9 Feb 2023
1. ) KBH MARINE INDUSTRY SDN. BHD. 2. ) Sin Soon Hock Sdn Bhd 1. ) PIONEER CONGLOMERATE SDN BHD 2. ) Chin Swee Chong 3. ) TAN POO CHUAN 4. ) YEO BOON LEONG 5. ) TAN SEOK GAIK 6. ) LIM SOO AUN 7. ) KOAY YEAT YEE 8. ) ACE CREDIT (M) SDN BHD
- Citation
- PA-22NCVC-74-05/2018 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- PA-22NCVC-74-05/2018 (Mahkamah Tinggi)
The Loan Agreement dated 20.10.2017 between the borrower (D1) and Ace Credit (D8) contravened mandatory provisions of the Moneylenders Act 1951 and is null and void; documents and security instruments executed pursuant to that illegal transaction (including the Charge and caveats) are tainted and incapable of enforcement; however where monies and benefits were received by the borrowers/chargors the court ordered restitution under s66 Contracts Act by requiring repayment/adjustment of amounts received subject to lawful set‑offs and specified timelines.