KUALA LUMPUR (April 15): The bank accounts of Mayu Global Group Bhd (KL:MAYU) and several of its subsidiaries, holding a combined total of RM10.67 million, have been frozen by the Royal Malaysia Police (PDRM) as part of an ongoing investigation under anti-money laundering laws.
In a filing with Bursa Malaysia on Tuesday, Mayu Global also disclosed that its executive director Tan Kim Hee, who was detained by Bukit Aman police on April 2 to assist with the investigation, was released on April 7 without any charges filed against him.
“At this point in time, no charges have been filed against Tan,” the company said, without elaborating on the findings of the investigation.
This development follows a report in The Edge Malaysia weekly (March 31–April 6, 2025 issue), which, citing sources, revealed that the Anti-Money Laundering Criminal Investigation Division (AMLA) of Bukit Aman carried out a series of raids in March as part of an ongoing investigation into the long-running MBI pyramid scheme.
Tan is reported to be the brother-in-law of MBI Group founder Tedy Teow Wooi Huat, and the father of Mayu Global’s executive director Tan Qian Hui. He is also a substantial shareholder of Mayu Global, holding an 11.095% stake.
On the freezing orders, Mayu Global in the Tuesday bourse filing said it received notices on April 10 under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA). The freezing orders are valid for 90 days from the date of issuance.
The affected accounts include those of Mayu Global and its wholly-owned subsidiaries — SMPC Industries Sdn Bhd, Progerex Sdn Bhd, Sungguh Gemilang Development Sdn Bhd, Sparkle Gateway Sdn Bhd, and MPSB Venture Sdn Bhd — as well as 80%-owned units Sunrise Manner Sdn Bhd and Mutiara Biopolis Properties Sdn Bhd.
Among the subsidiaries, the largest amount frozen was RM4.74 million under Sungguh Gemilang Development’s accounts with Affin Bank Bhd (KL:AFFIN) and Affin Islamic Bank Bhd. This was followed by Sunrise Manner Sdn Bhd, with some RM4.35 million held across accounts at RHB Bank Bhd (KL:RHBBANK), Hong Leong Bank Bhd (KL:HLBANK), Malayan Banking Bhd (KL:MAYBANK)/Maybank Islamic Bhd, and CIMB Bank Bhd. Progerex Sdn Bhd had RM1.52 million frozen in its Affin Bank account.
In addition to the frozen funds, two luxury vehicles have also been seized by the authorities — a Mercedes-Benz GLE 450 Coupe from SMPC Industries and a BMW 330Li from Progerex.
Regarding the impact of the frozen funds, Mayu Global said it does not expect any material financial or operational disruption.
This assessment was based on its current financial position, including an estimated capital commitment of RM5 million — representing only 2% of the total cost of its two completed key projects, Marminton Homes and The Sky-Tripark — as well as cash flow projections for the next 12 months and the availability of hire purchase facilities (no other credit facilities).
“The board has resolved to appoint legal counsel to facilitate the release of the banking accounts, safeguard the group’s interests and implement necessary measures to mitigate any associated risks,” said Mayu Global.
“The directors and the management would provide full cooperation to the PDRM in the ongoing investigation. The board will provide further updates should there be any material development,” it added.
Shares of Mayu Global last traded at 19.5 sen on Monday, giving the group a market capitalisation of RM93.2 million.