25 January 2023, Kuala Lumpur Malaysia, YNH Property Bhd (KLSE:3158); YNH property’s latest RM 500 million asset sale exposed as shareholder fraud. On 17 November 2022, YNH Properties Bhd made an Intentional Fraudulent Misrepresentation in its Regulatory Announcement to the market. 

02 FEB 2023, BREAKING NEWS — Followup report is now available at the end of this story

YHN claims in the announcement that the company proposes to sell income-producing assets of YNH Property to ALX Assets Berhad totaling an estimated 34% of the total assets of YNH to this unfunded, newly formed company in return for “Notes”, not even real money.

ALX Assets Berhad Directors are Choong See Way (Pictured above) and Beh Rui Khee. Both Connected Parties to the YU Brothers YU KUAN CHON and YU KUAN HUAT (Pictured above). The Brothers are the controlling shareholder and Directors of YNH Property Bhd. Although in recent times, the YU Syndicate has been making huge blunders leading many to think CHAN WENG FUI may now be in control of the YU Syndicate. The request for Comment from YNH Property IR Department remains unanswered.

In paragraph 2.2, of the announcement (Information on ALX Assets), YNH makes intentional Fraudulent Misrepresentations that the Directors and Shareholders of ALX Assets Berhad are independent and not connected to YNH. This is a Fraudulent Misrepresentation.

Quoting part of Paragraph 2.2 of the Announcement:

As at the LPD, ALX Asset is wholly owned by Premier SPV Management Sdn Bhd and the directors of ALX Asset are Choong See Way and Beh Rui Khee, both of whom are Malaysians.

As ALX Asset was incorporated on 14 September 2022, there is no audited financial statements or interim results available as at the date of this announcement. For information, the directors and shareholders of ALX Asset are independent parties and not directors, major shareholders, chief executive officer of the Company, or persons connected to them (YNH Property Bhd).

CHOONG SEE WAY “AMY” (pictured below), is not an independent party, she is well known Connected Party to CHAN WENG FUI, th Investor Relations Manager and long-time employee of YNH Property Bhd. Choong See Way is a part-time Instagram model, business partner, and “Third” wife to CHAN WENG FUI. The couple shares a 3-year-old Daughter together.


CHAN WENG FUI is also a business partner of several YU family members, owner of YU Syndicate proxy companies, one of the YNH top 30 shareholders, and Rapid Synergy Bhd substantial shareholder. He is a well-known and long-time Poser for both YU KUAN CHON and YU KUAN HUAT, the Directors of YNH Property Bhd.

If that is not enough, BEH RUI KHEE, the second director of ALX, is not an Independent Party either, she is a long-time wife of “James” Ngio Hua Jian, who is the General Manager of YNH Property Berhad amongst other titles he has held at YNH over the years.

BEH RUI KHEE, Director of ALX Assets Berhad and Husband “James” Ngio Hua Jian, General Manager of YNH Property Berhad

YU KUAN HUAT and his brother YU KUAN CHON are long-time manipulators of the Malaysian Public Markets and know well the regulations of Related and Connected Parties. There is no way that they can claim they did not know. The Announcement intended to lead investors and the public to think that this deal to take away 34% of YNH assets from shareholders is a fair deal with independent parties. It is not even close to independent or fair.

Family members of Employees of YNH Property Bhd are clearly related parties and connected parties and not independent parties of YU KUAN CHON and his brother YU KUAN HUAT

A housewife and home tutor with no experience alongside a self-proclaimed model with minor dabbling in social media marketing whose only earnings come from modeling in Malaysia does not qualify these Connected Directors to manage a company that owns two Malls whose value is believed to be nearly RM 1 billion.  Clearly, the only experience these Directors have in managing malls and investments is following instructions of the YU Syndicate and shopping.

In the announcement:

The company proposes to undertake a debt financing exercise via a proposed asset-backed securitization which will involve, among others, the disposal of the following properties to a special-purpose vehicle acting as the purchaser:

1.      (Deal Value RM 270,500,000) a seven-story retail shopping center known as “163 Retail Park” by D’Kiara Place Sdn Bhd, a wholly-owned subsidiary of the Company (“D’Kiara Place”); and

2.      (Deal Value RM 152,000,000) a two-story retail shopping center known as “AEON Seri Manjung” by YNH Hospitality Sdn Bhd, a wholly-owned subsidiary of the Company (“YNH Hospitality”).

The official complete announcement can be found at this link:


The total consideration for the said disposal is intended to be satisfied by the purchaser from the proceeds received from the purchaser’s issuance of medium-term notes in the future. Notes which will be purchased by YU KUAN CHON, the Majority shareholder of YNH Property Bhd. So, he sells it to himself pretending to be “Independent” in an attempt to avoid a real independent valuation of these properties.  

Sources close to the transaction say that the two mall assets are worth nearly double the sale price. What this shows is that the YU Brothers are buying the two malls for about half the price they are worth and injecting them into proxy companies to make the transaction look good. These properties are not listed for sale to anyone else or in a public tender.

After 20+ years of manipulating the markets in order to accumulate unfathomable wealth, the YU Syndicate led by YU KUAN CHON and YU KUAN HUAT is so brazen as to not even try and hide its activities anymore.

The Brothers have a history of making non-refundable Deposits from YNH Property totaling more than RM1 billion to companies controlled by the YU syndicate while claiming the deals are independent. Almost all of these Deposits are listed as assets even though they do not perform and can not be liquidated or recovered.  The two malls are some of the only true hard assets that Shareholders and Creditors can count on at YNH. A story about the missing RM Billion is linked below:

This transaction is a sham to defraud minority shareholders and Creditors. Take a hard look at the truth and the public record. Don’t let them get away with it anymore.

Some important Malaysia Security Commission guidelines on asset-backed securitization exercises:

(4) Assets must be transferred at fair value

(5) No trust or third party’s interest appears to exist in competition with an originator’s interest over the assets

6.01 The underlying assets must have been isolated from an originator i.e. put beyond the reach of the originator and its creditors even in receivership or bankruptcy as far as possible.

6.03 An originator must not hold any equity stake, directly or indirectly, in an SPV. In addition, the originator must not be in a position to exercise effective control over the decisions of the SPV in relation to the securitization transaction.

7.02 An SPV must have independent and professional directors or trustees as the case may be.

9.04 Investors must be clearly informed that an originator does not in any way stand behind the ABS issued by the SPV except to the extent specified in the asset securitization documentation and such credit enhancement as may be provided by the originator.

Link to the Malaysia Security Commission Regulations shown below:


Clearly, the YU Brothers know this and simply don’t care to follow the Security Commission regulations of Malaysia.

The Minority Shareholder Watchdog needs to protect the shareholders of YNH Property Berhad from the YU Syndicate Shareholders.  The Malaysia Security Commission needs to open a formal investigation to review this Fraudulent Misrepresentation and take necessary actions to protect shareholders and Creditors.

People and organizations that do not act in the best interest of the public should not be allowed to participate in public companies. That is why we have rules to protect minority shareholders. It is time to use those rules and take enforcement actions and protect the financial security of Malaysia and further the interest of the Minority Shareholders of Rapid Synergy. Shareholders need to speak up and take action to protect the company.

Information used in this story has been obtained primarily from public and corporate records and inside confidential sources close to the matter. This investigation is ongoing, and the facts and data will lead us to the truth. Stay tuned for more to come in the following weeks.

If you have information about the YU Syndicate, YHN, RAPID, or other related parties mentioned in this article, feel free to email us. If you are concerned about privacy, please use a new email account dedicated solely to this purpose. Contact us via the contact us links or by email (ejohnson@prioritysuntimes.com). We welcome public assistance and will go to great lengths to protect our sources.

BREAKING NEWS: See the follow-up report below:

James Roberto

A multimedia journalist focused on producing articles about controversial global issues specifically on business, economy, politics, and technology. A strong believer in freedom of the press and exposing the wrong. only through engagement and communications can we as humans evolve. An accredited member of a leading local broadcast media organization.