ON October 18, Malaysian authorities arrested MYAirline co-founder Goh Hwan Hu, with his wife, Neow Ean Lee, and their adult son, Goh Tze Han, reports Switzerland's ch-aviation.
These arrests were made under Malaysia's Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act (2001).
The family has been remanded for four days following the abrupt suspension of all MYAirline operations on October 12, citing financial difficulties.
While the exact nature of the alleged offenses and their connection to the low-cost carrier remains unspecified by police, it is stated that the family was apprehended to assist police in their inquiries.
Notably, both Goh and his son serve on the board of MYAirline, although the family is involved in various other business ventures. Jothi Prakash Murugan, a director at Trillion Cove, also sits on the MYAirline board.
Goh's private companies, Zillion Wealth and Trillion Cove Holdings, have significant stakes in MYAirline, with Zillion Wealth owning 88 per cent and Trillion Cove owning 10 per cent of the airline.
The remaining two per cent is held by the former CEO Raynor Teo.
Earlier in the year, Trillion Cove faced issues related to a money laundering case involving alleged tainted fees for purchasing US$210,800 worth of redeemable preference shares from Trillion Cove.
Goh is also associated with a Malaysian payment gateway company that reportedly accepted deposits without the necessary licences.
It is essential to note that there is no implication of wrongdoing by the Goh family, only that they are currently under investigation.
In the wake of MYAirline's suspension of operations, the Malaysian government has taken steps to distance itself from the carrier.
Transport Minister Anthony Loke has sought to suspend the airline's operating licences.
Additionally, interim CEO Stuart Cross has resigned, and aircraft lessors are requesting the return of their planes. Some members of parliament are advocating for an inquiry into the airline's shareholders and the approval process for its licenses.
The Malaysian government has clarified that it will not provide a bailout for MYAirline, as Deputy Transport Minister Hasbi Habibollah emphasised that the days of bailouts are over during a parliamentary session.
MYAirline's fleet comprises nine A320-200s leased from various lessors, including Aircastle, Aviation Capital Group, Avolon, Carlyle Aviation Partners, Genesis Leasing, Mizuho Leasing, and SMBC Aviation Capital.
These lessors are eager to repossess their aircraft, and AirAsia Aviation Group CEO Bo Lingam has expressed interest in taking up to six A320s from them.
The AirAsia Group has a relationship with these lessors, and further details regarding this potential transaction are awaited.
SeaNews Turkey
These arrests were made under Malaysia's Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act (2001).
The family has been remanded for four days following the abrupt suspension of all MYAirline operations on October 12, citing financial difficulties.
While the exact nature of the alleged offenses and their connection to the low-cost carrier remains unspecified by police, it is stated that the family was apprehended to assist police in their inquiries.
Notably, both Goh and his son serve on the board of MYAirline, although the family is involved in various other business ventures. Jothi Prakash Murugan, a director at Trillion Cove, also sits on the MYAirline board.
Goh's private companies, Zillion Wealth and Trillion Cove Holdings, have significant stakes in MYAirline, with Zillion Wealth owning 88 per cent and Trillion Cove owning 10 per cent of the airline.
The remaining two per cent is held by the former CEO Raynor Teo.
Earlier in the year, Trillion Cove faced issues related to a money laundering case involving alleged tainted fees for purchasing US$210,800 worth of redeemable preference shares from Trillion Cove.
Goh is also associated with a Malaysian payment gateway company that reportedly accepted deposits without the necessary licences.
It is essential to note that there is no implication of wrongdoing by the Goh family, only that they are currently under investigation.
In the wake of MYAirline's suspension of operations, the Malaysian government has taken steps to distance itself from the carrier.
Transport Minister Anthony Loke has sought to suspend the airline's operating licences.
Additionally, interim CEO Stuart Cross has resigned, and aircraft lessors are requesting the return of their planes. Some members of parliament are advocating for an inquiry into the airline's shareholders and the approval process for its licenses.
The Malaysian government has clarified that it will not provide a bailout for MYAirline, as Deputy Transport Minister Hasbi Habibollah emphasised that the days of bailouts are over during a parliamentary session.
MYAirline's fleet comprises nine A320-200s leased from various lessors, including Aircastle, Aviation Capital Group, Avolon, Carlyle Aviation Partners, Genesis Leasing, Mizuho Leasing, and SMBC Aviation Capital.
These lessors are eager to repossess their aircraft, and AirAsia Aviation Group CEO Bo Lingam has expressed interest in taking up to six A320s from them.
The AirAsia Group has a relationship with these lessors, and further details regarding this potential transaction are awaited.
SeaNews Turkey
