This statement is issued by ZICO Trust (M) Berhad to address the recent spread of social media statements allegations.
On 21 February 2023, Member of Parliament for Kepong, Lim Lip Eng, made statements during a parliamentary speech implicating several companies, including ZICO Trust (M) Berhad, in illegal business activities. These statements were amplified recently by social media and subsequently cautioned potential investors about the companies mentioned, including ZICO Trust (M) Berhad.
We categorically state that Lim Lip Eng’s allegations agains ZICO Trust (M) Berhad are unequivocally false. We have filed a formal complaint with relevant authorities against the dissemination of such false information by unidentified individuals on social media.
Firstly, it is crucial to note that ZICO Trust (M) Berhad operates independently from other trust companies and has recently initiated its operations following a preparatory phase since year 2020. In no way can it then be said that the company is involved in illegal business activity especially since it is a licensed entity under the Trust Companies Act 1949 in Malaysia.
Secondly, cash trust investments have been offered by Amanah Raya Berhad, the Malaysia’s Public Trust company, for over a decade, as well as a number of the other companies named in the statement by Lim Lip Eng and no complaint has been lodged against them or any form of action taken by the authorities. In fact, Lim Lip Eng admitted in his statement in Parliament that he has been to the various authorities and they have seen no reason to take any action against the companies he has named.
ZICO Trust (M) Berhad remains steadfast in its commitment to good governance and ethical business standards. We unequivocally repudiate any insinuation of illegal business practices and will not countenance accusations to the contrary.
The Group reserves all rights.