KUALA LUMPUR (Sept 2): Xin Synergy Group Bhd (KL:XIN), formerly known as Jade Marvel Group Bhd, has lodged a second police report against three former directors, including former managing director Chong Wei Chuan, over “serious irregularities” in its moneylending activities during their tenure.
Xin Synergy said in a bourse filing on Wednesday that the irregularities included allegedly approving loans in breach of standard operating procedures and applicable statutory requirements. It said the findings were made following an independent review by NEK & Associates into the moneylending activities of wholly owned subsidiary Total IPCO Sdn Bhd between May 1, 2021 and Oct 10, 2023.
Total IPCO, which is involved in investment holding, management services and moneylending, lodged the latest police report against Wei Chuan, his brother and former business operations director Chong Wei Liang, as well as former joint managing director Datuk Khoo Yik Chou.
The latest police report follows a first complaint lodged in August last year against the three former directors over the group’s moneylending activities. Xin Synergy had announced on Aug 25, 2025 the appointment of NEK & Associates to conduct the independent review.
“Further investigations uncovered evidence suggesting that the transactions raised serious regulatory and/or legal concerns,” Xin Synergy said, adding that it is taking the measures to protect the interests of the group and its shareholders.
The latest police report is not expected to have any immediate material financial impact on the group for the financial year ending March 31, 2027, said Xin Synergy.
Besides moneylending, Xin Synergy is involved in property development, as well as the manufacture and trading of quarry and construction materials, and the provision of management services.
According to its latest annual report, Wei Chuan holds a direct 4.48% stake in Xin Synergy and an indirect 1.13%. JMR Consolidated Holdings Sdn Bhd is the group’s largest direct shareholder, with a 15.91% stake.
Datuk Dr Goh Yong Chee is deemed interested in the shares held by JMR Consolidated and his spouse Janis Tan Sooi Imm, who holds a 0.18% stake, giving Goh an indirect interest of 16.09% in the group.
Xin Synergy has been loss-making since FY2023. For the first quarter ended June 30, 2026 (1QFY2027), its net loss narrowed to RM156,000 from RM587,000 a year earlier, while revenue surged more than 18-fold to RM6.89 million from RM363,000.
Shares of Xin Synergy last traded at 18 sen on Wednesday, giving the group a market capitalisation of RM102.47 million.