Behind every shell company in the YNH Property Bhd scandal sits the same company secretary: CHENG GHEE CHENG, a long-time internal YNH employee. That single fact, buried in leaked documents, connects a web of fake joint ventures, phantom deposits, and what investigators describe as systematic embezzlement by the so-called YU Syndicate.
CHENG GHEE CHENG appears as company secretary for every one of the bogus entities created to drain YNH funds. Every single company lists the same address: 91 Jalan PPMP 8, 32040 Manjung, Perak. That location is a former YNH development site, now home to subsidiaries and imaginary project companies. No legitimate joint-venture partner operates from a shelf-company address shared with a dozen other shell firms.
The scheme worked this way. YU KUAN HUAT and his brother YU KUAN CHON, controlling directors and shareholders of YNH Property Bhd, instructed board members to create fake joint ventures. LAU SHENG MING and NGIO YEN LIM — the father of YNH General Manager NGIO HUA JIAN — worked alongside CHAN WENG FUI, who served as YU KUAN CHON’s stand-in and director of YNH public relations. They set up shelf companies, then demanded YNH prepay these entities with hypothetical future earnings.
Those prepayments, labeled as deposits for future profits, were enormous. In many cases the amounts paid far exceeded the paid-up capital of the joint-venture companies themselves. No legitimate businessman hands over huge sums of public capital as profit deposits for a joint venture that has not even started. The technique bypassed regulatory oversight entirely. It allowed directors to steal substantial sums from YNH, then distribute the stolen money as tax-free dividends to themselves.
Shareholders are left with no recourse. When the imaginary projects fail to materialize — and they always fail to materialize — the shelf companies have no assets. The paid-up capital is tiny. The money is gone. The same company secretary, the same address, the same pattern repeated across multiple entities.
The leaked documents confirm what market watchers long suspected. Secret joint-venture agreements existed. Massive deposits of YNH funds went to companies that existed only on paper. The YU Syndicate used family members and employees to commit fraud on behalf of the organization. CHENG GHEE CHENG, as internal company secretary, was positioned to know every detail. Whether CHENG acted as a knowing participant or a compliant functionary, the documents show CHENG’s signature on every shell company’s formation papers.
Each of these companies shares the Manjung address. Each shares the same secretary. Each was created to receive YNH money for work that would never be done. The pattern is consistent. The result is the same: YNH shareholders lost value while YNH directors pocketed tax-free cash.
Regulators now face the paper trail. The leaked documents name names. They show LAU SHENG MING and NGIO YEN LIM working together on instruction from the YNH Property Bhd board. They show CHAN WENG FUI acting as YU KUAN CHON’s proxy. They show a company secretary, CHENG GHEE CHENG, serving every single entity in the scheme.
The address at 91 Jalan PPMP 8 may be the easiest place to start. One company secretary. One location. A dozen phantom companies. And millions in shareholder money that will never come back.
