While not impossible, I think that's unlikely, as a change of registrar would trigger the 60-day lock at many registrars, preventing another ownership change for a while. Such a move might harm his ability to do a "real" transaction.
Furthermore, the WHOIS/RDAP changed from Malaysia to Hong Kong. If the domain name was transferred to a shell company, etc., it might trigger an unfavourable tax event for the owner (depending on the laws of Malaysia/HK).