Bluemount Hong Kong (representing Bluemount Investment Fund SPC / Global Strategy Fund SP, hereinafter referred to as “the Fund”) today officially confirms that it has commenced civil litigation in the Kuala Lumpur High Court against the Malaysian Main Market listed company, Industronics Berhad (Stock Code: 9393), and five other defendants. The Fund is fully pursuing the recovery of substantial trust funds that were allegedly misappropriated and transferred without authorization. The amount involved includes a principal of USD 4.6 million and accrued interest of approximately USD 552,000, totaling USD 5,268,449.
The Fund also confirms that it has lodged the highest level of official criminal reports with the Commercial Crime Bureau (CCB) of the Hong Kong Police Force (Case No.: ERC2606191088935) and the Commercial Crime Investigation Department (CCID) of the Royal Malaysia Police (Report No.: DAMANSARA/009961/26). The Fund has strongly demanded that law enforcement agencies in both jurisdictions immediately initiate a joint cross-border investigation and freeze the accounts of the implicated Hong Kong shell company and relevant senior management in accordance with anti-money laundering laws.
1. The Missing Funds and Management’s “Concealment and Resistance”
According to the criminal reports submitted by the Fund, prior to December 31, 2025, the USD 4.6 million loan provided by the Fund was continually claimed by Dato’ Leong Sir Ley, Executive Chairman of Industronics Berhad, to be safely kept in a designated law firm’s trust account. Furthermore, the existence of these funds was even officially confirmed in the company’s financial report dated March 31, 2026.
However, in the absolute absence of prior Board deliberation and lawful authorization, this massive asset of over USD 5.26 million (including interest) was secretly and fully transferred out in early May 2026. During the Board of Directors meeting held on June 5, 2026, Dato’ Leong admitted for the first time that the funds had been diverted, claiming it was for an “investment” in the AMES Hotel in Melaka. When the Independent Director and Chairman of the Audit Committee exercised supervisory powers to demand the presentation of bank transfer slips and an explanation of the funds’ whereabouts, Dato’ Leong categorically refused, citing “no need to explain.”. This blatantly defied the corporate governance and regulatory mechanisms of the listed company, fully exposing that the company’s governance structure has been “hijacked” by an illicit interest group.
2. A Clumsy Cover-Up: Alleged Document Forgery and Post-Facto Concealment
After the unauthorized fund transfer was exposed, the implicated management engaged in a series of clumsy cover-up operations to evade legal sanctions. On the evening of June 12, 2026, the management circulated an undated “Circular Resolution” to the Board, attempting to coerce or mislead uninformed directors into signing it. They sought to use this fabricated administrative document to retrospectively authorize the illegal misappropriation that had already occurred, attempting to whitewash an “illegal embezzlement” into a “legitimate investment”.
Fortunately, Independent Non-Executive Directors Mr. Chow Yun Cheung and Mr. Chui Ee Mien upheld their fiduciary integrity. Not only did they resolutely refuse to sign the allegedly illegal document, but they also decisively reported the matter to Bursa Malaysia, the Securities Commission, and the police, thoroughly tearing the lid off this corporate scandal.
3. In-Depth Exposé: Cross-Border Money Laundering and a Parasitic Network under “Insider Control”
By penetrating company registry data in both Hong Kong and Malaysia, the whistleblower dossier publicly disclosed by the Fund completely outlines the cross-border money laundering routing of these funds. This is by no means a simple investment failure or commercial dispute, but a systemic profit-shuttling network meticulously orchestrated by core executives of the listed company, family members, and hidden proxies. Its alleged purpose is to convert public investors’ funds into private family wealth:
Core Profit-Shuttling Loop: The Listed Company Reduced to a Private “ATM”
- AMESHotel (Melaka) Sdn Bhd, the entity used as the “investment” front and the ultimate destination of the funds, has its largest controlling shareholder (holding 175,000 shares) and core director as none other than the Executive Chairman of Industronics Berhad herself, Dato’ Leong Sir Ley.
- Her spouse, Tan Yoong Wei, who is also the Chief Executive Officer of Industronics, similarly holds 75,000 shares in AMES Hotel. The couple is suspected of abusing their positions to conduct an illegal financial “blood transfusion” into their privately owned hotel.
Cross-Border Money Transit Hub: Black-Box Operations by Relatives and Current Executives
- To evade detection, the funds were allegedly transferred illegally across borders into a Hong Kong shell company named Sheng Tai International Property (Hong Kong) Limited.
- The core major shareholder (holding 3,250 shares) of this Hong Kong company is Tan Joo En, the biological brother of Industronics CEO Tan Yoong Wei. Tan Yoong Wei himself also holds 1,500 shares in this Hong Kong entity.
- Even more egregiously, Yiu Ka Fai, the core financial officer responsible for orchestrating this cross-border transfer, holds a highly sensitive dual identity: he serves not only as the Chief Financial Officer and Company Secretary of this Hong Kong company but simultaneously sits as a current Director of Industronics, taking full charge of accounting obfuscation and process manipulation.
The Board’s Syndicate and the “Double Agent”
- Datuk Wira Dennis Yong, the major shareholder of another significant AMES Hotel shareholder, Hexatech Energy Consolidated Sdn Bhd (holding 27,777 shares), acted as an inside collaborator within the Board through his son-in-law Ngan Yih See (Executive Director of Industronics) and the so-called “pseudo-independent director” Florence Kong Pau Choo. Together, they pushed through the illegal resolution to create a false impression of “independent director consent”.
- Another Industronics Director and Nominating Committee member, Yow Kok Chaw, was proven by official documents to have secretly served as the Company Secretary for the implicated recipient, AMES Hotel, since August 12, 2025. Operating as a “double agent,” he acted as a senior executive in the listed company while handling administrative procedures for the controller’s private hotel, serving as a core accomplice in this cover-up scheme.
4. Massive Crisis for Public Investors and Previous Misdeeds
The fallout from this incident extends far beyond a simple commercial default. The Fund escrows funds for a large number of investors. Because the involved assets have been maliciously misappropriated, the Fund is facing a severe risk of dividend default. Given the subjective malice demonstrated by the implicated individuals through the forgery of evidence, without immediate police intervention, it is highly likely that the criminal syndicate will further transfer the funds to third parties within a very short timeframe, resulting in a permanent loss of assets.
Furthermore, according to a previous special investigative report by the well-known livelihood program “Scoop” on Hong Kong’s Television Broadcasts Limited (TVB), the implicated group and its affiliated enterprises have repeatedly been the focus of media investigations and public complaints. These involve numerous issues such as large-scale fundraising, property project sales, and unaccounted funds, affecting a wide demographic and involving massive sums of money.
5. An Uncompromising Ultimatum
The Fund’s representative strictly points out that the implicated personnel treating the listed company’s funds as their family’s “ATM” is a blatant contempt for public investors and the law. This incident constitutes serious crimes of document forgery, perverting the course of justice, and misappropriation of company funds.
