EAST West One Group (EWOG) has both clarified and corrected what it deemed as “several inaccuracies” in the recent statement issued by Pacific Trustees Bhd (PTB) over the alleged delay in releasing approved funds for the rehabilitation and restructuring (R&R) exercise for its planter’s scheme.
To justify that PTB’s claim is “untrue and misleading”, EWOG claimed that there is no legal requirement under the Interest Schemes Act 2016 (ISA 2016) that mandates the filing or lodging of Supplemental Trust Deeds (STDs) with the Companies Commission of Malaysia (SSM).
In fact, a letter from CCM dated Feb 14 this year expressly stated that “under the current Interest Schemes Act 2016, there is no registration requirement for lodging completed STDs”.
“Therefore, the contents of these STDs will not be recorded or displayed within SSM’s database,” EWOG pointed out in a media statement.
Recall that PTB has recently cited the alleged “lack of supporting documents” as the reason behind their continued delay in releasing the approved funds.
However, EWOG confirmed that all required documentation had been submitted promptly in January 2025 following PTB’s request.
PTB finding excuses
“Despite no legal obligation to provide further documents, EWOG willingly provided the requested materials in good faith, adhering strictly to principles of transparency and corporate governance,” revealed an EWOG representative.
“However, we now believe PTB is merely using documentation as another excuse to further delay releasing the funds.”
As such, PTB’s assertion that SSM must formally withdraw its previous directive before funds can be released is “inaccurate, misleading and distorted”.
On this note, EWOG emphasised that PTB as trustee holds a fiduciary duty and responsibility to its planters to allow them to commence and complete their RnR as per schedule by immediately releasing all approved funds without further unwarranted and undue delays.
As it is, the continued withholding of these funds is putting these planters at “a higher risk of further losses in addition to severely jeopardising their rehabilitation plans with increasing costs and losses to their investment value”.
“We remain fully committed to the best interests of the planters and will continue to pursue all necessary actions, including the legal process to expedite and compel the release of these funds that are held in trust by PTB in the interest of the planters and their investments,” added EWOG. – April; 11, 2025
