Xin Synergy Group Berhad (XSGB) said its wholly-owned subsidiary, Total IPCO Sdn Bhd, has lodged a second police report against three former directors following an independent review that identified alleged serious irregularities involving moneylending activities undertaken during their tenure.
The company said the report was lodged against former directors Chong Wei Chuan, Chong Wei Liang and Khoo Yik Chou.
The latest action follows an earlier announcement dated Aug 25, 2025 and stems from an independent review into Total IPCO’s moneylending activities and related matters conducted between May 1, 2021 and Oct 10, 2023.
According to XSGB, the review found that moneylending activities undertaken during the former directors’ tenure were allegedly affected by serious irregularities.
Among the issues identified, the company said loans had been approved and disbursed to purported borrowers in what it described as breaches of Total IPCO’s standard operating procedures and applicable statutory requirements.
XSGB added that further investigations had uncovered evidence suggesting the transactions raised “serious regulatory and/or legal concerns”.
The company did not disclose the value of the loans or transactions involved in the latest announcement, nor did it provide further details on the nature of the evidence uncovered.
It said it is proceeding with the necessary measures to protect the interests of the company and its shareholders.
The lodging of a police report represents a referral of the matter for investigation and does not itself constitute a finding of wrongdoing or criminal liability against the individuals named.
XSGB said the latest police report is not expected to have any immediate material financial impact on the group for the financial year ending March 31, 2027.
