Malaysian High Court rules in iSentric’s favour
On 22 September 2026, the Malaysian High Court delivered its decision in proceedings WA22NCC-292-05/2024, awarding Ovanti Limited’s wholly owned subsidiary iSentric Sdn Bhd a total of RM5,169,333.34 (AUD $1,780,687) against Akay Holdings Sdn Bhd and Piminik Sdn Bhd. The ruling represents an initial judgment within a broader legal recovery programme concerning historical transactions involving iSentric and former management.
The iSentric business generated A$3.58 million in FY26 revenue serving institutional customers across Southeast Asia with mobile banking, authentication, and digital payment processing, making the recovery of funds tied to historical iSentric transactions directly relevant to the subsidiary’s ongoing commercial operations.
The judgment breakdown by defendant is outlined below:
| Defendant | Amount (RM) | Amount (AUD) | Status |
|---|---|---|---|
| Akay Holdings Sdn Bhd | RM4,500,000.00 | Enforcement being pursued | |
| Piminik Sdn Bhd | RM669,333.34 | Enforcement being pursued | |
| Total | RM5,169,333.34 | AUD $1,780,687 | Immediate enforcement in progress |
Ovanti has confirmed it will immediately pursue enforcement of the judgment and recovery of the amounts awarded to iSentric.
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What the court found — judgment details and additional recovery orders
Former CFO found liable for breach of duties
Separately, the Court found Kenneth Kuan, former CFO of OVT’s Malaysian wholly owned operations at the time IOUPAY, liable for breach of executive officer duties. Damages and costs against Kuan are to be assessed in subsequent proceedings, and the announcement does not indicate a quantum at this stage.
Additional assets and funds ordered returned
Beyond the primary judgment, the Court issued a series of additional recovery orders. The most immediately actionable item falls outside the stay currently in place:
- RM1,592,500 (AUD $548,570) ordered to be returned to Ovanti — this amount falls outside the stay and is immediately actionable.
The following items have also been ordered returned to Ovanti, but their return is currently stayed pending determination of the relevant appeal:
- RM53,542.98 held in a CIMB Islamic Bank Berhad savings account in the name of Yong Yuen Yeen, together with any accretions to that account.
- A Porsche 718 Cayman S-A.
- A Toyota Vellfire 3BA-AGH30W.
As stated in the announcement: “The return orders do not constitute confirmation that the funds or vehicles have been received by the Company.”
Understanding legal recovery proceedings — what this means for OVT investors
A court judgment establishes a legal entitlement to recover a specified sum, but it does not mean those funds have been physically received. Enforcement proceedings are typically required to compel defendants to pay or transfer assets following a judgment.
A “stay” means certain court orders are temporarily paused while an appeal is underway. In this case, the return of the RM53,542.98 bank account balance and the two vehicles is stayed, meaning Ovanti cannot act on those orders until the appeal is resolved.
For investors, legal recovery proceedings of this kind serve a specific purpose: recouping losses arising from historical misconduct protects shareholder value and signals that the board is actively pursuing accountability. This judgment is part of a broader effort by Ovanti’s current board to address historical transactions involving former management.
Further proceedings in preparation — up to AUD $20M in additional claims
Ovanti is progressing the following legal and recovery initiatives as part of its next phase:
- Recovery of the RM1,592,500 ordered to be returned to Ovanti (outside the stay).
- Enforcement and recovery of the RM5,169,333.34 judgment against Akay Holdings and Piminik.
- Assessment of damages and costs against Kenneth Kuan following the Court’s finding of liability.
- Further steps in Malaysia to address an earlier High Court judgment involving the underlying transactions.
- Preparation and commencement of Australian proceedings against former directors, officers, and former auditors concerning historical transactions and associated financial reporting.
The company estimates the quantum for all other outstanding claims at up to approximately AUD $20,000,000. This figure is the company’s own estimate and does not represent a confirmed or guaranteed recovery amount.
Regarding the proposed Australian proceedings, Ovanti is working with its legal advisers to identify relevant causes of action and assess the losses for which recovery may be sought. The company has stated it will provide further updates as material developments arise in the Malaysian litigation, the recovery process, and the proposed Australian proceedings.
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