Malaysia Case Law: Decisions & Judgments

Topic

Persons acting in concert

Legal area

Court

15 Nov 2024

1. ) Irene Wong Sook Lin 2. ) Kwan Kum Loy 3. ) Lee Ceh Chan 1. ) Datuk Au Yee Boon 2. ) Tan Eik Huang 3. ) Au Yee Soon 4. ) Prolexus Berhad

Citation

WA-24NCC-380-07/2023 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-380-07/2023 (Mahkamah Tinggi)

Application dismissed because applicants failed to prove on the balance of probabilities that they acted in good faith and that the claim appeared prima facie in the best interests of the company: factual findings included post-breach acquisition of a minuscule shareholding, material connections to opposing party’s solicitors raising collateral purpose and lack of candour, absence of evidence of loss or probable success, and the court must not usurp the Securities Commission’s regulatory role on alleged CMSA breaches.
13 Dec 2022

Suruhanjaya Sekuriti Malaysia 1. ) KOON YEW YIN 2. ) TAN KIT PHENG 3. ) DAVID CHEW @ CHEW HOOI BOON 4. ) YAP SUNG PANG

Citation

AA-B52NCvC-25-07/2022 (Mahkamah Sesyen)
Court

Sessions Court
Case number

AA-B52NCvC-25-07/2022 (Mahkamah Sesyen)

Defendants failed to disclose any bona fide triable issue undermining the Commission's statutory finding that they acted in concert and breached mandatory takeover obligations; statutory sanction is recoverable as a civil debt and, because defendants did not challenge the sanction by timely judicial review, they cannot collaterally attack it in this suit; summary judgment under Order 14 is therefore appropriate and granted for the penalty amount.
1 Nov 2019

1. Apex Equity Holdings Berhad (Company No.: 208232-A) 2. JF Apex Securities Berhad (Company No.:47680-X) 1. LIM SIEW KIM (NRIC No.: 481024-10-5502) 2. LIM BENG GUAN (NRIC No.: 701125-04-5483) 3. MALCOLM FERNANDEZ (NRIC No.: 711030-10-6297)

Citation

WA-24NCC-264-05/2019 (Mahkamah Tinggi)
Court

High Court
Case number

WA-24NCC-264-05/2019 (Mahkamah Tinggi)

OS 264 was struck out because the subject matter falls within the Securities Commission's exclusive regulatory jurisdiction under the CMSA, the provisions relied on by plaintiffs are not 'relevant requirements' under s.360 permitting the court to grant the pleaded reliefs, the plaintiffs lacked locus standi as target companies (not aggrieved minority shareholders), and the reliefs were premature while SC investigations were pending; therefore the proper forum is the Securities Commission and not the High Court.

Malaysia Case Law

1. ) Irene Wong Sook Lin 2. ) Kwan Kum Loy 3. ) Lee Ceh Chan 1. ) Datuk Au Yee Boon 2. ) Tan Eik Huang 3. ) Au Yee Soon 4. ) Prolexus Berhad

Suruhanjaya Sekuriti Malaysia 1. ) KOON YEW YIN 2. ) TAN KIT PHENG 3. ) DAVID CHEW @ CHEW HOOI BOON 4. ) YAP SUNG PANG

1. Apex Equity Holdings Berhad (Company No.: 208232-A) 2. JF Apex Securities Berhad (Company No.:47680-X) 1. LIM SIEW KIM (NRIC No.: 481024-10-5502) 2. LIM BENG GUAN (NRIC No.: 701125-04-5483) 3. MALCOLM FERNANDEZ (NRIC No.: 711030-10-6297)