11 May, 2023 – Kuala Lumpur, Malaysia: A Group of Minority shareholders of YNH Property Bhd (KLSE:YNHPROP) are reportedly gathering to file a representative action lawsuit against the company’s directors and officers for their alleged involvement in fraudulent activities and embezzlement schemes. This comes in the wake of recent revelations concerning the YU Syndicate, led by YU KUAN HUAT and YU KUAN CHON, and their alleged manipulation of company resources through secret joint ventures and deposits for imaginary property projects.
The lawsuit, alleges that the directors and officers of YNH Property violated Malaysian laws and regulations, including the Companies Act 2016, Capital Markets and Services Act 2007 (CMSA), Malaysian Anti-Corruption Commission Act 2009 (MACC Act), Income Tax Act 1967, and Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
The YNH Property lawsuit specifically targets the directors and officers for their alleged failure to disclose related-party transactions, the misuse of company resources, and their involvement in embezzlement schemes that have reportedly resulted in the misappropriation of over RM 1 billion.
Minority shareholders have until June 1, 2023, to join in the action to petition the court for representative action status. Participation in any potential recovery does not require serving as a lead plaintiff, as shareholders may choose to be absent class members. This legal action highlights the importance of corporate transparency and accountability, as well as the need to protect shareholder interests and maintain the integrity of Malaysia’s corporate and financial sectors.
If you have been or are a shareholder of YNH Property Berhad any time after date of Jan 14 2004 you may be entitled to compensation and can join in this action. Organizers have setup an email address and urge others to join:
Contact email address: ([email protected])
If you have information that could be useful to the case, you are urged to contact the organizers at the above email address.