21 Sept 2021
DATO' SERI TIMOR SHAH RAFIQ NAUTILUS TUG & TOWAGE SDN BHD
- Citation
- W-02(NCC)(A)-1980-10/2019 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- W-02(NCC)(A)-1980-10/2019 (Mahkamah Rayuan)
The Court of Appeal held that the appellant satisfied the threshold for leave under s.348 by acting in good faith and showing a prima facie case in the company's best interest: independent Crowe Horwath reports raised sufficient concern that USD19.9m of shareholders' advances were unsubstantiated, auditors' unqualified reports and Shin Yang acknowledgements were not determinative, and majority management control does not immunise directors from accountability; consequently leave to commence derivative proceedings was granted and High Court order set aside.