30 Jul 2024
1. ) DETIK RIA SDN. BHD. 2. ) TAN SRI DATUK ABDUL RAHIM BIN HAJI DIN 1. ) PRUDENTIAL CORPORATION HOLDING LIMITED 2. ) THE PRUDENTIAL ASSURANCE COMPANY LIMITED
- Citation
- 02(f)-40-07/2023(W) (Mahkamah Persekutuan)
- Court
- f
- Case number
- 02(f)-40-07/2023(W) (Mahkamah Persekutuan)
The Federal Court held the Insurance Act 1996 governed the 2002 agreement, the CPOA and SCPOA were valid conditional contracts on execution but became void and unenforceable when material/substantive performance occurred without the mandatory prior written consent of the Minister under s67; specific performance therefore unavailable and section 66 Contracts Act 1950 required restoration -- Detik Ria to return RM109,205,290.57 with 5% p.a. interest and respondents to restore all benefits including dividends with 5% p.a. interest; costs awarded to appellant RM200,000.