Will Goh Hwan Hua face trial over RM8 million investor suit?

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Goh Hwan Hua Will Face a Full Trial Over RM8 Million Investor Suit

Businessman Goh Hwan Hua and four associated companies are scheduled for a full trial next year concerning allegations of failing to disburse approximately RM8 million in monthly redemption sums to 15 investors. This development follows the High Court's decision to dismiss the applications made by Goh and the companies to strike out the lawsuit. The trial dates have been set for October 14, 15, 21, 22, and 23, as well as December 16, 17, 18, and 19 of next year, with case management scheduled for January 24.
Dismissal of Application to Strike Out Suit

High Court Judge Adlin Abdul Majid ruled that the case presented by the 15 investors was not a "plain and obvious case" for striking out, indicating that there were significant issues requiring adjudication through a full trial. Goh and the four companies, identified as I-Serve Online Mall Sdn Bhd (ISOM), Bright Moon Venture PLT (BMV), QA Smart Partnership PLT (QAS), and Trillion Cove Holdings Bhd (TCH), had sought to have the suit dismissed, arguing it was a nullity and an abuse of the court process. The court ordered Goh and the defendants to pay RM8,000 in costs to the plaintiffs.
Allegations of Breached Fiduciary Duties

The 15 plaintiffs, whose ages range from 58 to 74, claimed that the defendant companies failed to make the agreed-upon monthly payments between November 2021 and June 2022. They contend that Goh, identified as a co-founder and majority shareholder of MYAirline Sdn Bhd, along with the other four defendant companies, breached their fiduciary duties. Consequently, the investors argue that Goh and the companies should be held personally liable for the losses incurred.
Investors Seeking Repayment and Arrears

The investors are seeking the repayment of the RM8 million subscription price, along with outstanding monthly redemption arrears. Additionally, they are claiming five per cent annual interest on any judgment sum awarded by the court. The plaintiffs' statement of claim, filed on July 21 last year, details how the companies allegedly failed to fulfil their payment obligations despite demand letters being sent. The investors also highlighted that ISOM, TCH, and other associated firms were raided by Bank Negara Malaysia on November 11, 2021, and that a freezing order was reportedly issued against these companies.

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Will Goh Hwan Hua face trial over RM8 million investor suit?

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