The High Court has ordered businessman Allan Goh Hwan Hua, co-founder of troubled budget carrier MYAirline, and four companies linked to him to return over RM8 million to 15 investors after failing to honour monthly redemption and financing returns.
Judge Leong Wai Hong ruled that Goh engaged in illegal deposit-taking and operated as a single economic entity to commit fraud.
Lawyer Rajesh Nagarajan, representing the investors, confirmed the decision.
He said the court found Goh to be the mastermind of the scheme and noted that during a webinar on Nov 16, 2022, Goh continued to assure investors that “all operations were legitimate,” without disclosing that his companies had already been compounded RM50 million for unlicensed deposit-taking in breach of the Financial Services Act 2013.
The court also observed that the defendants chose not to call any witnesses, leaving the plaintiffs’ testimonies unchallenged.
The investors had filed a lawsuit against Goh and four entities: I-Serve Online Mall (ISOM), Bright Moon Venture (BMV), QA Smart Partnership (QAS), and Trillion Cove Holdings (TCH).
Goh, 59, held managerial roles in ISOM and TCH and was a director of QAS.
According to the statement of claim, some plaintiffs signed subscription agreements with TCH for monthly redemption payments, but these were not honoured from Nov 2021 to June 2022.
Others signed Partner’s Financing Agreements with BMV, later transferred to QAS, which also defaulted on payments.
On Nov 11 last year, Bank Negara Malaysia raided ISOM, TCH, and related companies, but no freezing order was issued against BMV or QAS.
