17 Mar 2023
Shim Vui Geh Dayang Masturah Bt Sahari
- Citation
- S-01(NCvC)(W)-139-03/2022 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- S-01(NCvC)(W)-139-03/2022 (Mahkamah Rayuan)
The Court held Shim was not carrying on the business of moneylending on the evidence and had rebutted the statutory presumption under s10OA; the loans were therefore friendly and enforceable, but the mechanism used to take security (outright transfers and sale agreements held in escrow) defeated the Sabah Land Ordinance and Contracts Act and were void; accordingly the transfers are set aside and the borrowers must repay the acknowledged loan sums, default interest at 1.5% p.m. is struck down and the court awarded interest at 5% p.a. from 17.3.2023 to date of realisation; counterclaims for inj…