Mayu Global’s accounts fully unfrozen after money laundering probe; substantial shareholder Tan Kim Hee redesignated as executive director.
Notification from Bukit Aman, confirming the revocation of the freezing order, allowing the affected bank accounts to resume full operations.
KUALA LUMPUR (April 22): Mayu Global Group Bhd (KL:MAYU) said on Wednesday that its bank accounts, along with those of several subsidiaries, have been fully unfrozen one year after they were frozen in connection with an investigation under anti-money laundering laws.
In a filing with Bursa Malaysia, the steel products manufacturer said it had on April 21 received notification from Bukit Aman, confirming the revocation of the freezing order, allowing the affected bank accounts to resume full operations.
The accounts, which hold a total of RM6.3 million, involve Mayu Global and its subsidiaries SMPC Industries Sdn Bhd, Progerex Sdn Bhd, Sungguh Gemilang Development Sdn Bhd, Sparkle Gateway Sdn Bhd, Mutiara Biopolis Properties Sdn Bhd and MPSB Venture Sdn Bhd across several banking institutions, including Affin Bank, Affin Islamic Bank, Alliance Bank and RHB Bank.
Following the lifting of the order, Mayu Global’s eight affected bank accounts, with a combined balance of RM10.67 million, have now been fully restored and unfrozen.
One account held by Sunrise Manner Sdn Bhd, an 80%-owned subsidiary, involving RM4.3 million, had already been released earlier on July 30 last year.
Notably, Sunrise Manner was served with a compound notice by the Royal Malaysian Police (PDRM) on Feb 11 this year for RM24 million under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, although the nature of the offence was not disclosed.
“All of the group’s bank accounts remain fully operational and are not subject to any freezing orders by the PDRM,” the latest filing read.
On April 15 last year, Mayu Global said its accounts had been frozen by the PDRM as part of an ongoing investigation under anti-money laundering laws.
This followed the detention of then executive director Tan Kim Hee by Bukit Aman police on April 2 to assist investigations. He was released five days later without charges.
Kim Hee was later redesignated as non-executive director.
The developments came amid a report by The Edge Malaysia (March 31–April 6, 2025 issue) which, citing sources, said the Anti-Money Laundering Criminal Investigation Division (AMLA) of Bukit Aman conducted a series of raids in March 2025 as part of an investigation into the long-running MBI pyramid scheme.
Kim Hee is reported to be the brother-in-law of MBI Group founder Tedy Teow Wooi Huat and the father of Mayu Global executive director Tan Qian Hui. He is also a substantial shareholder of Mayu Global, holding an 11.095% stake.
In a separate announcement on Wednesday, Mayu Global said it has redesignated Kim Hee from non-executive director to executive director, effective immediately.
The board said the decision followed the resolution of matters under the AMLA framework and was recommended by the Nomination and Remuneration Committee before being approved by the board.
The company added that Kim Hee had abstained from deliberations and voting on the matter, and said the redesignation was in the best interest of the group.
Shares in Mayu Global settled 2.5 sen, or nearly 23%, higher at 13.5 sen on Wedneday, giving the group a market capitalisation of RM65.1 million.