling members of the Executive Management and Board of Directors KNM Group Bhd.

Lee Swee Eng is shown as both shareholder and Director of Active Nobile Incorporated. He is also the founder and the Group Managing Director of KNM Group Bhd since the company’s inception according to the KNM corporate website. 

Lee Swee Eng is shown as both shareholder and Director of Active Nobile Incorporated.  He is also the founder and the Group Managing Director of KNM Group Bhd since the company’s inception according to the KNM corporate website.

Gan Siew Liat, Director and shareholder of Active Nobile Incorporated. She is an Executive Director of KNM according to the KNM corporate website.

Both Lee Swee Eng and Gan Siew Liat are Directors of the KNM Group Bhd Board of Directors and primary decision-makers at the company.

Active Nobile Incorporated and many of the companies carry fancy names such as “Thrilling Returns Incorporated”, “Amazing Opportunity Limited” or “Market Dollar Group Limited”. Business activity of many of these companies is limited to a mailbox with nothing more than bank accounts. 

Deutsche Bank had the legal entities registered with a Singaporean service provider “Portcullis TrustNet”. As in the case of Active Nobile incorporated, many of these companies used the Deutsche Bank subsidiary “Regula Limited” as a director and shareholder. 

It is believed that a flaw in the internal controls at Deutsche Bank allowed companies under its corporate umbrella or control to transfer vast sums of money and bypass the usual security checks and regulated screening required by law. It is believed that this flaw was exploited and actively marketed by employees of the bank. The likelihood that tax havens will be used for something illegal is very large. This could be used to disguise money laundering, tax evasion, and corruption. Many are accusing Deutsche Bank of encouraging the concealment of money which likely is assisting in criminal activities. 

KNM Shareholders should think wisely before considering to support Directors that are possibly involved with companies charged with what is likely to be the largest organized money-laundering scandal of all time.

Since its launch in 2013, the Offshore Leaks Database has been progressively updated with data from five major investigations by the ICIJ. It now contains information on more than 785,000 offshore companies, foundations, and trusts linked to tax havens and secrecy jurisdictions.

The real value of the database is that it strips away the secrecy that cloaks companies/trusts incorporated in tax havens. This includes, when it’s available, the names of real owners of these structures. The database shows connections to subsidiary companies, data from documents including bank accounts, email exchanges, faxes, deeds, agreements, due diligence reports, and financial transaction history have been converted to data and added to the database.

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