Vinod failed to disclose purported bankrupt status, court told

KUALA LUMPUR: The chairman of Petra Group, Datuk Vinod Shekar, had never disclosed his purported bankrupt status to a group of 12 foreign investors, the High Court here heard.

The investors are suing him to claim back more than £2.5mil and US$3mil.

Briton Graham David Bell, 66, a managing partner of Bridge Partners FZE, testified that he had made investments with Petra Equi­ties Sdn Bhd (PESB), an investment holdings com­pany under the Petra Group.

Bell is the only plaintiff to appear before the court to tes­tify on behalf of himself and the rest of the plaintiffs, as instruc­ted by the court.

According to Bell’s witness statement, he and the other plaintiffs were “similarly unaware” of Vinod’s purported bankrupt status throughout the investment period.

“In fact, when the 11th plaintiff specifically queried the first defendant on his bankruptcy via email dated Sept 30, 2010, the first defendant brushed it off and appeared to suggest that one ‘Anwar’ would attend to the matter, who I believe referred to the current Prime Minister, Datuk Seri Anwar Ibrahim.

“Had I known the first defen­dant was financially unstable, I would not have invested in any companies within the Petra Group or related to the first defendant,” Bell said.

He claimed Vinod used his health problems, political situations as well as the Covid-19 pandemic to deflect when queried by the plaintiffs.

Bell said his investment, totalling US$250,000, ultimately resulted in the disappea­rance of the funds.

Last year, Bell and the other 11 plaintiffs filed the lawsuit against Vinod as the first defen­dant and his wife, Winy Yeap, as the second defendant.

They claimed that Vinod had committed fraud, misrepre­sentation and breach of contract, while Yeap had conspired with him to perpetuate the fraud, misrepresentation and breach of contract against the plaintiffs.

They are seeking to claim back the total sum of £2,540,361.24 and US$3,042,163.01 with inte­rests, dama­ges and other relief deemed fit by the court.

The hearing before Judicial Commissioner Muhammad Adam @ Edward Abdullah continues today.