logo
Court declares fashion designer Jovian Mandagie bankrupt after failing to repay RM5.3m verbal loan to construction firm

Court declares fashion designer Jovian Mandagie bankrupt after failing to repay RM5.3m verbal loan to construction firm

Malay Mail03-07-2025
KUALA LUMPUR, July 3 – Fashion designer Datuk Jovian Mandagie has reportedly been declared bankrupt by the High Court here for failing to repay a RM5 million loan to a construction company.
The Star reported that the court granted the bankruptcy order after Cekap Air Sdn Bhd filed a creditor's petition over Jovian's failure to settle RM5,284,340.66, including interest, for a loan given in 2022.
'Jovian did file several applications to stay and strike out the bankruptcy notice and petition that was filed against him but they were dismissed by the court,' said the company's lawyer, Siti Nur Athirazatti Rohizad.
Cekap Air claimed the loan was extended verbally on February 25, 2022, based on a personal acquaintance between its director Yong Zhen Wei and Jovian, with the expectation that it would be repaid within 12 months.
'Furthermore, there was no reason for the plaintiff (Cekap Air) to doubt the defendant (Jovian) as the latter had several other businesses and was the [then] son-in-law of the former prime minister,' the company said in its statement of claim.
Jovian was married to Nina Ismail Sabri, daughter of former prime minister Datuk Seri Ismail Sabri Yaakob, on December 11, 2013, but the couple divorced in 2024.
The company alleged that Jovian failed, refused, or neglected to repay the loan, resulting in financial losses and unjust enrichment.
A summary judgment was issued by the High Court on April 2, 2024, ordering Jovian to repay the amount, but he did not comply.
The bankruptcy petition followed Jovian's failure to honour the court's judgment, according to court documents.
His appeal against the summary judgment is scheduled to be heard at the Court of Appeal on September 15.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Ringgit ends lower vs greenback as traders await tariff clarity
Ringgit ends lower vs greenback as traders await tariff clarity

The Star

time17 minutes ago

  • The Star

Ringgit ends lower vs greenback as traders await tariff clarity

KUALA LUMPUR: The ringgit ended lower against the US dollar on Friday, as some investors locked in profits following recent gains, amid lingering uncertainty over the timing of potential Malaysia-United States (US) tariff discussions. At 6 pm, the local note eased to 4.2195/2245 against the greenback, compared with Thursday's close of 4.2135/2210. However, the ringgit was firmer against a basket of other major currencies. SPI Asset Management, managing partner Stephen Innes told Bernama that in the absence of fresh catalysts, investors turned to profit-taking, while the stronger greenback globally left the ringgit more exposed. Still, he noted that Japan's recent trade agreement with the US - which included a reduction in auto tariffs from 25 per cent to 15 per cent - could spark expectations of further bilateral deals, potentially involving Malaysia. "If that happens, it could boost demand for the ringgit,' he said. Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1 per cent to 4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5 per cent week-on-week gain. At the close here, the ringgit strengthened against most major currencies. It rose against the Japanese yen to 2.8529/8565 from 2.8751/8804 on Thursday, appreciated versus the British pound to 5.6786/6853 from 5.7080/7182, and edged higher against the euro to 4.9507/9566 from 4.9517/9605. Against regional peers, the ringgit was mostly higher, except for a flat performance against the Indonesian rupiah at 258.5/258.9, almost unchanged from 258.5/259.1 previously. It gained against the Singapore dollar at 3.2937/2978 from 3.2995/3057, rose versus the Thai baht to 13.0268/0478 from 13.0570/0863, and firmed against the Philippine peso to 7.38/7.40 from 7.43/7.45. - Bernama

Ringgit ends lower versus greenback as traders await tariff clarity
Ringgit ends lower versus greenback as traders await tariff clarity

New Straits Times

time17 minutes ago

  • New Straits Times

Ringgit ends lower versus greenback as traders await tariff clarity

KUALA LUMPUR: The ringgit ended lower against the US dollar on Friday, as some investors locked in profits following recent gains, amid lingering uncertainty over the timing of potential Malaysia-United States (US) tariff discussions. At 6pm, the local note eased to 4.2195/2245 against the greenback, compared with Thursday's close of 4.2135/2210. However, the ringgit was firmer against a basket of other major currencies. SPI Asset Management, managing partner Stephen Innes told Bernama that in the absence of fresh catalysts, investors turned to profit-taking, while the stronger greenback globally left the ringgit more exposed. Still, he noted that Japan's recent trade agreement with the US – which included a reduction in auto tariffs from 25 per cent to 15 per cent – could spark expectations of further bilateral deals, potentially involving Malaysia. "If that happens, it could boost demand for the ringgit," he said. Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1 per cent to 4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5 per cent week-on-week gain. At the close here, the ringgit strengthened against most major currencies. It rose against the Japanese yen to 2.8529/8565 from 2.8751/8804 on Thursday, appreciated versus the British pound to 5.6786/6853 from 5.7080/7182, and edged higher against the euro to 4.9507/9566 from 4.9517/9605. Against regional peers, the ringgit was mostly higher, except for a flat performance against the Indonesian rupiah at 258.5/258.9, almost unchanged from 258.5/259.1 previously. It gained against the Singapore dollar at 3.2937/2978 from 3.2995/3057, rose versus the Thai baht to 13.0268/0478 from 13.0570/0863, and firmed against the Philippine peso to 7.38/7.40 from 7.43/7.45.

Ringgit Ends Lower Versus Greenback As Traders Await Tariff Clarity
Ringgit Ends Lower Versus Greenback As Traders Await Tariff Clarity

Barnama

time27 minutes ago

  • Barnama

Ringgit Ends Lower Versus Greenback As Traders Await Tariff Clarity

REGION - CENTRAL > NEWS By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 25 (Bernama) -- The ringgit ended lower against the US dollar on Friday, as some investors locked in profits following recent gains, amid lingering uncertainty over the timing of potential Malaysia-United States (US) tariff discussions. At 6 pm, the local note eased to 4.2195/2245 against the greenback, compared with Thursday's close of 4.2135/2210. bootstrap slideshow However, the ringgit was firmer against a basket of other major currencies. SPI Asset Management, managing partner Stephen Innes told Bernama that in the absence of fresh catalysts, investors turned to profit-taking, while the stronger greenback globally left the ringgit more exposed. Still, he noted that Japan's recent trade agreement with the US – which included a reduction in auto tariffs from 25 per cent to 15 per cent – could spark expectations of further bilateral deals, potentially involving Malaysia. 'If that happens, it could boost demand for the ringgit,' he said. Bank Muamalat Malaysia Bhd, chief economist Dr Mohd Afzanizam Abdul Rashid echoed the view, noting that the ringgit had slipped 0.1 per cent to 4.2220 against the greenback as the US Dollar Index rose to 97.621 points, likely reflecting profit-taking after the ringgit's 0.5 per cent week-on-week gain. At the close here, the ringgit strengthened against most major currencies.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store