KUALA LUMPUR — The Deutsche Bank money laundering investigation now has a direct corporate link to Malaysia. Documents from the International Consortium of Investigative Journalists (ICIJ) Offshore Leaks Database show that two top executives of KNM Group Bhd controlled a shell company that was a subsidiary of a Deutsche Bank offshore vehicle.
That vehicle is REGULA LIMITED, a British Virgin Islands company at the center of the German probe. German authorities have already raided Deutsche Bank headquarters with more than 100 police and officials. The investigation is focused on money laundering through REGULA LIMITED, which prosecutors say allowed customers to move large sums of dirty money through international banks without detection.
The ICIJ database reveals that REGULA LIMITED controlled several offshore companies. One of them was Active Nobile Incorporated. And Active Nobile Incorporated was jointly owned and controlled by key members of KNM Group Bhd’s executive management and board of directors.
Lee Swee Eng is listed as both shareholder and director of Active Nobile Incorporated. He is also the founder and Group Managing Director of KNM Group Bhd, a publicly traded Malaysian company on the KLSE. The KNM corporate website confirms he has held that role since the company’s inception.
Gan Siew Liat, KNM’s Executive Director, is also pictured in connection with the entities involved.
This is not a minor corporate footnote. Active Nobile Incorporated was a subsidiary of REGULA LIMITED. REGULA LIMITED was the Deutsche Bank-linked offshore company that German prosecutors say was used to launder money. The chain is direct: Deutsche Bank subsidiary → REGULA LIMITED → Active Nobile Incorporated → KNM Group Bhd directors.
German prosecutors are actively pursuing the case. They have raided several wealthy former clients. With years of financial transactions to examine and new evidence emerging, the investigation is expected to expand globally over many years.
For KNM Group Bhd, the timing is uncomfortable. The company is a Malaysian industrial gas and energy firm with a presence across Asia, Europe, and the Americas. Its board now faces questions about why its top executives were secret owners and directors of a Deutsche Bank offshore subsidiary.
The ICIJ database does not specify when Lee Swee Eng and Gan Siew Liat held their positions at Active Nobile Incorporated. It does not detail what transactions flowed through the company. But the database is clear on ownership and control.
Deutsche Bank has not commented publicly on the specific entities named in the ICIJ database. German prosecutors have not named KNM Group Bhd or its directors in their official statements. The investigation remains open.
The Offshore Leaks Database is a public resource published by the ICIJ. It contains information on more than 800,000 offshore entities. The database has been used by journalists and regulators worldwide to identify hidden ownership structures.
For now, the link between KNM Group Bhd and the Deutsche Bank scandal sits in the public record. The ICIJ database shows the connection. German authorities have the data. The investigation continues.
