KUALA LUMPUR (Oct 16): East West One Group (EWOG) has denied any involvement in money laundering and terrorism financing offences and stressed that it has always adhered to the legal framework and has been default-free since 2012.
In a statement on Monday, EWOG highlighted that its singular default is the delay in payments to planters, an issue that it is committed to addressing.
The statement came after the Companies Commission of Malaysia (SSM) issued a press release entitled “SSM investigates EWOG under AMLA (Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001)” on Oct 15.
SSM had issued four compound notices for RM1 million to East West Horizon Plantation Bhd, its two directors and a manager for breaching Section 46(1) of the Interest Schemes Act 2016.
“We fully acknowledge the concerns raised by SSM Malaysia and the receipt of the four compounds, which are all tied to the non-payment of the monthly net return (MNR) associated with the East West Horizon Planter’s Scheme (EWHP Scheme).
“It’s important to highlight our unswerving commitment to uphold the highest standards of transparency. Throughout SSM’s investigation, EWOG has fully cooperated, making all necessary books and records available.
“We pride ourselves on maintaining an open policy and always welcome and encourage inquiries to ensure clarity and trust,” said EWOG in the statement.
The group added that it is currently appealing for a reclassification of the compound from Section 46(1) of the Interest Schemes Act 2016 to Section 75.
Meanwhile, EWOG pointed out that it is actively working to overturn the recent injunction, which led to the halt of the “Planters’ Meeting” originally planned for Sept 27, 2023.
EWOG also assured that it is dedicated to addressing any issues and persistently upholding ethical standards.
“EWOG remains committed to its role as a responsible entity and pledges its full cooperation with all relevant bodies to ensure a transparent and accountable business environment,” it said.