Chiang Dyi Woei Fiscal Pioneer Sdn Bhd

Chiang Dyi Woei Fiscal Pioneer Sdn Bhd

On the evidence and contemporaneous documents (including the executed Friendly Loan Agreement and acknowledgment of receipt), the transaction was a RM1,300,000 friendly loan; Exhibit D-31 was only a proposal and not a mutual agreement to contra the loan with USD290,000 credit points; no credit points were shown to have been provided to the plaintiff; defendants’ defence was inconsistent and a sham; therefore the Sessions Court judgment for RM937,000 plus interest and costs was correct and appellate intervention was unwarranted.

Citation
WA-12BNCC-21-10/2020 (Mahkamah Tinggi)
Parties
Appellant/defendant: Fiscal Pioneer Sdn Bhd (1137156-P); Respondent/plaintiff: Chiang Dyi Woei (840613-08-5847)
Court
High Court
Jurisdiction
Malaysia
Judgment Date
1 July 2021
Case Number
WA-12BNCC-21-10/2020 (Mahkamah Tinggi)
Procedural Posture
Civil Appeal From Sessions Court (commercial Matter) / Appeal (high Court Decision on Appeal)
Outcome
Appeal dismissed
Legal Topics
Loan Agreement, Illegality (money Game), Contra/set Off, Security (power of Attorney), Appellate Review of Factual Findings, Costs and Judgment Enforcement
Source Language
Malay/English
Contract Civil Procedure Evidence Loan Agreement Illegality (money Game) Contra/set Off Security (power of Attorney) Appellate Review of Factual Findings +1 more

Case Brief

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Parties

Fiscal Pioneer Sdn Bhd (1137156-P)

Appellant/defendant

Chiang Dyi Woei (840613-08-5847)

Respondent/plaintiff

Procedural Posture

Civil Appeal From Sessions Court (commercial Matter) / Appeal (high Court Decision on Appeal)

Legal Issues

  1. 1 Whether the Friendly Loan Agreement was valid or an illegal money game scheme
  2. 2 Whether letter dated 26 April 2017 (Exhibit D-31) operated to contra the RM1,300,000 loan with USD290,000 Domic credit points and override repayment obligations
  3. 3 Whether the Plaintiff received the alleged USD290,000 credit points or investment returns as repayment

Ratio Decidendi

On the evidence and contemporaneous documents (including the executed Friendly Loan Agreement and acknowledgment of receipt), the transaction was a RM1,300,000 friendly loan; Exhibit D-31 was only a proposal and not a mutual agreement to contra the loan with USD290,000 credit points; no credit points were shown to have been provided to the plaintiff; defendants’ defence was inconsistent and a sham; therefore the Sessions Court judgment for RM937,000 plus interest and costs was correct and appellate intervention was unwarranted.

Court Disposition

Appeal dismissed

Orders

  • Appeal dismissed
  • Costs of RM10,000 to be paid by the Appellant to the Respondent subject to 4% allocator