5 Jun 2020
MALAYSIAN TRUSTEE BERHAD (Company No.: 21666-V)) 1. DATO’ SNG CHONG KEONG (NRIC No.: 580809-10-5661) 2. HOW YEN TOW (NRIC No.: 671014-10-6090) 3. INISIATIF IKHLAS DN BHD (Company No.: 480132-V) 4. KOPERASI PERMODALAN FELDA MALAYSIA BERHAD (
- Citation
- WA-24NCC-14-01/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-24NCC-14-01/2020 (Mahkamah Tinggi)
The Escrow Agreement operates as an on-demand mechanism: the Purchaser's Escrow Release Notice complied substantially with the prescribed form and triggered an obligation on the Escrow Agent to release the RM10,000,000 within three business days; the Vendors' Notice of Dispute did not allege fraud and did not preclude release; although the Escrow Agent had a contractual discretion to commence proceedings, it could not use that discretion to avoid complying with the clear release mechanism and had not shown it sought legal advice—consequently the escrow fund must be released to the Purchaser a…