Key Highlights

• Ovanti Limited (ASX:OVT) has announced that its wholly owned Malaysian subsidiary, iSentric Sdn Bhd, has secured a Malaysian High Court judgment awarding a total of RM5,169,333.34, which the company equates to A$1,780,687.

• The judgment was delivered against Akay Holdings Sdn Bhd and Piminik Sdn Bhd, according to the ASX announcement released on 23 September 2026.

• Ovanti described the decision as an initial judgment in its broader legal proceedings over historical transactions involving iSentric and former management.

• It is important to note that a judgment is not the same as cash recovered: the company said it will now pursue enforcement, and some related orders remain stayed pending an appeal.

Ovanti Limited (ASX:OVT) has announced that its wholly owned Malaysian subsidiary, iSentric Sdn Bhd, has secured a Malaysian High Court judgment awarding a total of RM5,169,333.34, which the company equates to A$1,780,687. The judgment was delivered against Akay Holdings Sdn Bhd and Piminik Sdn Bhd, according to the ASX announcement released on 23 September 2026.

The Court also found Kenneth Kuan, the former CFO of the company's Malaysian operations at the time it was known as IOUpay, liable for breach of executive officer duties, with damages and costs still to be assessed. Ovanti described the decision as an initial judgment in its broader legal proceedings over historical transactions involving iSentric and former management. It is important to note that a judgment is not the same as cash recovered: the company said it will now pursue enforcement, and some related orders remain stayed pending an appeal.

What the court decided

According to Ovanti, the Malaysian High Court delivered its decision on 22 September 2026 in proceedings WA-22NCC-292-05/2024. The Court found in favour of iSentric and made the following awards:

• Akay Holdings Sdn Bhd: RM4,500,000

• Piminik Sdn Bhd: RM669,333.34

Together these make up the RM5,169,333.34 total. Ovanti said it "shall immediately pursue enforcement of the judgment and recovery of the amounts awarded to iSentric."

Separately, the Court found Kenneth Kuan liable for breach of executive officer duties. The announcement states that damages and costs against him are to be assessed in subsequent proceedings, so no amount has yet been set.

Additional recovery orders and the stay

Ovanti said a further RM1,592,500 (A$548,570) has been ordered to be returned to the company. It said this amount falls outside the stay described in the announcement.

A further RM53,542.98 held in a bank Savings Account in the name of an individual, together with any accretions, and two vehicles, a Porsche 718 Cayman and a Toyota Vellfire, have also been ordered to be returned to Ovanti. However, the return of those funds and vehicles remains stayed pending determination of the relevant appeal.

The company was careful to add that the return orders "do not constitute confirmation that the funds or vehicles have been received by the Company." In other words, the orders establish an entitlement, but the Assets have not yet been recovered.

How the dispute arose

The litigation relates to events at the company when it traded as IOUpay. Those were allegations at the time and should be read in that context.

Through the period, iSentric continued operating. Ovanti today describes itself as a provider of Fintech and digital commerce software and services, with its Asian operations, including iSentric, providing mobile banking, authentication, digital payments and transaction processing services to banking, telecommunications and corporate customers.

Proposed Australian proceedings

Following the Malaysian decision, Ovanti said it intends to commence separate proceedings in Australia against former directors, officers and former auditors in relation to their conduct and responsibilities concerning the historical transactions and associated financial reporting.

The company said it is working with its legal advisers to identify relevant causes of action and assess the losses for which recovery may be sought. In the highlights of its announcement, Ovanti said further substantial judgments are anticipated, up to an estimated quantum of approximately A$20 million for all other outstanding claims. That figure is the company's own estimate. No such proceedings have yet been filed according to the announcement, and there is no certainty about whether they will succeed or what, if anything, might be recovered.

Recovery and next steps

Ovanti listed the legal and recovery initiatives it is now pursuing:

• Recovery of the RM1,592,500 ordered to be returned to the company.

• Enforcement and recovery of the RM5,169,333.34 judgment against Akay and Piminik.

• Assessment of damages and costs against Kenneth Kuan following the 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 and former auditors.

The company said it will provide further updates as material developments arise in the Malaysian litigation, the recovery process and the proposed Australian proceedings.

Why it matters for shareholders

For a small-cap technology company, a court award of around A$1.78 million, plus a further return order of around A$0.55 million, is potentially meaningful. The judgment also represents a formal finding in the company's favour after a long-running dispute that began more than three years ago.

For investors following ASX shares in the fintech and payments sector, however, the practical value of the judgment depends on how much can actually be collected, and when. Ovanti has not provided an estimate of the timing or likely success of enforcement against the two companies, and the announcement does not describe their financial position.

Risks and uncertainties

Several uncertainties are stated or implied in the announcement. Part of the recovery orders remains stayed pending an appeal, and the company has confirmed that the funds and vehicles covered by the return orders have not been received. The announcement does not address whether Akay, Piminik or Mr Kuan intend to appeal the judgment or findings against them.

Damages against the former CFO are yet to be assessed, the earlier High Court judgment involving the underlying transactions is still to be addressed, and the proposed Australian proceedings have not yet commenced. The A$20 million figure is an estimate of potential claims, not an award. Litigation is also costly and can take years, and enforcing judgments across borders can be difficult. Currency conversions provided by the company may also shift with exchange rates.

The bottom line

Ovanti has secured an initial win in the Malaysian High Court, with iSentric awarded RM5.17 million and a former CFO found liable for breach of duties. The next test is enforcement: the company has yet to receive the awarded amounts, some orders remain stayed pending appeal, and its larger proposed claims in Australia are still being prepared.