KUALA LUMPUR (Feb 28): The co-founder of MYAirline Sdn Bhd Datuk Allan Goh Hwan Hua and entities linked to him have been hit with a lawsuit from 206 people who have invested about RM67.56 million in these entities.
This suit was filed afresh from a previous suit, in which 213 people had claimed the same action on June 27, 2024.
In this fresh suit, the legal counsel for the 206 investors has changed from the Messrs Jerald Gomez & Associates, to Messrs Zharif Nizamuddin, who filed the suit on behalf of the investors.
P Ratnavali Devi, one of the investors, said they had withdrawn the case with 213 investors, regrouped, and have now filed this case with 206 investors and fresh legal counsels.
Ratnavali said some had withdrawn due to the financial constraints in this suit.
Lawyer Nizamuddin Hamid confirmed with The Edge that their firm had filed a fresh suit at the High Court here, against Goh, his companies, and other persons involved with him.
In the fresh suit, the 206 investors have named i-Serve Technology and Vacations Sdn Bhd, i-Serve Travels & Tours Sdn Bhd, i-Serve Online Mall Sdn Bhd, MM 2217 Plt, Bright Moon Venture Plt, QA Smart Partnership Plt, QA Premium Partnership Plt, Alpha International Venture Plt, New Visionproven Bhd, Advanced Digital Venture Bhd, Trillion Cove Holdings Bhd, Trillion Cove Capital Sdn Bhd, QA Advance Partnership Plt, Ample Prosperity Sdn Bhd, Tawafuq Consultancy Sdn Bhd, i-serve payment gateway Sdn Bhd, Messrs Mu’az Aiman Halem Azuan & Associates, and Global Wealth Elite Plt, along with 12 other persons involved as the defendants.
The 206 plaintiffs in this case are claiming that Goh had created an ecosystem, or single economic unit, for the purpose of engaging in illegal deposit-taking activities against the plaintiffs.
The statement of claim sighted by The Edge alleges that the ecosystem created by Goh resembles a Ponzi scheme, which enticed the plaintiffs with promises of returns on their investment, but this was not realised.
The plaintiffs claim they had deposited money into the defendants’ accounts and were promised high interest or dividends for their investments. However, the plaintiffs claim that the promises made to them were never fulfilled.
The investors also accuse Goh of using "his web of intertwined corporate entities" to create schemes to collect deposits from unsuspecting investors.
They claim that between 2018 and 2021, they were deceived by Goh or his agents, to deposit monies in some of these entities, on the promise that the deposits would be repaid in full, along with returns on investments. However, to date, they have recovered neither capital, nor interest.
The investors said that Goh had assured them that their deposits were intact, even after several companies under the i-Serve Group were raided by the central bank in November 2021.
In September 2023, Bank Negara Malaysia said it had imposed a RM50 million compound against the i-Serve Group for accepting deposits without a licence. The compound has been paid.
The plaintiffs/investors are seeking a declaration that an ecosystem exists between all the defendants in the illegal investment scheme, that Goh is the controlling mind of the ecosystem, that the ecosystem exists to facilitate the illegal deposit-taking scheme and Ponzi or pyramid scheme, and for a court order that the defendants are liable to pay back to the plaintiff’s, deposits. The plaintiffs are also seeking general, aggravated, exemplary and equitable damages.