3 Aug 2021
IB CAPITAL SDN. BHD. (No. Syarikat: 13543-H) 1. IVORY INDAH SDN, BHD. (No. Syarikat: 593357-M) 2. CIMB ISLAMIC BANK BERHAD (No. Syarikat: 671380-H)
- Citation
- P-02(NCVC)(W)-951-05/2019 (Mahkamah Rayuan)
- Court
- NCVC
- Case number
- P-02(NCVC)(W)-951-05/2019 (Mahkamah Rayuan)
The Court held that IB Capital had an equitable interest as an equitable chargee/beneficiary under a constructive trust; D1 and D2 had actual or constructive knowledge and therefore were not bona fide purchasers without notice and hold remedial constructive trustee liability; specific restitution of title was impractical so equitable compensation was awarded: D1 liable for 70% (RM6,300,000) and D2 for 10% (RM900,000) of agreed redemption sum RM9,000,000, with interest and costs; the High Court decision dismissing IB Capital was set aside.