In November 2021, Bank Negara Malaysia, undertook a joint enforcement action against i-Serve Online Mall Sdn Bhd and its related affiliates, which resulted in the freezing of 45 bank accounts in seven banks and the seizing of cash, totaling RM118.7 million.
i-Serve allegedly took hundreds of millions of ringgit deposits from the public without having a license to do so.
Allan Goh is the owner of i-Serve.
MYAirline was granted an ASL (Air Service License) by MAVCOM on 15 November 2022. MYAirline suspended operations on 12 October 2023 citing 'significant financial pressures'
Allan Goh has a 98% stake in MYAirline.
QUESTION:
Why was Dato Allan Goh, (owner of iServe that has allegedly taken hundreds of millions of ringgit deposits from the public without having a license to do so) granted an ASL (Air Service License) by MAVCOM to operate MYAirline?
How did the Malaysian Aviation Commission and the Civil Aviation Authority of Malaysia even allow Allan Goh to get into the airline business?.
Was it because Dato’ Abd Hamid Mohd Ali, former Chief Operations Officer of Malaysia Airports Holdings Berhad (MAHB) and Dato’ Seri Azharuddin Abdul Rahman, former Director General of CAAM were working for Dato Allan Goh's MYAirline?
Or were other questionable 'factors' involved? Nudge nudge wink wink!
Why did Allan Goh wanted to have MYAirline? Tempat 'cuci duit' haram ka?
Saya tanya aja.
When 'investing' in i-Serve, those 'investing' should have read the fine print!
“It is also important to bear in mind that the subscription agreements have expressly stated that any investment and the payment of profits are not guaranteed or promised and subject to various factors such as market conditions, based on estimates and not actual projections and further, that the said subscription can result in complete loss"
“Also, it was expressly stated that the portfolios involve a high degree of risk and losses associated thereto. Additionally, it was an express term that any intended subscribers should obtain their own professional advisers, including legal, tax and financial consultants, before making any decision to subscribe. In fact, the returns were never guaranteed or promised, as this was expressly stated,” he says.
The investment in the RPS involves a substantial degree of risk as the return of the investor is very much dependent on the performance of the company and that the subscriber understands and takes full cognisance of the risks related to the purchase of the subscription RPS, including, but not limited to, those set forth in the information memorandum.”
Also, under “Warranties and Representations by the Subscriber” it states, “Any projections or predictions that may have been made available to investors are based on estimates, assumptions and forecasts which may prove to be incorrect, and no assurance is given that actual results will correspond with the results contemplated by the various projections.”
Translation: You are buggered!
LANJUTAN......
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