24 Nov 2023
DAVID CHOONG JIN CHAI 1. ) TAN SRI DATO' SERI DR M MAHADEVAN A/L MAHALINGAM 2. ) Letchumanan A/l S. Rajoo
- Citation
- W-02(NCvC)(W)-2155-11/2021 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- W-02(NCvC)(W)-2155-11/2021 (Mahkamah Rayuan)
The SOGAs were sham documents; contemporaneous bank remittance forms and bank statements established transfers from TSM to DC corresponding to SOGA tranche amounts and 'dividends' equated to interest; s.10OA MLA raised a presumption that TSM was carrying on a moneylending business which he failed to rebut; the transactions therefore constituted unlicensed moneylending contrary to s.5(1) and were void and unenforceable under s.15 MLA and void under Contracts Act s.24; appeals allowed and High Court decision set aside with declarations that the SOGAs are void under the MLA.