1. ) CATALYST CAPITAL SDN BHD 2. ) DEVANG MERCHANT 3. ) THOMAS EDWARD CLARK 4. ) JOEL M BJERKE 5. ) MINAL MERCHANT v 1. ) LAUTAN VARIASI SDN BHD 2. ) SYED NASIR HUSSIN BIN SYED PEER 3. ) RAJESH BHATT 4. ) NOORHAYATI BINTI JARLILL

wa-22ncvc-442-06-2021 High Court (Mahkamah Tinggi) 12 August 2025 • WA-22NCvC-442-06/2021

Catchwords

ABSTRACT Plaintiffs invested RM1.2 million in a Sabah Parks tracking system project based on false claims by defendants that the project was approved and secured. The Court found the defendants fraudulently misrepresented the project status—no agreement existed with Sabah Parks, approvals were none and promised collateral was never provided. The defendants' arguments that the agreement was illegal moneylending or inadmissible for lack of stamp duty were rejected. Directors and CEO were held personally liable for fraud. Court ordered full refund of RM1,196,191.15 plus interest and damages. KEYWORDS Investment fraud - misrepresentation - director liability - unjust enrichment - corporate veil - restitution

Practice Areas

ABSTRACT Plaintiffs invested RM1.2 million in a Sabah Parks tracking system project based on false claims by defendants that the project was approved and secured. The Court found the defendants fraudulently misrepresented the project status—no agreement existed with Sabah Parks, approvals were none and promised collateral was never provided. The defendants' arguments that the agreement was illegal moneylending or inadmissible for lack of stamp duty were rejected. Directors and CEO were held personally liable for fraud. Court ordered full refund of RM1,196,191.15 plus interest and damages. KEYWORDS Investment fraud

Judges (1)

Arziah binti Mohamed Apandi Delivered

Parties (9)

CATALYST CAPITAL Sdn Bhd Plaintiff LAUTAN VARIASI Sdn Bhd Defendant Devang Merchant Plaintiff Joel M Bjerke Plaintiff Minal Merchant Plaintiff Noorhayati binti Jarlill Defendant Rajesh Bhatt Defendant Syed Nasir Hussin bin Syed Peer Defendant Thomas Edward Clark Plaintiff

Case Significance

1. ) CATALYST CAPITAL SDN BHD 2. ) DEVANG MERCHANT 3. ) THOMAS EDWARD CLARK 4... is a High Court (Mahkamah Tinggi) decision dated August 12, 2025 (citation: wa-22ncvc-442-06-2021). The case was decided by Arziah binti Mohamed Apandi.

Key issues: Investment fraud - misrepresentation - director liability - unjust enrichment - corporate veil - restitution.

What was the outcome of 1. ) CATALYST CAPITAL SDN BHD 2. ) DEVANG MERCHANT 3. ) THOMAS EDWARD CLARK 4...?

1. ) CATALYST CAPITAL SDN BHD 2. ) DEVANG MERCHANT 3. ) THOMAS EDWARD CLARK 4... is a High Court decision dated August 12, 2025. The case was heard by Arziah binti Mohamed Apandi. See the full judgment for details.