Bluemount Fund Commences High Court Proceedings Against Industronics Berhad and Other Defendants to Recover Approximately USD5.26 Million

KUALA LUMPUR, MY / ACCESS Newswire / August 24, 2026 / Bluemount Hong Kong (representing Bluemount Investment Fund SPC / Global Strategy Fund SP, hereinafter referred to as "the Fund") today confirms that it has commenced civil litigation in the Kuala Lumpur High Court against Malaysian Main Market-listed company Industronics Berhad (Stock Code: 9393) and five other defendants. The Fund is pursuing the recovery of funds amounting to USD5,268,449, comprising a principal amount of USD4.6 million and accrued interest of approximately USD552,000.The Fund also confirms that it has lodged official 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) in relation to the matter.As the civil proceedings and related matters remain ongoing, the Fund will allow the relevant legal and regulatory processes to take their course.1. Background to the FundsAccording to the reports lodged by the Fund, prior to 31 December 2025, the USD4.6 million provided by the Fund was stated by Dato' Leong Sir Ley, Executive Chairman of Industronics Berhad, to be held in a designated law firm's trust account. The existence of these funds was also referenced in the company's financial report dated 31 March 2026.The status of the funds was subsequently discussed at a Board of Directors meeting held on 5 June 2026, during which the Board was informed that the funds were connected with an investment in AMES Hotel in Melaka.Following these developments, further information regarding the status and recovery of the funds was sought, and the matter subsequently became the subject of the ongoing proceedings.2. Subsequent Board and Regulatory DevelopmentsOn 12 June 2026, a Circular Resolution relating to the matter was circulated to the Board. Independent Non-Executive Directors Mr. Chow Yun Cheung and Mr. Chui Ee Mien, who are not identified as defendants in the proceedings, did not sign the Circular Resolution and subsequently referred the matter to Bursa Malaysia, the Securities Commission Malaysia and the police.These developments form part of the chronology surrounding the matter. As proceedings remain ongoing, the Fund will refrain from commenting on the merits of the respective parties' positions or matters that remain subject to determination by the relevant authorities and Court.3. Entities Referenced in Connection with the MatterThe reports lodged by the Fund reference AMES Hotel (Melaka) Sdn Bhd in connection with the investment discussed at the 5 June 2026 Board meeting. The reports also reference Sheng Tai International Property (Hong Kong) Limited in connection with the matter.The original reports further identify individuals holding positions or shareholdings in the respective entities. Given the ongoing proceedings, the Fund will refrain from drawing conclusions regarding the roles or responsibilities of those individuals, which remain matters for the relevant legal and regulatory processes.4. Implications for the FundThe Fund holds funds on behalf of its investors and is therefore pursuing the recovery of the approximately USD5.26 million through the appropriate legal and regulatory channels. Given the ongoing nature of the proceedings, the Fund will refrain from commenting on potential outcomes or drawing conclusions regarding matters that remain subject to determination by the relevant authorities and Court.5. The Fund's PositionThe Fund remains committed to pursuing the appropriate legal and regulatory processes available to it in connection with the recovery of approximately USD5.26 million. As the civil proceedings and related matters remain ongoing, the Fund will allow the relevant authorities and Court to determine the matters before them and will refrain from commenting on their merits. The Fund will provide further updates on material procedural developments where appropriate.###ABOUT BLUEMOUNTBluemount is a Hong Kong-based financial services and advisory group providing a range of services across corporate advisory, securities brokerage, underwriting and placing, and asset management. Through its licensed subsidiaries, the Group serves corporate and individual clients with solutions tailored to their investment, financing and business development needs. Bluemount Securities Limited is licensed by the Hong Kong Securities and Futures Commission ("SFC") to conduct Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) regulated activities, while Bluemount Asset Management Limited is licensed to conduct Type 9 (Asset Management) regulated activities.For more information, please visit https://www.bluemount.com/index.phpIssued By: Swan Consultancy Sdn. Bhd. on behalf of Bluemount Hong KongFor more information, please contact:Jazzmin WanEmail: j.wan@swanconsultancy.bizRenee TohEmail: r.toh@swanconsultancy.bizSOURCE: Bluemount Hong KongView the original press release on ACCESS Newswire

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