Why did Bestino Group directors seek to halt minority shareholder suit?

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Bestino Group directors sought a stay to let their money laundering cases finish first
Bestino Group Berhad directors and majority shareholders applied for a stay of proceedings to pause a minority shareholders’ suit because they wanted their related money laundering matters at the Sessions Court to be completed first. The High Court in Ipoh rejected the application and ordered the four defendants to pay RM3,000 in costs to Bestino Group Berhad.
Stay of proceedings was tied to Sessions Court criminal cases
The four defendants filed for the stay so that the hearing of their money laundering cases at the Sessions Court could be completed first. The High Court still proceeded with the minority shareholders’ case rather than pausing it.
The minority shareholders brought a derivative action
The suit was a derivative action filed by minority shareholders against the four defendants. In July of the previous year, the High Court had allowed the minority shareholders to proceed with the derivative action to determine whether the rights of 6,764 minority shareholders had been suppressed.
Criminal charges involved large-scale money laundering allegations
In February 2011, two directors were charged in the Sessions Court with 322 counts of money laundering involving RM156 million. They were also charged with five counts of accepting deposits without a licence.
Bank Negara seized RM24.2 million under the 2011 law
Bank Negara seized the company’s assets amounting to RM24.2 million under the Prevention of Money Laundering and Financing of Terrorism Act 2011, described as evidence in the matter. After the High Court rejected the stay application, the court fixed April 13 for case management.

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Why did Bestino Group directors seek to halt minority shareholder suit?

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