21 Aug 2025
AJ KASTURI SDN BHD 1. ) PANNIRSELVAM A/L MANNAR 2. ) UZINANI BINTI MOHD SANI 3. ) NG SEE HUA 4. ) NG SOON TEAM 5. ) TEE JEN TONG 6. ) ABLE DYNAMIC TRADING SDN BHD
- Citation
- B-02(NCvC)(W)-1000-06/2024 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- B-02(NCvC)(W)-1000-06/2024 (Mahkamah Rayuan)
The court concluded that the cumulative weight of suspicious circumstances (deduction at source consistent with interest, retention of possession, unsigned and fabricated LOPs, patterned quarterly transactions, and single legal representation) established the SPAs were sham devices to disguise illegal moneylending by unlicensed lenders; under the Moneylenders Act 1951 and contract law such arrangements are void and unenforceable; because the Act protects borrowers the Appellants are not in pari delicto and may recover; the High Court's contrary factual findings were plainly wrong, so the appe…