19 Sept 2023
1. ) MERGE JATI ENGINEERING SDN BHD 2. ) HOW KEN KON @ LOW KEN KON 1. ) KANG JIT SING 2. ) NG MUI KOON 3. ) KANG KOK WEE, KELVIN 4. ) KANG KOK YONG, JASON 5. ) TONGOD OIL PALM SDN BHD 6. ) PINANGAH OIL PALM SDN BHD 7. ) WEST BORNEO RESOURCE
- Citation
- JA-24NCC-35-12/2022 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- JA-24NCC-35-12/2022 (Mahkamah Tinggi)
The court found on the facts that the majority's conduct — including delegating negotiations without shown board authority, dismissing minority queries, opening accounts and diverting funds without minority knowledge, and effecting a dilution of WBS's control in PT SMS — amounted to oppression under s.346 Companies Act 2016; accordingly the minorities are entitled to a court-ordered buy-out by majority shareholders (with court-approved independent valuation and specified transfer mechanisms), and a conditional alternative winding-up remedy if the buy-out orders are not complied with; the decl…