SSM Freezes Funds In Trust Account Of East West One Group

The Companies Commission of Malaysia has frozen funds of companies under East West One Group Sdn Bhd (EWOG),in trust accounts for East West One Planter’s Scheme, East West Horizon Planter’s Scheme and East West Planter’s Scheme 1.

The regulator has issued a warrant of the Interest Schemes Act 2016 to freeze the funds .

The order it said that has been sent to Pacific Trustees Berhad, which is the trustee of EWOG, on 5 April 2024 as it said is to to protect the interests of investors in the schemes in addition to the proposal of EWOG as the holding company to carry out the proposed recovery and restructuring of the schemes by using funds in trust accounts.

Through the order, PTB is required to maintain funds in the Trust Account, Reserve Fund Trust Account and Sinking Fund Trust Account where the funds are prohibited from being withdrawn and handed over to the management company in accordance with the provisions of the ACT.

However, SSM said the freezing of these funds is subject to the scheme’s recovery and restructuring plan if approved by the majority of investors in the investors’ meeting.

On 25 September 2023, SSM opened investigation papers under the provisions of the Interest Schemes Act 2016 and the Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) against these companies after receiving more than 46 complaints.

Led and founded by CEO Dr Jessie Tang, East West One Group manages three companies involved in Planter’s Schemes, making it a very large Planter’s Scheme operator and manager in Malaysia. The group is mainly involved in palm oil plantation.

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