KUALA LUMPUR: East West One Group (EWOG) has received support from its investors on the company’s resuscitate & rehabilitate (R&R) plan.
“We have been receiving returns all the years even during the MCO period while banks were offering moratoriums.
“Until this year, the company approached us in February to request for a moratorium period of two years where the returns will be used for the R&R plan,” Tay Ai Leen said in an email to Starbiz.
Tay said most investors were in agreement with the R&R plan but some who were unhappy continued to voice their unhappiness and approached the media.
“We feel the need to show our concerns and support as we believe that the R&R plan is the way for the company to move forward and protect our investments.”
ALSO READ: EWOG denies any involvement in money laundering, terrorism financing
Meanwhile, a Naoki Nakamura in an email to National Consumer Foundation president Datuk Mohd Firdaus Abdullah said according to an explanation from EWOG, a shortage of foreign workers due to COVID-19 SOPs and local land occupation issues has left the farms in disarray, impacting the planned harvest.
“We have received a letter stating that the farm is not in good condition and that they would like to focus on the farm rehabilitation project as soon as possible.
“I hear that the plan is to be able to regenerate the tree to a level that will allow it to produce the planned harvest in two years. It is true that the coronavirus infection has had a major impact on various industries and people. The coronavirus infection may have been the trigger for this problem, but I think the real cause is a lack of management ability to overcome difficult situations,” Naoki said, adding that if the coronavirus infection had not occurred, this lack of management ability might not have become apparent, but unfortunately, it has happened.
“Newspaper reports said that dividends had not been paid for some time, but I have been investing since 2013 and have been receiving dividends without any delay until December 2022.
“There was also a refund due to maturity redemption in 2021, so I think this may be slightly different from reality,” Naoki said.
“It seems that some investors are giving top priority to recovering their investment funds, even if only a little, and are seeking the recovery of the funds currently remaining in EWOG rather than the palm plantation rehabilitation project, but there are 8,000 investors.
“It is clear that even if you allocate it to investors (actually, I think it will be fewer because you need multiple buyers), you will only get back as much as a sparrow's tears.”
Naoki believes that the best way for investors to recover as much investment as possible is to proceed with the farm rehabilitation project that EWOG proposing and continue to earn income.
“I don't think it would be a good idea to turn the palm trees that have grown over the course of 12 years into ruined farmland again, but what do you think?
“There are many investors who think the same way as me, and I feel that there are more investors than those who want to liquidate the company and get their money back. If things continue like this, our path to recovering funds will be blocked and we will no longer have any bright hope.
“I would like to see more hope in the farm rehabilitation project than just recovering a small amount of money. Certainly, Investors all have different opinions, so I would like to hear your opinions and make a fair judgment,” Naoki said.
EWOG has denied any involvement in money laundering and terrorism financing offences associated with the East West Horizon Planter’s (EWHP) Scheme.
