Over 200 investors secure judgement in default against Allan Goh and his companies
Over 200 investors have won a default judgment against Datuk Allan Goh and 15 of his companies for operating an illegal Ponzi scheme. The court ordered the defendants to repay over RM67 million after they failed to contest the fraud allegations.
Why it matters
This case highlights the legal consequences for individuals operating fraudulent investment ecosystems and the difficulty investors face in recovering funds from complex corporate structures.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (July 29): Some 206 investors have earlier this month secured a judgement in default (JID) against MYAirline Sdn Bhd co-founder Datuk Allan Goh Hwan Hua and 15 companies he controlled, that requires them to pay a sum of RM67.556 million to the investors.
High Court judge Leong Wai Hong on July 16 allowed the plaintiffs’ application for a declaration that the defendants operated within a single “ecosystem scheme” and as a single economic unit, that Goh was the controlling mind of that scheme, and that the scheme was an illegal deposit-taking or a Ponzi or pyramid scheme, and that the investment agreements signed by them were void ab initio (void from the beginning).
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