KUALA LUMPUR: Fifteen investors have filed a lawsuit against Datuk Allan Goh Hwan Hua and four companies under his control, seeking their monthly redemption value amounting to more than RM8 million.
The plaintiffs filed the suit at the High Court here through Messrs. Raj & Sach by naming Goh, I-serve online mall Sdn Bhd (ISOM), Bright Moon Venture PLT (BMV), QA Smart Partnership PLT (QAS), and Trillion Cove Holdings (TCH) Berhad as the respondents.
The 57-year-old businessman holds various managerial positions in ISOM and TCH Berhad, and is the director of QAS.
Goh is also the co-founder and majority shareholder of financially troubled budget airline MYAirline Sdn Bhd.
According to the statement of claim, the first through fourth plaintiffs entered subscription agreements with TCH, where a redemption value would be paid to them monthly.
However, a letter of demand was sent to TCH after it failed to make payment of the monthly redemption value from November 2021 to June, last year.
The fifth through ninth plaintiffs had entered into a Partner's Financing Agreement (PFA) with BMV – a vehicle created under the instructions of ISOM to collect investments.
The plaintiffs claimed that around September 2021, they were informed that their PFA with BMV was novated to QAS.
The fifth to ninth plaintiffs asserted that QAS has failed to make payment of the monthly financing return sum from November 2021 to June last year.
"QAS also failed to make monthly financing return payments to the 10th and 15th plaintiffs after they entered into a PFA with the former.
"ISOM, TCH, BMV, and QAS collectively function as a single economic unit and Goh is the single controlling mind of the entities.
"He (Goh) is the shareholder of ISOM and group chief executive officer as well as the director of TCH.
"In conference calls with the plaintiffs and other investors, Goh had made representations and statements on the on-going issues faced by ISOM and the impact it would or would not have with regards to the plaintiffs' monthly returns pursuant to the respective agreements with TCH, BMV and QAS.
"These representations, undertakings and/or statements prove that Goh is involved directly in the management and the collection of funds through TCH, BMV and QAS," claimed the plaintiffs.
The plaintiffs further asserted that on Nov 11, last year, ISOM, TCH and other companies under its conglomerate were raided by Bank Negara Malaysia (BNM).
However, there was no freezing order issued against BMV or QAS.
"It is the plaintiffs' position that the relevant monthly payments were at all material times being paid by ISOM directly or indirectly to the Plaintiffs and there is a co-mingling of funds and obligations between TCH, QAS, and ISOM."
The plaintiffs are seeking a court order to compel the defendants to make their payment with an interest rate of five per cent per annum from the date of judgement until full settlement.
Goh together with his wife Neow Ean Lee, 55, and son Goh Tze Han, 26, were arrested by police to assist in an investigation under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001.
