KOTA KINABALU: AuMas Resources Bhd (AuMas), formerly known as Bahvest Resources Bhd, has successfully transitioned from a period of corporate instability into a profitable and well-managed gold producer under new leadership.
Following the departure of its previous shareholders and management team, the company implemented stringent Standard Operating Procedures (SOPs)across its mining and corporate operations. This restructuring, spearheaded by the new management has been instrumental in restoring stakeholder confidence. AuMas operates the Bukit Mantri gold mine in Tawau through its wholly-owned subsidiary, Wullersdorf Resources Sdn Bhd (WRSB).
Today, the mine operates at full capacity, producing gold doré bars monthly. Key financial highlights for the fiscal year ending September 2024 include:
- Gold production:490 kg of doré
- Net profit: RM32.5 million
- Dividends distributed: Over RM27 million
This turnaround followed a corporate restructuring initiated on 1 June 2023, after former CEO and substantial shareholder Datuk Lo Fui Ming divested his shares and exited the group of companies, WRSB and Bahvest Resources Bhd.
Clarifying Bukit Mantri’s Ownership History
In response to recent media reports containing alleged inaccuracies, AuMas has provided the following clarifications regarding the Bukit Mantri mine’s ownership and operations;
- The mine is situated on a 1,000-hectare land parcel in Tawau, originally leased to Southsea Gold Sdn Bhd (SGSB)for 35 years on 23 December 2014.
- On 1st October 2015, SGSB sub-leased 317.7 hectares to Wullersdorf Resources Sdn Bhd (WRSB) for 33 years. At the time, Datuk Lo Fui Ming served as director and majority shareholder of both entities.
- On 13 January 2017, Bahvest Resources Bhd (now AuMas) acquired full ownership of WRSB and secured a Letter of Consent (LOC) from SGSB for additional land to establish a gold processing plant and tailings dam. During this period, Datuk Lo Fui Ming was Bahvest’s substantial shareholder, Executive Director, and CEO.
MACC Probe and Leadership Overhaul
On 16 May 2023, Datuk Lo Fui Ming and five other Bahvest executives were arrested by the Malaysian Anti-Corruption Commission (MACC) over allegations of royalty evasion and document falsification related to gold dore sales.
This triggered a board reshuffle, with Datuk Lo Fui Ming divesting his shares and resigning from Bahvest and WRSB on 31 May 2023.
A new management team assumed control on 1st June 2023 and conducted an internal investigation, concluding on 25 May 2024. The probe revealed that 41 gold doré bars, produced between 2019 and 31st May 2023, were unaccounted for in its official sales records under the previous management. A police report was filed on 28th May 2024 for investigation to recover the unaccounted gold dor’e bars.
Regulatory Compliance and Corporate Rebranding
As part of its governance reforms, AuMas has collaborated with:
- The Sabah State Land Office and Finance Ministry to establish SOPs for gold production, smelting, and sales.
- The Department of Mineral and Geoscience (JMG) to ensure full mining compliance.
Additionally, the new management settled RM11 million in unpaid royalties of the old management, owed to the Sabah government for the years 2021 and 2022.
In December 2024, the company underwent a rebranding, transitioning from Bahvest Resources Bhd to AuMas Resources Bhd.
Tax Compliance and Ongoing Investigations
The Inland Revenue Board (LHDN) has recently concluded its review of AuMas Resources Bhd and has cleared the company of any tax irregularities since the new management took over in June 2023.
However, LHDN identified tax liabilities associated with 41 unaccounted gold doré bars from the previous management period (2019-May 2023), which is currently under active investigation by the relevant authorities.
Official Statement on Shareholder involvement
In response to the false allegations, the Company would like to unequivocally clarify that Datuk Freddy Lim is not involved in the Company’s day-to-day operations or management. Additionally, the Company confirms that none of its substantial shareholders participate in the management, operations, or sale of gold dorés, nor are they connected to any of the gold doré bar buyers.
The management will continue to collaborate with the relevant government institutions to pursue the recovery of the 41 unaccounted gold dor’e bars.
Commitment to Transparency
AuMas reaffirms its commitment to transparent governance, operational excellence, and regulatory compliance. The company urges media outlets to verify information directly with its management to ensure accurate reporting.
