High Court Rules In Favour Of Investors In Suit Against MYAirline Co-founder, Four Firms

KUALA LUMPUR, Sept 9 (Bernama) -- The High Court here today ordered businessman Datuk Allan Goh Hwan Hua and four companies linked to him to return over RM8 million to 15 investors who sued them for failing to honour monthly redemption value sums and financing returns from the investor's outlay.

Justice Leong Wai Hong made the decision after finding that the investors, as the plaintiffs, had successfully proven their case on the balance of probability against Goh and the four companies named as defendants.

“The court hereby orders the defendants to pay back the sum of RM7,610,000 and SGD170,000 to the investors,” said the judge.

The court also awarded cost of RM100,000 to be paid jointly or severally by Goh, along with the defendants, namely I-Serve Online Mall Sdn Bhd (ISOM), Bright Moon Venture PLT (BMV), QA Smart Partnership PLT (QAS) and Trillion Cove Holdings Bhd (TCH).

In the suit filed in 2022, the 15 plaintiffs claimed that the companies had failed to make the agreed-upon monthly payments from November 2021 to June 2022, despite having sent letters of demand through their solicitors.

The plaintiffs, aged between 58 and 74, claimed that Goh, as the co-founder and majority shareholder of MYAirline Sdn Bhd, and the other four defendants had breached fiduciary duties and should be made personally liable over losses suffered by the investors.

They contended that Goh, in issuing various notices and directives and holding conference calls with them, had made representations over ongoing issues faced by ISOM and the impact it would or would not have on the investors’ monthly returns.

They further claimed that ISOM, TCH and the other firms were raided by Bank Negara Malaysia (BNM) on Nov 11, 2021, and that a freezing order was allegedly issued against the companies.

Thus, the plaintiffs are seeking repayment of the RM8 million subscription price as well as repayment of the owed monthly redemption arrears and five per cent annual interest on any awarded judgment sum.

-- BERNAMA