KUALA LUMPUR: Oil palm plantation company East West One Group Sdn Bhd (EWOG), which has funds from three of its planter's schemes frozen by the Companies Commission of Malaysia (SSM), said it is taking all necessary steps to ensure compliance and facilitate a thorough and transparent review process by all regulatory bodies.
On Apr 28, 2024, SSM issued a directive to freeze funds for three of EWOG's schemes, namely East West One Planter, East West Horizon Planter dan East West Planter due to ongoing investigations in the company.
EWOG claims to be the first group in Malaysia to operate and manage three SSM-approved planter's schemes, making it the largest planter's Scheme operator and manager in Malaysia.
On Sept 25, 2023, SSM opened investigation papers on EWOG under the provisions of the 2016 Interests Scheme Act and the Anti-Money Laundering Act (AMLA), Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, after receiving more than 46 complaints on the company.
"The management of EWOG has sought to bring the ongoing issues to the planters through the organisation of planter's Meetings as provided by the trust deeds and the Interest Scheme Act 2016."However, those attempts have been disrupted by a minority group of planters through court actions. The latest was an ad interim injunction that halted the meetings scheduled on 5th April 2024," it added.
EWOG stated that the interim injunction has not only suspended meetings but has also disrupted ongoing rehabilitation efforts that began early last year.
The company highlighted that the interruption in the rehabilitation work presents a notable obstacle to protecting and improving the investment interests of the majority of shareholders.
According to EWOG, the delay in rehabilitation has substantially impacted the yield of their plantations, posing increasing challenges in restoring and sustaining the health and productivity of biological assets, consequently affecting the value of investors' holdings.
"To this end, EWOG urges all planters to come together to support the rescheduling of the Planter's Meeting."It is vital that the voices of all the planters are heard, and a decision be reached to pave the way forward for all our schemes," it added.
