KUALA LUMPUR: East West One Group (EWOG) wishes to address certain inaccuracies contained in Pacific Trustees Bhd (PTB)’s public statement dated April 8, 2025, regarding alleged delays in the disbursement of approved funds for EWOG’s ongoing Rehabilitation and Restructuring (R&R) initiative.
EWOG emphasised the need to clarify these misrepresentations to ensure accurate information is conveyed to all stakeholders.
PTB has recently cited the alleged ‘lack of supporting documents’ as the reason behind their continued delay in releasing the approved funds.
However, EWOG affirms that, in response to PTB’s request, they promptly submitted all necessary documentation in January 2025.
EWOG also clarifies that there is no legal requirement under the Interest Schemes Act 2016 (ISA 2016) mandating the filing or lodging of supplemental trust deeds (STDs) with the Companies Commission of Malaysia (CCM).
In fact, a letter from CCM dated February 14, 2025, expressly states that currently, under the 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 CCM’s database,“ the letter noted.
Further, EWOG also clarifies that the decisions made at the August 12, 2024 extraordinary shareholder meeting (EGM), along with the signed STDs, already give full legal approval for releasing all funds—no extra paperwork is needed.
“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,“ said a representative of EWOG.
“However, we now believe PTB is merely using documentation as another excuse to further delay releasing the funds.
“Therefore, PTB’s claim that CCM needs to formally withdraw its earlier directive before releasing the funds is incorrect, misleading, and misrepresented.”
EWOG stresses that PTB, as the trustee, has a duty to the planters to release all approved funds immediately so they can start and finish their RnR on schedule, without any unnecessary or unjustified delays.
EWOG also warned that continued withholding of these funds will put planters at a higher risk of further losses and will severely jeopardise the plantation’s rehabilitation plans with increasing costs and loss to the investment value for all planters involved.
EWOG remains 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 were held in trust by PTB to be released in the interest of the planters and their investments.
EWOG warned that continued withholding of RnR funds will put planters at a higher risk of further losses.
