3 Feb 2023
CEKAP ASIA SDN. BHD. 1. ) DATO SRI YAP SENG YEW 2. ) DATIN SRI GAN LI LI 3. ) HONG LEONG INVESTMENT BANK BERHAD
- Citation
- BA-22NCC-18-02/2021 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- BA-22NCC-18-02/2021 (Mahkamah Tinggi)
On the balance of probabilities the Court accepted the Plaintiff was the beneficial owner of the 11,749,000 Merces shares and the First and Second Defendants, as directors, caused those shares to be transferred without proof of payment. Defendants failed to discharge their burden to prove they paid the purchase price. Documentary evidence (Bursa Form 29C, securities account declaration) and witness evidence supported Plaintiff's beneficial ownership. The Court therefore found fraudulent breach of trust and ordered restitution of the shares, payment of identified dividends (as proved) with int…