21 Nov 2025
KL PETROGAS SDN BHD (DI BAWAH PENERIMAAN) 1. ) SA PUNCAK MANAGEMENT SDN BHD 2. ) LOH YOOK MUN 3. ) ELISSA KWAN RU HUI 4. ) KWAN YU WEN 5. ) LIM AIK TEONG 6. ) MOHD RUSLI BIN NGAH
- Citation
- WA-22M-787-05/2025 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22M-787-05/2025 (Mahkamah Tinggi)
The Pre-Factoring-i Facility was, in substance, unlicensed moneylending because advances were made prior to creation of specific receivables, repayment was full recourse, security included a general debenture, and profit was time-based akin to interest; therefore those portions are unenforceable under s.15 MLA. However, the Factoring-i Facility (purchase of existing invoices) was genuine factoring and enforceable. Despite unenforceability of the loan provisions, restitution of principal is permitted to prevent unjust enrichment; the pleadings against the non-executive directors disclosed argu…