Malaysian low-cost carrier MYAirline (MYM) has been in the news lately for all the wrong reasons. The airline suspended all its flights in early October 2023, and the authorities are investigating its links to a scandal-plagued e-commerce company. The Royal Malaysian Police's (RMP) Commercial Crimes Investigation Department is trying to establish MYAirline's funding sources and ensure that none of it is tainted.
Background on MYAirline's founder and shareholder, Goh Hwan Hu
MYAirline's founder and shareholder, Goh Hwan Hu, is also a significant shareholder and alleged "controlling mind" of i-Serve Online Mall Sdn Bhd (ISOM). The RMP raided the offices of ISOM and another entity connected to Goh in late 2021, and the country's central bank froze their bank accounts over money laundering allegations and the unlicensed acceptance of deposits.
"We're still identifying the paper trail that was used for investments involving the companies mentioned," said Seri Ramli Mohamed Yoosuf from the RMP's Commercial Crimes Investigation Department. "It will take some time."
Goh, along with his wife and adult son, were taken into custody for questioning in the wake of MYAirline's suspension on suspicion of breaching Malaysia's money laundering and proceeds of crime legislation. All three were later released without charges. While not directly linked with MYAirline, the airline's collapse has reinvigorated the interest of Malaysian authorities in Goh and his business interests.
MYAirline has declined to comment on the police investigation but said that it was currently in late-stage talks with potential investors about a restart. The airline's abrupt suspension has left many passengers stranded, and they are now seeking refunds or alternative travel arrangements.
Importance of transparency and compliance in the aviation industry
The case highlights the importance of transparency and compliance with regulations in the aviation industry. Airlines must ensure that their funding sources are legitimate and that they are not involved in any illegal activities. The authorities have a duty to investigate any suspicious activities and take appropriate action to protect consumers and maintain the integrity of the industry.
Uncertain future for MYAirline
As the investigation continues, MYAirline's future remains uncertain. The airline industry is facing unprecedented challenges due to the COVID-19 pandemic, and any financial irregularities could further undermine consumer confidence. It is essential that airlines operate with transparency and integrity to maintain public trust and ensure a sustainable future for the industry.
(This article is sourced from ch-aviation.com and curated by Thetransporteronline24)
