Malaysia Case Law: Decisions & Judgments | LexChat

Malaysia Case Law

Buy-back obligation

  • 29 Oct 2024

    LIM KEE SIM LOI CHENG PHENG

    Citation
    BA-22NCvC-126-04/2023 (Mahkamah Tinggi)
    Court
    High Court
    Case number
    BA-22NCvC-126-04/2023 (Mahkamah Tinggi)

    Court found plaintiff failed to discharge burden of proof on balance of probabilities; accepted defendant's evidence that Covid‑19 force majeure and resultant frustration rendered the contract discharged as to the contested listing obligations; because plaintiff paid only RM100,000 of the RM350,000 purchase price the court treated the plaintiff as holding the shares as constructive trustee and granted defendant's counterclaim for repayment of RM100,000; plaintiff's substantive claim for buy‑back at USD2,000,000 and related reliefs were dismissed with costs.

  • 29 Oct 2024

    LIM KEE SIM LOI CHENG PHENG

    Citation
    BA-22NCvC-126-04/2023 (Mahkamah Tinggi)
    Court
    High Court
    Case number
    BA-22NCvC-126-04/2023 (Mahkamah Tinggi)

    Plaintiff failed to discharge the burden of proof; the contract was frustrated/affected by force majeure and defendant established impossibility of performance; plaintiff had not paid full purchase price and therefore only held the shares as constructive trustee; consequently plaintiff's claim was dismissed and defendant was ordered to return RM100,000 to plaintiff with costs awarded to defendant.