29 Nov 2019
GLOBAL GLOBE PROPERTY (MELAWATI) SDN BHD JANGKA PRESTASI SDN BHD
- Citation
- B-02(NCVC)(W)-2505-12/2018 (Mahkamah Rayuan)
- Court
- NCVC
- Case number
- B-02(NCVC)(W)-2505-12/2018 (Mahkamah Rayuan)
On the balance of probabilities the SPAs were a sham designed to cloak an illegal moneylending transaction (loan RM1.2m with RM400k as interest); the inconsistencies between documents and parties' conduct, failure to comply with statutory formalities and presumptions under the Moneylenders Act 1951 rendered the agreements illegal and unenforceable, and the High Court's grant of specific performance was set aside.