Mayu Global redesignates Tan Kim Hee amid money laundering probe
by RUPINDER SINGH
MAYU Global Group Bhd has announced the redesignation of Tan Kim Hee to non-executive director from executive director, effective May 2, 2025, as part of wider corporate measures taken in response to an ongoing police investigation under Malaysia's anti-money laundering laws.
The board's decision, made by mutual consent and without prejudice, follows recommendations by its nomination and remuneration committee and was formalised during a board meeting on April 23.
Tan abstained from the deliberations and vote, it told the bourse in a filing today.
The company stated that the change 'serves as a precautionary measure to uphold good corporate governance, preserve the integrity of the investigation process and prevent any potential conflict of interest during the course of the investigation.'
Tan will no longer be involved in the day-to-day management of the group or its subsidiaries, particularly in matters involving monetary transactions.
Leadership of operations will remain with executive directors Goh Chin Heng, Tan Qian Hui, and Chow Choon Hoong, supported by the senior management team.
The redesignation follows disclosures made by the group previously, including the freezing of banking accounts of Mayu and its subsidiaries – amounting to RM10.67 million – under Section 44 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).
The freezing orders, issued on April 10, are valid for 90 days.
In a filing dated April 15, the company revealed that Tan, who is a substantial shareholder holding 11.095% of Mayu Global, was detained by Bukit Aman police on April 2 and released on April 7 without charges.
He is also reported to be the brother-in-law of MBI Group founder Tedy Teow Wooi Huat.
To safeguard its interests, MAYU has appointed legal counsel to handle all aspects of the ongoing investigation.
According to the company, the legal team has 'initiated engagements with PDRM and is providing full cooperation, including the submission of any requested documentation to safeguard the Group's operations and assets.'
In addition to legal representation, the company has tightened internal controls.
'Controls over payments, procurement processes, and banking transactions have been tightened,' the board said.
Internal monitoring has been intensified, especially for transactions that may trigger red flags under AMLA, and the finance team is providing regular updates to assess operational impact and maintain continuity.
A comprehensive third-party internal audit is also underway.
Mayu has engaged Baker Tilly Monteiro Heng PLT to conduct a review of Sunrise Manner Sdn Bhd – an 80%-owned subsidiary since October 10, 2018 – focusing on cash flow and financial transactions.
The audit will emphasise identifying the source of funds related to the company's operations.
The company further stated that 'an Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) policy will be adopted in due course' to enhance compliance across the group.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
13 hours ago
- The Star
Sparkling potential in gemmology
As industries evolve and the demand for ethically-conscious, scientifically-skilled professionals increase, gemmology is fast gaining traction, said Gemological Institute Malaysia sales and marketing manager Tan Zhi Peng. He said for students with a passion for precious gems and a curiosity for how the natural world intersects with design and business, Malaysia's gem and jewellery industry presents growing and meaningful opportunities. 'Gemmology is the scientific study of gemstones, encompassing their formation, properties, identification and classification. 'In an era where authenticity and ethical sourcing are important, gemmology ensures the integrity of the jewellery industry,' Tan explained, adding that it enables professionals to verify the origin, quality and authenticity of gemstones, thereby building consumer trust and upholding industry standards. Professionals entering the field, he stressed, must be well-versed in international certification standards, such as those from the Gemological Institute of America (GIA), or hold a diploma in gemmology. Awareness of global ethical sourcing practices is also essential. 'There is a growing consumer demand for transparency and ethical sourcing. 'Consumers are increasingly seeking certified gemstones that are conflict-free and sourced responsibly, with considerations for environmental sustainability and fair labour practices. 'Understanding the properties and value of gemstones enables professionals to make informed decisions in design aesthetics, pricing strategies, and marketing,' he said. He also pointed out that Malaysia's gem and jewellery industry saw jewellery exports reach RM7.7bil in 2023 – up from RM7.39bil in 2022. According to projections, he said the Malaysian jewellery market, valued at approximately US$10.11bil (RM47.58bil) in 2022, is expected to grow to US$12.45bil (RM58.52bil) by 2029, reflecting a compound annual growth rate of 3.0%. 'Export-wise, Malaysia has established itself as a significant player, particularly in the gold jewellery segment, with key export destinations including Singapore, the United Arab Emirates and Hong Kong. 'The industry's growth and the increasing emphasis on ethical practices have expanded the demand for skilled professionals in these areas,' he added. He highlighted Tomei Consolidated Berhad as an example of a prominent Malaysian company offering a variety of career opportunities for gemmology graduates. 'Gemmology graduates have diverse career opportunities, including roles such as gemstone appraisers, jewellery designers, quality control specialists, auction house consultants and retail managers. 'At our institution, gemmology education provides a solid foundation in the scientific aspects of gemstones, which is invaluable for careers in jewellery design, appraisal, and merchandising,' he said, adding that specialised roles like gemstone appraisal and auction house consultancy are also becoming increasingly sought-after. 'These professionals play a critical role in the market for high-value and investment-grade jewellery. 'Their expertise ensures accurate valuation for insurance, resale and investment, making them indispensable in a growing industry,' he said.
Daily Express
a day ago
- Daily Express
Petronas layoffs driven by global challenges, not Petros issue: Fadillah
Published on: Saturday, June 07, 2025 Published on: Sat, Jun 07, 2025 By: Bernama Text Size: For illustrative purposes only. KUCHING: Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy Prime Minister Datuk Seri Fadillah Yusof said the restructuring process is necessary amid the decline in crude oil prices. Advertisement He also plans to meet with Petronas to get more details on the restructuring process. 'That is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided,' he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz reportedly said the national oil firm is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. Tengku Muhammad Taufik said the number of staff involved in the downsizing process currently stands at around 5,000, and those affected will be notified in stages next year. Advertisement On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia, under the Petroleum Development Act 1974 (PDA 1974) and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas (LNG) sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
New Straits Times
a day ago
- New Straits Times
Petronas layoffs driven by global challenges, not Petros issue
KUCHING: Petroliam Nasional Bhd's (Petronas) move to trim its workforce stems from global challenges and is not connected to the national oil firm's issues with Petroleum Sarawak Bhd (Petros). Deputy Prime Minister Datuk Seri Fadillah Yusof said the restructuring process is necessary amid the decline in crude oil prices. He also plans to meet with Petronas to get more details on the restructuring process. "That is why Petronas has to relook its entire operation. I'm planning a meeting with them to get a briefing on the matter and to ensure that the number of layoffs can be reduced, if not avoided," he told reporters attending the Aidiladha sacrificial event at Taman Hussein Mosque here today. On June 5, Petronas president and chief executive officer Tan Sri Tengku Muhammad Taufik Tengku Aziz said the national oil firm is cutting 10 per cent of its workforce to cope with challenging operating conditions, particularly due to falling crude prices. Tengku Muhammad Taufik said the number of staff involved in the downsizing process currently stands at around 5,000, and those affected will be notified in stages next year. On May 21, the federal and state governments reached an understanding on matters involving Petronas and Petros. According to the joint declaration, Petronas will continue its functions, activities, responsibilities and obligations entrusted to the company in Malaysia, under the Petroleum Development Act 1974 (PDA 1974) and its regulations. Any agreements and arrangements between Petronas and its subsidiaries with third parties for the purpose of liquefied natural gas (LNG) sales from upstream operations through to LNG exports to foreign parties remain unaffected. A media statement by the Prime Minister's Office following the joint declaration said all relevant federal and state laws relating to gas distribution in Sarawak are to co-exist and be respected by all parties.
