29 Nov 2021
POLY RITZ DEVELOPMENT SDN BHD (Business Registration No.: 917797-; 1. PUA HWEE LEONG & ANOTHER. (Identity Card No.: 681213105719) 2. TAN CHENG TUCK (Identity Card No.: 660704105235)
- Citation
- WA-22NCvC-644-09/2019 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCvC-644-09/2019 (Mahkamah Tinggi)
On the balance of probabilities the SPA was a sham and a cover for an illegal moneylending transaction because parties' pre‑ and post‑contract conduct (payments made before execution, lack of securitization or caveat, absence of possession, no negotiation/receipts, undervalue sale, failure to enforce repurchase, and the second defendant's failure to testify) demonstrated a common intention not to be bound by the SPA; accordingly the transaction contravened the Moneylenders Act 1951 and is unenforceable.