11 Feb 2020
TOH FONG CHENG & 4 OTHERS PANG CHOON KIAT & 2 OTHERS AND ANOTHER APPEAL
- Citation
- B-02(NCVC)(W)-307-02/2018 (Mahkamah Rayuan)
- Court
- NCVC
- Case number
- B-02(NCVC)(W)-307-02/2018 (Mahkamah Rayuan)
On the evidence the SPA was genuine and the RM2,000,000 was paid into the firm’s client account as stakeholder money; the firm (through the deceased partner) misapplied RM1.5 million to an unauthorized third party, breaching the implied undertaking, professional duties and trust; under Partnership Act provisions the firm, all partners and the deceased partner’s estate are jointly and severally liable to repay the purchaser; damages limited to recovery of RM2,000,000 minus RM360,000 refund (RM1,640,000) with interest, and the award for appreciation was set aside.