4 Aug 2022
1. ) DETIK RIA SDN. BHD. 2. ) TAN SRI DATUK ABDUL RAHIM BIN HAJI DIN 1. ) PRUDENTIAL CORPORATION HOLDING LIMITED 2. ) THE PRUDENTIAL ASSURANCE COMPANY LIMITED
- Citation
- W-02(NCC)(A)-1100-08/2020 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- W-02(NCC)(A)-1100-08/2020 (Mahkamah Rayuan)
The Court held the CPOA and related agreements were valid conditional contracts; section 67 of the Insurance Act 1996 prohibits the carrying out of a transaction that would effect an acquisition/disposal without prior approval but does not prohibit entering into a conditional agreement whose enforceability is contingent on approval; the Bank's approval (dated 10.6.2019) rendered the agreements unconditional and enforceable; estoppel and the parties' conduct supported enforcement; consequently the appeal was dismissed and the High Court judgment affirmed.