Latest news with #RM5.28
Hype Malaysia
04-07-2025
- Business
- Hype Malaysia
Designer Jovian Mandagie Declared Bankrupt After Failing To Repay RM5 Million Loan
Last year, fashion designer Datuk Jovian Mandagie was ordered by the High Court in Kuala Lumpur to pay RM10 million to two companies after failing to repay two 'friendly loans' of RM5 million each. Prior to this, the business owner had announced that his brand, along with its parent company, Jovian Mandagie Group Sdn Bhd, would cease operations after 17 years. The public figure filed an appeal against the High Court's decision, but there had been no updates on the case until very recently. It has now been reported that the once-successful entrepreneur has been declared bankrupt. Here's the story: For context, it was revealed last year that Datuk Jovian had verbally requested RM5 million in loans from two companies, Cekap Air and Bina Pragmatik, in February and March 2022, respectively. The plaintiffs reportedly suffered losses due to the designer's negligence and delays in repayment, despite issuing a notice of demand in 2023. Once the matter was brought to court, Justice Ahmad Fairuz Zainol Abidin ordered Jovian to repay the 'friendly loans' within an undisclosed timeline. On Thursday (3rd July 2025), the fashion designer was officially declared bankrupt by the High Court, following his failure to settle a loan totalling RM5.28 million from a construction company. According to reports, the bankruptcy order was granted after Cekap Air Sdn Bhd filed a creditor's petition over the unpaid loan given in 2022. 'Jovian did file several applications to stay and strike out the bankruptcy notice and petition filed against him, but they were dismissed by the court,' said the company's lawyer, Siti Nur Athirazatti Rohizad. As for Bina Pragmatik, there has been no update on the company's case against Jovian. At the time of writing, Datuk Jovian Mandagie has yet to issue a statement regarding the news of his bankruptcy. However, his appeal against the High Court's decision is scheduled to be heard at the Court of Appeal on 15th September later this year. Sources: TheStar, Bernama, FMT
Focus Malaysia
04-07-2025
- Business
- Focus Malaysia
Ismail Sabri's former son-in-law's 'friendly loan' bankruptcy sets tongue wagging on ‘elite bankrupts'
THAT celebrity fashion designer Datuk Jovian Mandagie was yesterday (July 3) declared a bankrupt by the Kuala Lumpur High Court over failure to settle a RM5.28 mil 'friendly loan' from an engineering and construction outfit has sparked excitement among Malaysians. In short, 1,001 questions – some insightful while others hilarious – filled cyberspace on the misadventure of the Indonesian who was the former son-in-law of ninth premier Datuk Seri Ismail Sabri Yaakob. For starters, one commenter to a news post on the Malaysiakini Facebook page wondered how a bankrupt can still 'wear coat/suit and tie' to which this elicited cheeky feedback that 'the biggest convicted kleptocrat is also wearing suits to court' and that the person is only 'a bankrupt in name only'. This is considering that bankrupts can still own properties and notable assets like cars or even travel overseas subject to the consent of the Director-General of Insolvency (DGI) (note that the Bankruptcy Act 1966 stipulates that a bankrupt is barred from travelling abroad). Jovian, 39, had married Ismail Sabri's daughter, Nina Sabrina, on Dec 11, 2013 but the (then) oft-dubbed 'power couple' divorced in August 2023. Meanwhile, Ismail Sabri who is Malaysia's PM with the shortest stint helmed the country for eight months from Aug 21, 2021 to Nov 24, 2022. For the uninitiated, Jovian was found by senior assistant registrar Faisal Zulkifli to have committed an act of bankruptcy after allowing a petition filed by creditor Cekap Air Sdn Bhd on Nov 20 last year. In its statement of claim, the company claimed that it had given out the loan which was meant to be repaid within 12 month 'verbally and casually' to Jovian on Feb 25, 2022 on ground that its executive director Max Yong Zhen Wei and Jovian were acquaintances. '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 former prime minister DS Ismail Sabri,' the statement pointed out. However, the plaintiff claimed that Jovian failed, refused or neglected to make re-payments or had even unjustly enriched when he received the loan without making repayments while causing terrible losses to the defendant. This 'irresponsible' attitude has sparked one interesting observation with one commenter having alluded to the consequences of 'fatal connection' after questioning why 'a Type C building contractor would give out a RM5.28 mil loan to the son-in-law of the PM'. – July 4, 2025 Main image credit: Tatler
The Sun
03-07-2025
- Business
- The Sun
Fashion designer Jovian Mandagie declared bankrupt in RM5.28m loan case
KUALA LUMPUR: Fashion designer Datuk Jovian Mandagie has been declared bankrupt by the High Court for failing to settle a RM5.28 million loan, including interest, owed to engineering firm Cekap Air Sdn Bhd. The decision was delivered by Senior Assistant Registrar Muhammad Faisal Zulkifli following a creditor's petition filed on November 20, 2024. Cekap Air's lawyer, Siti Nur Athirazati Rohizad, confirmed that her client had issued a bankruptcy notice on May 21, 2024, after Mandagie failed to comply with a direct judgment issued by the court on April 2 the same year. 'The court has dismissed all applications by Jovian to strike out the bankruptcy proceedings,' she said. The dispute stems from a friendly loan extended to Mandagie in February 2022, based on his verbal agreement with Cekap Air director Yong Zhen Wei. The RM5 million was transferred to Mandagie's law firm's client account, with repayment expected within 12 months. However, the fashion designer allegedly defaulted, prompting legal action. Mandagie had filed a defence statement on June 20, 2023, but the court ruled in favour of Cekap Air, ordering repayment. An appeal is scheduled for September 15 at the Court of Appeal in Putrajaya. - Bernama
Sinar Daily
03-07-2025
- Business
- Sinar Daily
Jovian Mandagie declared bankrupt over RM5.28 million ‘friendly loan'
The bankruptcy order was issued by senior assistant registrar Muhammad Faisal Zulkifli after allowing a creditor's petition filed by Cekap Air Sdn Bhd on Nov 20, last year. 03 Jul 2025 05:26pm The High Court (Insolvency Division) declared fashion designer Datuk Jovian Mandagie bankrupt for failing to repay a "friendly loan" totalling RM5.28 million to an engineering and construction firm. - Photo: FACEBOOK / JOVIAN MANDAGIE KUALA LUMPUR – The High Court (Insolvency Division) today declared fashion designer Datuk Jovian Mandagie bankrupt for failing to repay a "friendly loan" totalling RM5.28 million to an engineering and construction firm. The bankruptcy order was issued by senior assistant registrar Muhammad Faisal Zulkifli after allowing a creditor's petition filed by Cekap Air Sdn Bhd on Nov 20, last year. According to the petition, Jovian who is the former son-in-law of former prime minister Datuk Seri Ismail Sabri Yaakob had failed to comply with a bankruptcy notice dated May 21, 2023, thereby committing an act of bankruptcy within six months prior to the filing of the petition. The company stated that the total amount owed, including interest as of that date, was RM5,284,340.66. This was based on a summary judgment granted by the High Court on April 2, the same year through the main civil suit. Lawyer Siti Nur Athirazatti Rohizad who represented Cekap Air said the bankruptcy notice was filed after Jovian failed to comply with the terms of the summary judgement. This was followed by the filing of a creditor's petition, which was allowed, by the court today. The High Court (Insolvency Division) declared fashion designer Datuk Jovian Mandagie bankrupt for failing to repay a "friendly loan" totalling RM5.28 million to an engineering and construction firm. "Jovian had also filed applications to stay and set aside both the notice and the petition, but all were dismissed by the court," she said. On May 16, 2023, Cekap Air sued Jovian claiming that he had failed to repay a RM5 million loan made through a verbal agreement (friendly basis) on Feb 25, 2022. In its statement of claim, the company said the funds were transferred to the client account of a law firm representing Jovian, with the firm confirming receipt of the funds on his instruction. Jovian has filed an appeal against the summary judgment, which is scheduled for hearing on Sept 15. - AWANI More Like This
Malaysiakini
03-07-2025
- Business
- Malaysiakini
Ismail Sabri's former son-in-law declared bankrupt
The High Court has declared fashion designer Jovian Mandagie bankrupt, after he failed to repay a 'friendly loan' totalling RM5.28 million from an engineering and construction company. Senior assistant registrar Faisal Zulkifli made the ruling during today's proceedings after allowing a creditor's petition filed by Cekap Air Sdn Bhd on Nov 20 last year.
