Malaysia Case Law: Decisions & Judgments | LexChat

Topic

Dividend entitlement

Legal area

Court

28 Oct 2022

ABLE PERFECT SDN BHD ONG KWEE LEE

Citation

BA-22NCvC-398-10/2020 (Mahkamah Tinggi)
Court

High Court
Case number

BA-22NCvC-398-10/2020 (Mahkamah Tinggi)

The Trust Deed unambiguously required the Defendant to pay his portion of acquisition and financing costs upon demand and before any transfer; there was no credible contemporaneous agreement to permit dividend set-off, the Defendant did not complete payment and therefore was not immediate beneficial owner and is not entitled to dividends; Plaintiff succeeds.
25 Mar 2022

1. ) Great Partners Industries Ltd 2. ) APEX LEADER (HK) LTD 3. ) ONG WAN BING @ KIE TJHAN KEE HIN VENTURES SDN BHD

Citation

WA-22NCC-630-11/2019 (Mahkamah Tinggi)
Court

High Court
Case number

WA-22NCC-630-11/2019 (Mahkamah Tinggi)

The arbitration award entitled plaintiffs to the declared dividends; the defendant's March 2017 letter constituted a clear acknowledgement of debt under Limitation Act s26(2) which prevented the 2013 claim from being time-barred; the defendant's separate action to recover RM5,000,000 was dismissed so the lien defence failed; courts will not compel a company to declare dividends except in clear exceptional circumstances, therefore declaration claims for 2008–2012 and 2017 were dismissed.