In today’s edition of Evening 5 — 15 investors are suing MYAirline co-founder Datuk Allan Goh Hwan Hua and four companies to court over their alleged failure to pay returns on investment. Meanwhile, MyEG has clarified that it will take a month for them to carry out their system enhancement.
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00:00 [Music]
00:04 Troubled My Airline co-founder Datuk Alan Goh Huan Hua and four companies are being sued by 15
00:09 investors over their alleged failure to pay monthly redemption value sums and financing returns from
00:15 the investors' outlay of about RM8 million. However, Goh along with the four companies
00:20 named in the suit, iServe Online Mall, Bright Moon Venture, QA Smart Partnership and Trillion
00:26 Curve Holdings have filed an application to strike out the suit on the basis that the legal action
00:31 was a nullity and an abuse of court process. Goh57 is a shareholder of iSOM and a director
00:38 and shareholder of TCH. In their statement of claim dated July 21st last year, the investors
00:44 claimed that all material times the companies were prompt and consistent in their monthly payments.
00:49 However, the companies had failed to make the agreed-upon monthly payments from November 2021
00:54 to June 2022 despite having been sent letters of demand by the plaintiff's solicitors. In court
01:00 documents seen by The Edge, the plaintiffs said failure to make payments was a breach of agreement
01:05 and they are seeking their full investment amount as well as arrears of the monthly payments. The
01:10 plaintiffs also claimed that iSOM had made undertakings and representations expressly or by
01:15 conduct that it is jointly liable with BMV, QAS and TCH to make the payouts on behalf of BMV,
01:23 QAS and TCH. They claim that Goh is the controlling mind of the defendants and cited notices,
01:29 announcements and teleconferences organized by or under Goh and iSOM's instructions regarding
01:35 investments via BMV, QAS and TCH. The plaintiffs also noted that the payments to them stopped in
01:41 November 2021, around the time that Bank Nagara had raided iSOM, TCH and other companies and
01:47 subsequently frozen their bank accounts. The plaintiffs added that there is no freeze order
01:52 against BMV or QAS. On Wednesday, the police confirmed that Goh and two of his family members
01:58 had been arrested and remanded for four days to facilitate investigations under the Anti-Money
02:03 Laundering Act. Australia's Linus Rare Earth said on Friday that it plans to shut all operations in
02:14 Malaysia on a temporary basis, except a mixed earth rare carbonate processing plant in the
02:19 December quarter, with minimal volumes of the raw material processed during the interim shutdown,
02:24 Reuters reports. Linus' Malaysian operations have been a sore point for the company,
02:29 with the Malaysian government raising concerns about the radiation levels from cracking and
02:34 leaching for the last couple of years, and PM Datuk Sri Anwar Ibrahim warning of a policy to
02:39 ban exports of rare earth raw materials. It will implement an upgrade to its downstream operations
02:45 at Linus Malaysia to increase the production of Nino-Dimium Praseodymium of about 10,500 metric
02:52 tonnes per annum. This upgrade will be essential if the company's Malaysian operating licence is
02:58 updated to allow the continued import and processing of lathanide concentrate, it said.
03:03 During the short-term shutdown, which starts in mid-November to complete upgrading works,
03:07 key personnel from the Malaysian cracking and leaching plant will be deployed to assist with
03:12 the start-up process of its rare earth processing facility in Kaguli, Western Australia. Linus,
03:18 whose operating licence in Malaysia had been extended until January 2024, said its application
03:23 for a stay to allow it to operate on a normal basis in Malaysia, while administrative and
03:28 legal appeals are heard and decided, is listed for a hearing in November.
03:37 Advanced projections show Malaysia's gross domestic product rose 3.3% year-on-year in
03:42 the third quarter, compared with 2.9% year-on-year in the second quarter,
03:47 mainly driven by growth in the services sector, according to the Department of Statistics Malaysia.
03:52 This is the first time the DOSM released its quarterly advanced GDP estimate,
03:57 which is aimed at meeting the demand for timely macroeconomic statistics and providing valuable
04:02 insights to policymakers and stakeholders in measuring recent economic conditions over a
04:07 shorter period. In a statement, Chief Statistician Dato' Sri Dr. Mohd Uzir Mahidin said that the
04:13 computation of advanced GDP estimates is based on the availability of various data sources.
04:19 According to him, the advanced GDP growth projection of 3.3% in the third quarter
04:24 was supported by the services sector, which continued to steer the overall performance
04:29 in the quarter, with an increase of 5.1% from 4.7% in the second quarter.
04:35 Meanwhile, Malaysia's headline inflation, as measured by the Consumer Price Index,
04:39 eased to a 1.9% growth in September 2023, according to the DOSM. This marks the first
04:46 inflation growth below 2% in almost three years, a 1.7% growth recorded in March 2021.
04:53 The headline inflation slid 2% month-on-month from August,
04:57 marking the 12th consecutive month of decline since peaking at 4.7% in August 2022.
05:03 Mohd Uzir said the slow inflation growth was driven by lower increases in restaurants and hotels
05:09 at 4.4% and food and non-alcoholic beverages at 3.9%.
05:15 Commenting on inflation at the state level, Mohd Uzir said 10 states/federal territories
05:20 recorded increases below the national inflation level of 1.9% versus 6 states/federal territories
05:27 which recorded increases above the national inflation level.
05:30 Abu Dhabi State Fund Mubadala Investment and Japanese oil and gas explorer IMPAX are among
05:41 firms competing to acquire Sapura OMV in a deal expected to be worth about US$1.2 billion.
05:48 According to two sources with direct knowledge, Reuters reports,
05:51 Indonesian energy firm Medco Energi is also vying for Sapura OMV, an equal joint venture
05:57 of Sapura Energy and Austria's OMV, with bids due this week, the sources added.
06:02 They declined to be identified as the matter was private.
06:06 Sapura Energy declined to comment while OMV and IMPAX said they had no comment.
06:10 Mubadala and Medco did not immediately respond to requests for comment.
06:14 Sapura OMV produced about 30,000 barrels of oil equivalent per day from its two Malaysian assets,
06:20 SK310B15 and SK408, Goret, Lara and Pakong, Sapura Energy said in its latest annual report for FY2023.
06:29 The planned staked investment would help bring in fresh capital where
06:32 pairing debt, Sapura Energy said in the report.
06:35 With exploration interests in Australia, Mexico and New Zealand,
06:39 Sapura OMV targets production of 10,000 KBOEPD through organic growth and M&A
06:45 activity over the next five to eight years.
06:48 In November 2018, OMV said it was investing up to US$975 million for its 50% share of the equity
06:56 in Sapura OMV in a deal intended to springboard its Asia expansion.
07:06 MyEG Services expects to complete the system enhancement for its immigration-related services
07:11 within one month. The enhancement is aimed at integrating the group's existing system with a
07:16 new system from the Immigration Department. With the total cost expected to be less than $5 million,
07:21 the e-government service provider said in a filing on Friday.
07:25 When queried by Bursa Malaysia on the timeline to complete the system enhancement,
07:29 MyEG said that the timeline given by the Ministry of Home Affairs is three months,
07:33 but the company estimates that the system enhancement will be completed within a month
07:37 from the date of the letter of acceptance. The LOA was dated October 16.
07:43 The group added that the immigration-related services will commence
07:46 immediately upon completion of the enhancement. However, MyEG said it is unable to specify the
07:52 expected date of signing of the agreement to formalise the two-year extension,
07:57 but based on past precedents, it may take at least 12 months.
08:01 Apart from the requirement to complete the system enhancement, MyEG said the Home Ministry
08:05 had imposed two additional specific conditions in the LOA, which involved furnishing a performance
08:12 bond of $457,920 and implementing a programme under professional training and education for
08:20 growing entrepreneurs. MyEG also confirmed that the Ministry of Finance had approved the extension
08:25 before the Home Ministry issued the LOA. The extension is subject to renewal upon expiry after
08:31 two years.