26 Feb 2024
DESACORP SDN. BHD. 1. ) WONG HOU LIANQ 2. ) Kathryn Ma Wai Fong (as the personal representative, executrix and trustee of the estate of the late Wong Kie Nai) 3. ) ASPIRE SUMMIT SDN. BHD. 4. ) DEMETER RESOURCES MANAGEMENT SDN. BHD.
- Citation
- Q-02(NCvC)(W)-1800-11/2020 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- Q-02(NCvC)(W)-1800-11/2020 (Mahkamah Rayuan)
The court held that while directors breached section 131 Companies Act 1965 by failing to disclose interests, there was no breach of section 132; Desacorp, having knowledge and conduct amounting to affirmation (including board awareness, drawdown letters, payments and site visits), had effectively ratified or was estopped from avoiding the Aspire and Demeter agreements, so the respondents proved entitlement to the claimed payments; consequently Desacorp’s counterclaims failed and the appeals were dismissed.