Mayu Global redesignates Tan Kim Hee amid money laundering probe
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.
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