KUALA LUMPUR (July 29): Some 206 investors have earlier this month secured a judgement in default (JID) against MYAirline Sdn Bhd co-founder Datuk Allan Goh Hwan Hua and 15 companies he controlled, that requires them to pay a sum of RM67.556 million to the investors.
High Court judge Leong Wai Hong on July 16 allowed the plaintiffs’ application for a declaration that the defendants operated within a single “ecosystem scheme” and as a single economic unit, that Goh was the controlling mind of that scheme, and that the scheme was an illegal deposit-taking or a Ponzi or pyramid scheme, and that the investment agreements signed by them were void ab initio (void from the beginning).
Further, the investors have obtained a declaration that the defendants had committed fraud, or fraudulent misrepresentation, against the investors, and that the investment was not shariah compliant.
In addition, the investors secured a court order for the defendants to jointly and severally repay to each investor the full amount which they had invested, amounting to RM67,556,087 as stipulated in Appendix I of the Statement of Claim.
The judge also ordered the defendants to pay RM80,000 costs to the investors. A copy of the order was produced this week and was sighted by The Edge.
Although the cause papers had been duly served, Leong gave the JID as the defendants had failed to enter an appearance or file any defence to the claim.
Besides Goh, the 15 companies include 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, and QA Premium Partnership PLT.
The others are Alpha International Venture PLT, Advanced Digital Venture Bhd, Trillion Cove Holdings Bhd (currently in liquidation), Trillion Cove Capital Sdn Bhd, QA Advance Partnership PLT, Ample Prosperity Sdn Bhd, I-Serve Payment Gateway Sdn Bhd, and Global Wealth Elite PLT.
The investors had filed the suit in February last year through Messrs Zharif Nizamuddin Advocates, where they claimed that between 2018 and 2023, they were induced to place their monies with the scheme on the promises of guaranteed monthly returns.
In November 2021, Bank Negara Malaysia (BNM), together with other enforcement agencies, raided the I-Serve group of companies and subsequently issued freezing and seizure orders affecting some of the companies.
In October 2022, BNM imposed a compound totalling RM50 million on the companies for accepting deposits without a licence, and for money laundering.
Following that, Trillion Cove Holdings was wound up in July 2024. Prior to this, another court had previously ruled against Goh and some of the affected companies.