KUALA LUMPUR (Oct 5): Ewein Bhd on Tuesday announced the demise of its founder and executive chairman Datuk Ewe Swee Kheng at the age of 53.

In a filing with Bursa Malaysia, Ewein said it has an experienced management team, most of whom have been with the group for years.

"The board of directors therefore remains confident with the management's abilities to continue with the group’s business as usual.

"The board expresses its deepest sorrow over the death of Datuk Ewe and conveys its deepest condolences to his family. The board also expresses its deepest gratitude for the enormous  contribution to the group by Datuk Ewe over the years," it added.

Earlier on Tuesday, Sin Chew Daily reported that Ewe had died after falling from a high-end condominium at Jalan Kelawai, Penang this morning.

The deceased fell from the 17th floor of the condominium and into a pool at around 2am this morning, reported the Chinese-language daily.

It was reported that Ewe was one of the prosecution witnesses in the RM6.3 billion Penang undersea tunnel graft case involving former Penang chief minister and finance minister Lim Guan Eng.

Ewe had been remanded by the Malaysian Anti-Corruption Commission (MACC) in January 2018 for the investigation. During that time, the property developer of the City of Dreams luxury sea-front development in Bandar Tanjong Pinang, Penang maintained that neither Ewein nor its subsidiaries are involved in the undersea tunnel project.

Ewein’s board also noted that it does not expect the investigation to have any operational, management or financial impact on the company, as Chuah will continue to run the business.

Bursa Malaysia filings showed that on Sept 29, Ewe had transferred 37.5 million shares that he owned in Ewein to his private vehicle Hijauwasa Sdn Bhd. Post-transfer, he held an indirect 40.576% stake through Hijauwasa and a direct 0.359% stake in Ewein as at Oct 1, 2021.

Ewein’s shares fell as much as 17% to reach an intra-day low of 26.5 sen on Tuesday.

The stock closed at 28 sen, down four sen or 12.5%, with 21.27 million shares traded. The stock price has fallen 17.65% year to date. Its market capitalisation stood at RM84.44 million.