28 Oct 2025
PANG VENG YAEN LEE MEI KIM
- Citation
- N-02(NCvC)(W)-802-05/2024 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- N-02(NCvC)(W)-802-05/2024 (Mahkamah Rayuan)
On the totality of evidence the Court found the two SPAs were sham transactions disguising loans: the plaintiff advanced money to pay stamp duty via solicitor, charged interest at 5% per month, had no licence, funds were not received by defendants and repayment was structured as a buy-back option—invoking the presumption under s10OA MA1951 which plaintiff failed to rebut—therefore agreements contravened s15 MA1951 and were unenforceable; the High Court’s findings were set aside and both appeals allowed.