LETTER | East West One Group (Ewog) wishes to clarify and correct several inaccuracies in the recent statement issued by Pacific Trustees Berhad (PTB) on April 8 regarding the alleged delay in releasing approved funds for Ewog’s rehabilitation and restructuring (R&R) exercise.

Contrary to PTB’s claim, 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 Feb 14 clearly states, “Currently, under ISA 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.”

Ewog has consistently provided all necessary supporting documents requested by PTB since late 2024.

Additionally, CCM has already issued a “no objection” letter allowing for the immediate release of the entire approved amount from the trust accounts for the R&R exercise.

As such, PTB’s assertion that CCM must formally withdraw its previous directive before funds can be released is inaccurate and misleading.

Ewog emphasises that PTB, as trustee, holds a fiduciary duty to the planters and should immediately release all approved funds without further unwarranted delays.

The continued withholding of these funds severely jeopardises the plantation’s rehabilitation, increasing costs and threatening 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 to expedite the release of these essential funds.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.