Businessman sues two companies over breach of agreements

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KUALA LUMPUR: A businessman filed two lawsuits against investment companies and their directors who allegedly breached agreements regarding annual returns and return on equity.

Zaini Ibrahim, 52, filed both suits on Nov 9, through Messrs. Saiful, Roger & Co at the High Court here, and named Ace Holdings Berhad as the sole defendant in the first suit.

The plaintiff claimed that he handed over four cheques amounting to RM2mil to the agent for the purpose, but only received RM565,480 between Aug 23, 2017, and Aug 22 this year. In the second suit, Zaini claimed that an Ace Credit agent had met him and offered him a return on investment with a profit rate of 12% in April 2019, adding that the agent also stated that Ace Credit had a connection with Ace Holdings.

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