YNH Property Berhad Scandal
YNH Property Berhad Scandal

Kuala Lumpur, 14th February 2024 – In a significant development that has captured the attention of Malaysia’s business sector, YNH Property Berhad (KLSE:YNHPROP), along with key figures Yu Kuan Chon, Yu Kuan Huat, and associate poser Chan Weng Fui, also known as Daniel Chan, finds itself embroiled in a complex scandal involving allegations of financial mismanagement and corporate fraud.

Travel Restrictions and Property Caveats

The Malaysian Immigration Department has taken decisive action against these individuals, imposing travel restrictions that prevent them from leaving the country. This move is likely because one or more government authorities have them under investigation. Their identification numbers being flagged in red on the immigration portal underscores the seriousness of the ongoing investigations. The IC numbers for all three Yu Syndicate members are part of the public record and public disclosures available for anyone to look up. The immigration portal can be accessed at:


The RM 1.1 Billion in Questionable JV Deposits Listed as Assets

A central issue is YNH Property Berhad’s inability to secure a clean audit, casting doubt on the legitimacy of RM 1.1 billion in joint venture deals that are considered by them and the Auditors in prior unqualified audits as assets. These stories were exposed in February 2023 before being blocked from shareholders and creditors of YNH by the Malaysian Communications and Multimedia Commission (MCMC).

It raises questions how auditors did not realize that all the JV deal companies with RM1.1 Billion in strange deposits have the same address and same company secretary. Only four different directors were part of almost all the JV companies as shareholders and/or Directors, all apparently family, friends, or employees of YNH and its controlling shareholders (AKA Related and connected parties).

The Disappearance of RM 239.5 million

The intrigue deepens with the disappearance of RM 239.5 million, allocated for a joint venture that now appears to have been illusory. This missing amount is part of a larger concern involving RM 1.1 billion in joint venture deposits that have seemingly vanished, funneled into companies with little to no value, closely associated with the Yu family. This story was originally exposed April last year by foreign reporters and then was again blocked by MCMC in Malaysia without any hearing or procedures as required by law.

The Emotional and Financial Impact

YNH Property Shareholders have lost more than RM 3 billion in shareholder value in 2024 alone. The crash of YNH Property Berhad (KLSE:YNHPROP) and its sister company Rapid Synergy Berhad (KLSE:RAPID), also unable to get a clean audit, has caused a cascading effect on the overall market for small-cap companies, costing shareholders more than RM 8 billion in losses over 16 different companies just in the first quarter of 2024.

Broader Implications for Corporate Governance

This scandal highlights critical challenges within Malaysia’s corporate governance and regulatory framework. The response from authorities, including the imposition of property caveats and travel restrictions, signifies a pivotal effort to tackle these systemic issues head-on. However, questions remain about the professionals who enabled YNH and the Yu Syndicate to perpetrate these actions for so long.

The Risk of Bond Default

YNH Property Berhad’s Islamic bonds, or Sukuk, face a significant risk of default, jeopardizing the investments of countless individuals. This potential financial disaster underscores the urgent need for enhanced oversight and transparency in corporate financial practices.  This is explained in a more recent story below:

Regulatory Oversight and Information Blockade

The role of the Malaysian Communications and Multimedia Commission (MCMC) in previously blocking information related to this scandal has sparked a debate on regulatory responsibility and the protection of investor interests. This action raises important questions about the balance between regulatory oversight and ensuring transparency in the corporate sector. Should MCMC be held accountable for these losses?

The Path Forward

As Malaysian authorities continue their investigation into YNH Property Berhad and the associated individuals, the pursuit of justice remains paramount. The unfolding story of YNH Property Berhad (KLSE:YNHPROP) and its implications for corporate governance in Malaysia serves as a crucial juncture in the country’s efforts to uphold integrity and transparency in the business sector. Stakeholders eagerly await the outcomes, hopeful for a resolution that brings about justice and reforms to prevent future misconduct.


A multimedia journalist focused on producing articles about controversial global issues specifically on business, economy, politics, and technology. A strong believer in freedom of the press and exposing the wrong. only through engagement and communications can we as humans evolve. An accredited member of a leading local broadcast media organization.