This article first appeared in The Edge Malaysia Weekly on October 6, 2025 - October 12, 2025

LAST week, Spherix Sdn Bhd director P Kuhan Arunasalam was charged with soliciting a RM5 million bribe from businessman Datuk V Siva Ananthan to thwart a legal action against UBB Amanah by the Securities Commission Malaysia (SC).

This once again draws public attention to UBB Amanah, which holds the assets of many high-net-worth individuals in custody. The latest development comes against the backdrop of a number of cash trust companies reportedly being investigated for alleged fraud involving public investment funds.

In January, a trust company was investigated for allegedly diverting about RM104 million to several private companies owned by proxies. In February, the SC charged Syaiful Riezal Ahmad, the former CEO of Infinity Trustee Bhd, for the alleged transfer of RM116 million to a company offering unlicensed capital market activities.

These developments led the public to wonder what legal action the SC would pursue against UBB Amanah. When asked about the matter, the regulator says it does not comment on specific cases or ongoing probes, but adds that “it views seriously any unauthorised use of its name in any product endorsements or solicitations”, without naming any parties.

UBB Amanah does not fall under the purview of the SC or Bank Negara Malaysia, but under the Companies Commission of Malaysia (CCM). 

Notably, UBB Amanah shareholder Datuk Seri Shamir Kumar Nandy is also a shareholder of Turiya Bhd (KL:TURIYA).

Neo Pixel Sdn Bhd, a vehicle of Shamir Kumar, once held a 28.89% stake in Turiya. In February, it sold the stake to Manor Capital Sdn Bhd, which is equally owned by Shamir Kumar’s daughter Shweta Nandy and son Akash Neil Nandy. 

Neo Pixel also holds 50% equity interest in Great Sovereign Sdn Bhd, which has a 20% stake in UBB Amanah. In short, Shamir Kumar owns an effective 10% stake in the cash trust company.

After Manor Capital, Singapore-registered Bin Zayed (S) Pte Ltd emerged as a substantial shareholder of Turiya a month later,  after buying a 28.89% stake from Khidmat Kejora Sdn Bhd, which is controlled by entrepreneur Tan Sri Dr Mohan M K Swami.

Shamir Kumar is currently executive chairman of Turiya. He is also managing director of Bin Zayed (S)’s wholly-owned unit Bin Zayed International (M) Bhd, according to the company’s website. Siva is group adviser and general counsel of Bin Zayed International (M).

In filings with CCM, Great Sovereign is shown to have the same address (a unit at Plaza Crystalville in Desa Sri Hartamas, Kuala Lumpur) as that of GV Corporate Advisory Sdn Bhd, in which Shamir Kumar holds a 99.8% stake and Siva is deputy executive chairman.

Other shareholders of UBB Amanah include the former chairman of the Penang Bar Council (2008-2011) Datuk Murelidaran M Navaratnam, former president of the Malaysian Bar Council (2017-2019) Datuk George Varughese, Eurasia Financials Pte Ltd and Prinamic Sdn Bhd, with a 20% stake each. Former education minister Maszlee Malik is chairman of UBB Amanah.

On Aug 15, Turiya’s wholly-owned Turiya Properties Sdn Bhd inked a deal to acquire an office block, Wisma Sentral Inai, plus a parcel of freehold land from Sentral REIT (KL:SENTRAL) for RM135 million.

To fund the acquisition, Turiya Properties entered into a conditional subscription agreement with its executive chairman Shamir Kumar for the proposed subscription of 135 million redeemable preference shares in Turiya Properties at RM1 per share. It said the purchase is part of its ongoing business expansion strategy.

Last November, Shamir Kumar said Bin Zayed International (M) would invest US$2 billion in Malaysia over the next five years.

“The US$2 billion is just an initial benchmark. Depending on opportunities that arise, we are prepared to exceed this commitment,” he was reported to have said at the official launch of Bin Zayed International Group of Companies’ office in Kuala Lumpur.

These lofty plans with regard to Bin Zayed International (M) are in stark contrast to the situation at Turiya, which owns Wisma Chase Perdana — a 12-storey building in Damansara Heights with a total net lettable area of 245,238 sq ft and a net carrying value of RM152.62 million.

Turiya’s only other asset is wholly-owned Singapore company Pyramid Manufacturing Industries Pte Ltd, which is involved in research and development, manufacturing and distribution of speciality chemical products for the electroplating processes in the semiconductor industry.

Over the last five years, Turiya has posted paltry profits. Its highest net profit during the period was recorded in the financial year ended March 31, 2023 (FY2023) — RM4.08 million on the back of RM28.54 million in revenue.

For the 15 months ended June 2025, it suffered a net loss of RM26.72 million on revenue of RM33.76 million. The company changed its financial year end from March 31 to June 30.

As at end-June, Turiya had cash balances of RM12.58 million and long- and short-term borrowings of RM29.08 million and RM1.9 million respectively.

Its share price closed at 25.5 sen last Friday, giving the company a market capitalisation of RM58.3 million.

Is the RM135 million acquisition of the office block from Sentral REIT the start of better things to come for Turiya? 

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