17 February 2023, Perak Malaysia: YNH Property Bhd, KLSE: YNHPROP (3158); YNH Property Bhd Co-Directors (DATO’ DR. YU KUAN CHON and brother DATO’ YU KUAN HUAT) caught plundering assets worth RM 422 Million in a scam transaction to isolate and sell the company’s two primary income-producing assets.

Leaked documents revealed that YNH and its professional group of cohorts are covering-up yet another violation of Malaysia Security Commission regulations in a scheme to sell two malls owned by YNH Property Bhd undervalue to yet another YU Syndicate-controlled company called ALX Asset Berhad that is funded by the YU Brothers under the cover of “Securitized Asset” exercise. 

In a Regulatory Announcement dated 17 November 2022, YNH Property Bhd Directors disclosed the setup of the alleged Fraudulent scheme to Securitize Assets by transferring ownership of two malls owned by YNH to the “Independent” ALX setup and controlled by the YU Syndicate to raise working capital and pay off more Bank borrowings of YNH. Probably the same bank borrowings they claimed were the use of proceeds of the past 2 bonds issued in 2019 and 2022 totaling more than RM 415 Million.

(Link to the announcement is provided at the end of this article) 


ALX Asset Berhad is not an “Independent” company, public records show ALX Directors are CHOON SEE WAY and BEH RUI KHEE. Both are unqualified to be is such a position and are directly connected to the YNH Directors as wives of long-time employees.  Why appoint these people in the first place if you have no devious intentions to commit fraud?

Just days after a recent news article exposing the two ALX directors as Persons Connected to DATO’ DR. YU KUAN CHON and DATO’ YU KUAN HUAT (both are Directors and Controlling Shareholders of YNH), DATO’ YU KUAN HUAT replace the directors with his ALX nominee shareholders in an attempt to mitigate the damages that are sure to come when the Malaysia SC completes its review of the matter.

Malaysian law clearly requires Securitized Assets to be controlled by “Independent” parties.  YNH Property has blatantly violated the requirements to securitize assets and intentionally violated SC regulations for deliberate attempts to hide the Persons Connected.  Clearly, the wives of long-time YNH staff are Persons Connected to the Directors of YNH.  It is all part of the Public record and needs minimal investigation to confirm.

The mere fact that the YU Syndicate appointed clearly Connected Parties shows that not only can they select whoever they want to be the “Independent” Owner and Director of the Scheme, but they control all the Professional service providers who advise and administer ALX and its compliance requirements. 


All professionals and advisors connected with this transaction are in the know and are clearly compromised as a part of the lie that is this transaction.  Professionals and providers involved in the creation of this exercise have a duty and responsibility to report immediately to the Security Commission of Malaysia about any irregularity. 

Instead, they turn a blind eye.  How else can the YU Brothers appoint two wives of YNH Employees with no experience or qualifications, other than to do what uncle Yu says, to oversee RM 422 Million in assets independently?   There is no way the professionals involved did not check and understand who the ALX Directors were.


This exercise is for the purpose of removing valuable assets of YNH under the cover of a fundraising exercise.  A fundraising exercise funded personally by the YNH Directors and controlling shareholders DATO’ DR. YU KUAN CHON and DATO’ YU KUAN HUAT.  The initial funding has already been disclosed as a Related Party by the YU Brothers who will buy the first, and probably all of the Tranche pursuant to the transaction.  This a great way to keep great assets when YNH fails and defaults under the heavy debt load they now carry.

Using this scheme allows the YU brothers to buy the assets with little oversight or fair price valuations.  Basically buying the assets below value and removing these assets from Minority Shareholders and Creditors when the Default of YNH Property Bhd occurs.

To obtain a fair price for these assets, a regular company will tender a sale and look for the best return on investment. In fact, the directors are mandated to do so under the law.  This scheme allows them to bypass the law that protects Minority Shareholders and Creditors from Controlling Shareholders such as the YU Brothers.


A review of the valuations released by the Board of Directors of these 2 malls accounts only for the real-estate value of the land and buildings.  The “independent” valuation makes no mention of the forward-looking cash flows and profits of the business model that profits from these properties.

(link to the two mall valuations is located at the end of this article)

If the true purpose was to raise capital for YNH for Repayment of bank borrowings and Working Capital, then it is customary to do a Private Placement exercise to bail out the financial crisis.  It is a transparent and fair exercise to raise capital offered to the public and in front of all Shareholders to benefit.  The best deal wins.

When a major shareholder of a company needs or wants to inject capital, they do not make a securitized scheme to loan money, this is only used if the unit holders of the scheme are outsiders who want to have independent Securitization because they don’t trust the company can or will pay the funds back.  That means the YU Brothers have no faith that the funds will be paid back.


YNH cannot do a Private Placement.  No investment firm would invest money into an over-inflated valuation with a PE Ratio over 275 like YNH.  This company in recent years has made very small money and cannot even pay its interest-carrying costs on its debts.  Without periodic cash injections in clever ways by the Yu Brothers using the Yu Syndicate companies, the interest payments for old debt cannot be made.  How long can a company borrow money to pay interest on old Debt?

There is no market for the shares of the YU Syndicate companies.  Whatever small trading you see is likely between YU Syndicate members to create a false impression of public float and to inflate the share price. There is very little investment from sources outside of the YU Syndicate group who mostly use the inflated shares as collateral to lend against.

In the fine print, it is clear that the two malls are being sold to a YU Syndicate-controlled company with ZERO assets in exchange for a note to pay RM 422 million.  ALX has no income or operating history to pay the note unless it raises money.  That is where the YU Syndicate steps in and uses money previously embezzled from nearly RM 1 Billion paid into deposits that have disappeared into imaginary future JV development projects of the YNH. A sort of Ponzi scheme circling money round and round.


It is time for YNH Minority Shareholders to demand from Directors DATO’ DR. YU KUAN CHON and his brother and co-director DATO’ YU KUAN HUAT to return the RM 1 Billion that has been pumped into these imaginary deals as JV deposits and declare these transactions as related and connected parties to the Yu Brothers.

This “Deposit” money sits on the books as an asset of YNH but makes no return on investment.  Where is the RM 1 Billion?  How is it benefiting YNH Minority Shareholders and protecting Creditors?  How much is it worth if YNH goes into liquidation?

With a YNH P/E ratio of 284 as of February 9, 2023, it is clear that the YU Syndicate is pumping up the stock price to prepare for a future exit from the company.   As the stock price inflates, lines of credit held by the YU Syndicate Shareholders increase allowing them to extract cash using pledged accounts secured by the shares.  Much of this money is probably used to buy the First Tranche Junior MTNs by the YU Brothers as stated in the announcement.


Nothing will be left of assets in the company except for non-refundable deposits to YU Syndicate companies with imaginary projects that will never happen.  The Yu Syndicate has been getting away with activities like this for a long time and thinks it has a free hand to do so.

Banks involved in lending to YNH and its shareholders are about to become part of what is to be the greatest bank heist of Malaysian history.   Bankers who accept YU Syndicate Shares such as YHN PROPERTY BHD, KLSE: YNHPROP (3158), IMASPRO CORPORATION BHD, KLSE: IMASPRO (7222), and RAPID SYNERGY BHD KLSE: RAPID (7765) are all companies the YU Syndicate controls to create collateral for pledged Lending accounts.

When the YU Syndicate reaches the point in this Ponzi scheme that uses overinflated shares to lend against to cover the costs of interest from bonds and financial instruments, the YU Syndicate will hide behind Bankruptcy laws, statutes of limitations, and confusion leaving banks with nothing and plenty of time for the YU syndicate to count its plunder and buy new companies to repeat the process again and again.

Information used in this story has been obtained primarily from public and corporate records and inside confidential sources close to the matter. A big thanks to those helping hands that provide the inside perspective and documents to support our articles. This investigation is ongoing, and the facts and data will lead us to the truth.

We now have over 20 years of documents and material about the YU Syndicate. There is so much material that our team will be working on this project for months to come. A website has been created to help people sort through the materials and is now open to the public. Feel free to visit for updates and the latest information.

We have recently received a wealth of new leaked documents and statements we are currently reviewing. You can expect an entire series of articles forthcoming as we trace the money from place to pocket. Stay tuned for more breaking news!


If you have information about the YU Syndicate, YHN, RAPID, or other related parties mentioned in this article, feel free to email us. Contact us via the contact us links or by email (ejohnson@prioritysuntimes.com). We welcome public assistance and will go to great lengths to protect our sources.

YNH Announcement: http://ynhb.listedcompany.com/news.html/id/2415353

YNH Mall Valuations: http://ynhb.listedcompany.com/news.html/id/2424619