The suit brought by 15 investors against businessman Goh Hwan Hua and four companies over their alleged failure to pay monthly redemption value sums from the investors’ outlay of about RM8 million, is set to go on full trial next year.
This followed High Court Judge Adlin Abdul Majid’s decision in dismissing Goh’s and the four companies’ applications to strike out the suit.
“It was not a plain and obvious case for the court to strike out the plaintiff’s claims and there were issues that needed to be thrashed out during a trial,” she said.
The four companies are I-Serve Online Mall Sdn Bhd (ISOM), Bright Moon Venture PLT (BMV), QA Smart Partnership PLT (QAS) and Trillion Cove Holdings Bhd (TCH).
She then ordered Goh and the four defendants to pay costs of RM8,000 to the plaintiffs.
The judge then fixed October 14, 15, 21, 22 and 23 as well as December 16, 17, 18, 19 next year to hear the suit and January 24 for case management.
Goh and the four companies filed an application to strike out the suit on the basis that the legal action was a nullity and an abuse of the court process.
They had also filed their statements of defence last year against the lawsuit brought by the investors — P Ponnamal, A Prema, Deborah Ann Rodrigo, YM Che Engku Mahirah Abdullah, Goh Chiang Beng, Alexander Vincent, Gea Ban Thong, Ng Guat Tin, Koh Kock Keang, S Supramaniam, Harith Abdul Hamid, Ismat Abdul Rauf, Koh Kok Chong, Gea Seok Eng and K Thangamuthu.
In their statement of claim dated July 21 last year, 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 November 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.