Company, 2 shareholders ordered to pay RM1.08mil over failed investment
High Court says Energy Eco Bhd gave no reasonable grounds for failing to comply with a discovery order.
In a recent court ruling, Energy Eco Bhd and its major shareholders Daud Bakar and Norliza Tajudin have been ordered to pay RM1.08 million to two investors. The High Court ruled that the defendants failed to comply with a discovery order, requiring them to produce documents related to their April 2024 investment in Energy Eco Bhd.
The plaintiffs, Borneo Eduexcel Sdn Bhd and Geomatika Sabahedu Sdn Bhd, had invested RM1 million in Energy Eco Bhd under a shareholder advance agreement, expecting an 8% return within six months. However, the company failed to repay the principal and promised return, leading to the plaintiffs suing for negligence and fraudulent misrepresentation.
The court found the defendants guilty and ordered them to pay the plaintiffs jointly and severally, plus interest and general damages. Lawyers Hariharan Tara Singh and Tan Eng Seng represented the investors, while Nyat Kai Wen represented Energy Eco Bhd, Daud Bakar, and Norliza Tajudin.
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- Company, 2 shareholders ordered to pay RM1.08mil over failed investment freemalaysiatoday.com
