24 Nov 2023
DAVID CHOONG JIN CHAI TAN SRI DATO' SERI DR M MAHADEVAN A/L MAHALINGAM
- Citation
- W-02(NCvC)(W)-2156-11/2021 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- W-02(NCvC)(W)-2156-11/2021 (Mahkamah Rayuan)
Banking records proved cash transfers from TSM to DC that corresponded to SOGA tranches and monthly "dividends" matched interest calculations; s10OA MLA presumption of moneylending arose and TSM failed to rebut it; the transactions therefore amounted to carrying on an unlicensed moneylending business and were illegal and unenforceable under s15 MLA and void under Contracts Act s24; accordingly the SOGAs are sham and void ab initio.