Kuala Lumpur – The Kuala Lumpur High Court has ordered Singaporean businessman Chan Cheh Shin to return RM28 million (S$8.4 million) to 122 Malaysian investors after ruling that his investment operations were illegal. The judgment, delivered by High Court judge Arief Emran Arifin, also includes a 5% annual interest on the sum from the date of the case filing until the total amount is repaid.
The investors filed the lawsuit in 2022 to recover funds they had invested in schemes promoted by Chan through his company, Fulda Malaysia Bhd. According to court findings, Chan had failed to obtain the necessary approval from the Securities Commission Malaysia to conduct investment activities.