THE East West One Group (EWOG) which is touted as Malaysia’s largest and most successful planter’s scheme operator and manager in terms of its sizable land bank has fully acknowledged the concerns raised by the Companies Commission of Malaysia (SSM) and the receipt of the four compounds from the statutory body.
This, according to EWOG, is all tied to the non-payment of the monthly net return (MNR) associated with its East West Horizon Planter’s Scheme (EWHP Scheme).
“It’s important to highlight our unswerving commitment to uphold the highest standards of transparency. Throughout SSM’s investigation, EWOG has fully cooperated, making all necessary books and records available,” the planter’s scheme operator pointed out in a media statement.
“We pride ourselves on maintaining an open policy and always welcome and encourage inquiries to ensure clarity and trust.”
For context, SSM had on yesterday (Oct 15) raised a red flag via a media statement entitled “SSM Siasat Syarikat East West One Group Di Bawah AMLA” (SSM Probes East West One Group Under AMLA).
Having operated the EWHP scheme since 2012 without any previous defaults or breaches, EWOG said it is currently appealing for a re-classification of the compound from Section 46(1) of the Interest Schemes Act 2016 to Section 75.
“Simultaneously, we are actively working to overturn the recent injunction which led to the halt of the ‘Planters’ Meeting’ originally planned for Sept 27. Engaging in dialogue with several groups of planters, we remain hopeful of reaching an amicable settlement and intend to re-schedule a new ‘Planters’ Meeting’,” noted the planter’s scheme operator.
Regarding the on-going investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), EWOG firmly and categorically denied any involvement in money laundering and terrorism financing offences.
“The EWHP Scheme has always adhered to legal frameworks and has been default-free since 2012. Our singular default is the delay in payments to the planters, an issue we are committed to addressing,” justified EWOG.
“To our stakeholders, our primary aim has always been to maintain your trust and confidence. We are dedicated to addressing any issues and persistently upholding ethical standards. With a robust strategy in place to address and resolve the present concerns, we are optimistic about its execution once a mutual agreement on the restructuring plans is achieved.”
Added the planter’s scheme operator: “EWOG remains committed to its role as a responsible entity and pledges its full cooperation with all relevant bodies to ensure a transparent and accountable business environment.” – Oct 16, 2023