Mayu Global recovers two luxury vehicles after police unfreeze assets in MBI pyramid scheme probe

Tuesday 03 Nov 2026

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KUALA LUMPUR (Aug 4): Steel product maker Mayu Global Group Bhd (KL:MAYU) said two luxury cars were recently released as police continue to unfreeze the company’s assets, which were seized as part of its ongoing probe into the MBI pyramid scheme. The cars were released under bond.

The seized Mercedes Benz GLE 450 Coupe and a BMW 330LI were released under bond on Aug 1, 2025, subject to terms and conditions stated in the offer letters, said Mayu Global in a bourse filing on Monday (Aug 4).

The group also noted that, under Section 52A of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, the seizure order will cease to have effect after 12 months from the date of the seizure order.

“The board will continue to monitor the situation and will make further announcements if there are material developments,” said Mayu Global.

Last week, Mayu Global said police released RM4.3 million from its bank accounts, but RM6.4 million remains frozen.

Bank accounts belonging to Mayu Global and seven of its subsidiaries, totalling RM10.67 million, have been frozen since April 10, as part of the Royal Malaysian Police (PDRM)’s ongoing investigations into the long-running MBI pyramid scheme.

PDRM also detained Mayu Global executive director Tan Kim Hee on April 2, to assist with the case, but he was released without charge on April 7.

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 the company, holding an 11.095% stake.

At Monday’s noon break, shares in Mayu Global were unchanged at 12 sen, valuing the group at RM58 million. Year to date, the stock has fallen 55%.

Edited ByPresenna Nambiar

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