IPOH, Oct 4 — It was another round of disappointment for the 6,764 investors of the now-defunct Bestino Group Berhad after they once again failed to recover their investments from the company’s directors and majority shareholders.
The High Court here today dismissed the plaintiff’s case, who had previously appealed to the Court of Appeal last year after their case was first dismissed back in Oct 2017.
Justice Datuk Hashim Hamzah, in his brief judgment, dismissed the plaintiff’s case and did not give a reason during the judgment.
Previously, the High Court dismissed their application without cost, stating that the plaintiffs should have filed a suit against the gold investment scheme company, and not against the defendants.
The defendants are company directors Chong Yuk Ming and Chang Kuei Geh, and majority shareholders Goon Koon Lee and Ho Chee Cheong.
The investors have been trying hard to recover their money, totalling some RM411 million, since the scheme was suspended in June 2009.
Counsel Yudistra Darma Dorai, who was accompanied by lawyer R. Christopher Anand, said he would advise his clients to appeal the case.
“In my view, it is a clear cut case where the minority shareholders have had their rights oppressed and the evidence put forward by the minority has not been rebutted by the defendants because they did not call witnesses.
“This is the same approach which was taken previously by the defendants, but the Court of Appeal already disagreed with that approach,” he said.
Lawyers R. Raj Shankar and K. Kumaran represented the defendants.
Meanwhile, A. Gopalan Nair, the spokesperson for the investors, said that they will appeal and fight till the end.
“The new government should bring Consumer Protection Act and Investors Protection Act, like in foreign countries, so that in the future, people will not be cheated like this.
“Bank Negara has released details about more than 70 scams in the country, so the government must do something about it,” he said.
