24 Nov 2023
LEE KUANG GEN TAN SRI DATO' SERI DR M MAHADEVAN A/L MAHALINGAM
- Citation
- W-02(NCvC)(W)-2021-10/2021 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- W-02(NCvC)(W)-2021-10/2021 (Mahkamah Rayuan)
The Court held that the SOGAs were in substance sham documents recording cash loans and monetised gold advances from TSM to DC with interest; the bank evidence and admissions triggered the rebuttable presumption under s.10OA MLA which TSM failed to rebut; consequently TSM carried on an unlicensed moneylending business and the loans/agreements are void and unenforceable under s.15 MLA and void for illegality under Contracts Act s.24; High Court decision was set aside and declarations granted that the SOGAs are void under the MLA.