MYAirline saga: Major shareholders, money laundering link

MYAirline saga: Major shareholders, money laundering link

MYAIRLINE’s sudden shutdown last week has plunged passengers into chaos, as the airline faced a mounting wave of grievances from ticket holders who found themselves stranded without any assistance.

But what is even more interesting now is: who are those behind the failed airline?

Companies Commission of Malaysia (SSM) data revealed that director and businessman Datuk Allan Goh Hwan Hua is the airline’s single largest shareholder.

And it gets even more interesting with Trillion Cove listed as having a 10% stake in the airline.

In May this year, Trillion Cove was involved in a money laundering case where Malaysia Automotive Robotics and IoT Institute (MARii) former CEO Datuk Mohamad Madani Sahari was charged with 12 counts of money laundering totaling RM1.038 mil at the Alor Setar Sessions Court in Kedah.

Madani has pleaded not guilty to all of the charges.

SSM data previously showed that international trade consultant Zillion Wealth Bhd has an 88% equity interest in MYAirline and Trillion Cove Holdings Bhd, a money lending and financing company, has a 10% stake. Both Zillion Wealth and Trillion Cove named Goh as a director of the companies, according to The Edge.

As for Madani, for the first 10 charges, he was reportedly accused of indirectly engaging in transactions involving proceeds of unlawful activities through his lawyers, Norizan & Associates’s Hong Leong Islamic Bank account amounting to RM1 mil.

For the remaining charges, Madani was accused of receiving fees through illegal transactions amounting to RM19,000 from Trillion Cove, on each charge accrued from the purchase of RM1 mil worth of Redeemable Preference Shares-i. – Oct 14, 2023