6 Jan 2020
BANK KERJASAMA RAKYAT (M) BERHAD KOPERASI SERBAGUNA IMAN MALAYSIA BERHAD
- Citation
- WA-22M-127-03/2019 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22M-127-03/2019 (Mahkamah Tinggi)
The court held that alleged Shariah non-compliance (Bai al-Inah timing) does not render the asset sale and purchase agreements void because enforceability is governed by the Contracts Act 1950 and absence of any s24 vitiating factor; IFSA 2013 s281 prevents automatic nullification for IFSA breaches; the 2017 supplemental documents and correspondence unambiguously show they were additional securities not an undertaking to restructure; deeds of assignment effected absolute assignment of proceeds entitling the bank to sue and appropriate proceeds concurrently; without prejudice/resolution letter…