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Thursday, June 27, 2024

213 investors sue MYAirline founder over investment scheme

 

Free Malaysia Today
Goh Hwan Hua, the co-founder of troubled carrier MYAirline, and two family members were arrested by Bukit Aman in October last year to assist in a money laundering investigation under Amla.
PETALING JAYA: A total of 213 investors have filed a civil suit against MYAirline co-founder Goh Hwan Hua over an allegedly fraudulent investment scheme.

Lawyer Jerald Gomez filed the suit on behalf of his clients at the Shah Alam High Court on Tuesday.

The suit also named as defendants Goh’s wife, Neow Ean Lee, a company that Neow is a director in, and 17 entities linked to Goh, including MYAirline.

According to the statement of claim sighted by FMT, the investors have not been repaid the money they deposited in corporate entities under the I-Serve group of Companies, over which Goh has effective control.

“Between 2018 and 2021, the participants or investors represented in this suit were deceived and/or induced by the first defendant (Goh) and/or his agents to deposit their monies on terms, among others, that their deposits would be repaid in full, together with payments of periodic return of interest.

“To date, the participants or investors have not been repaid,” said the statement.

The plaintiffs are seeking damages for fraud, negligence, conspiracy and innocent misrepresentation, as well as exemplary and aggravated damages, all to be assessed by the court.

At a press conference here today, the group’s representative, P Ratnavali Devi, said she hoped the plight of the plaintiffs would be heard.

“We want to highlight the suffering of the people who trusted Goh and placed their hard-earned money in his businesses.

“When Bank Negara Malaysia raided his business and seized everything in November 2021, as his supporters, we stood by him for two years and trusted that he would do something for his investors.

“But he broke his promises. So a few of us started talking and asked how we can help ourselves, and that’s when we decided to hire a lawyer,” she said.

A 40-year-old blind man, who wanted to be known simply as CK, was one of the 50 victims who attended the press conference.

The former software engineer said he and his wife invested money in the companies after he resigned from his job due to an eye problem, hoping to use the dividends to pay for his mortgage and children’s education.

He said they decided to give the investment scheme a go as it appeared legitimate. While they had received one big payout, issues started surfacing in November 2021.

“Life was difficult and looking for a new job was hard. We have had to scrape money from elsewhere to support our lives for two-and-a-half years. My wife had to take up odd-jobs to make ends meet and pay for our house mortgage. It affected our mental health.

“We tried to be positive about the situation as the company had drafted a new agreement. Unfortunately, these are all empty promises,” he said.

On Oct 12 last year, MYAirline announced that it had suspended operations due to “severe financial challenges”. It has yet to secure a new investor.

Five days later, Goh and two family members were detained to facilitate investigations under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla).

They were later released on police bail.

The defendants named in the civil suit are:

1. Goh Hwan Hua

2. Neow Ean Lee

3. Advanced Digital Venture Bhd

4. I-Serve Technology and Vacations Sdn Bhd

5. I-Serve Travels & Tours Sdn Bhd

6. I-Serve Online Mall Sdn Bhd

7. MM 2217 PLT

8. Bright Moon Venture PLT

9. QA Smart Partnership PLT

10. Global Wealth Elite PLT

11. QA Elite Partnership PLT

12. QA Premium Partnership PLT

13. Alpha International Venture PLT

14. QA Advance Partnership PLT

15. Win Capital Holdings Sdn Bhd

16. Global Prosperous PLT

17. Win Capital I PLT

18. New Visionproven Bhd

19. Trillion Cove Holdings Bhd

20. MYAirline Sdn Bhd.

-FMT

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