SCOMI GROUP BHD (Company No.: 571212-A) 1. TAN SRI NIK AWANG @ WAN AZMI BIN WAN HAMZAH (NRIC No.: 500130-03-5377) 2. MALAYSIAN TRUSTEE BERHAD (Company No.: 21666-V)

SCOMI GROUP BHD (Company No.: 571212-A) 1. TAN SRI NIK AWANG @ WAN AZMI BIN WAN HAMZAH (NRIC No.: 500130-03-5377) 2. MALAYSIAN TRUSTEE BERHAD (Company No.: 21666-V)

Applications dismissed because applicant failed to establish a bona fide serious issue: clause 7 of the Loan Agreements estopped Scomi from invoking the Moneylenders Act presumption and evidence showed transactions were shareholder rescue funding not moneylending; Scomi acted without bona fide and in pari delicto (unclean hands); mandatory injunction relief not justified; damages are an adequate, easily quantifiable remedy and balance of convenience favors defendants.

Citation
WA-22NCC-75-02/2020 (Mahkamah Tinggi)
Parties
Plaintiff: Scomi Group Bhd; 1st Defendant: Gelombang Global Sdn Bhd; 1st Defendant: Tan Sri Nik Awang @ Wan Azmi bin Wan Hamzah; 2nd Defendant: Malaysian Trustee Berhad
Court
High Court
Jurisdiction
Malaysia
Judgment Date
21 February 2020
Case Number
WA-22NCC-75-02/2020 (Mahkamah Tinggi)
Procedural Posture
Commercial Division, High Court Originating Summonss Involving Interlocutory Injunctions / Interlocutory Applications (ex Parte Directed to Be Heard Inter Partes) Decided on Merits of Enclosures 3
Legal Topics
Interlocutory Injunction, Moneylenders Act S10 OA Presumption, Illegality and in Pari Delicto, Mandatory Injunction Threshold, Set Off and Subscription Undertakings, Trustee Enforcement of Pledged Securities, Disclosure Obligations to Bursa
Source Language
Malay/English
Company Law Equity and Trusts Contract Law Injunctions Banking and Finance Securities Regulation Interlocutory Injunction Moneylenders Act S10 OA Presumption +5 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 6 Party arguments 2
Sign in to unlock

Parties

Scomi Group Bhd

Plaintiff

Gelombang Global Sdn Bhd

1st Defendant

Tan Sri Nik Awang @ Wan Azmi bin Wan Hamzah

1st Defendant

Malaysian Trustee Berhad

2nd Defendant

Procedural Posture

Commercial Division, High Court Originating Summonss Involving Interlocutory Injunctions / Interlocutory Applications (ex Parte Directed to Be Heard Inter Partes) Decided on Merits of Enclosures 3

Legal Issues

  1. 1 Whether the loan agreements are illegal, invalid or unenforceable under the Moneylenders Act 1951 and/or UMLA
  2. 2 Whether the irrevocable undertakings remained in effect after Scomi's default and whether defendants may be restrained from enforcing pledged shares

Ratio Decidendi

Applications dismissed because applicant failed to establish a bona fide serious issue: clause 7 of the Loan Agreements estopped Scomi from invoking the Moneylenders Act presumption and evidence showed transactions were shareholder rescue funding not moneylending; Scomi acted without bona fide and in pari delicto (unclean hands); mandatory injunction relief not justified; damages are an adequate, easily quantifiable remedy and balance of convenience favors defendants.