14 Jan 2025
ONG KWEE LEE ABLE PERFECT SDN BHD
- Citation
- B-02(NCvC)(W)-2083-11/2022 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- B-02(NCvC)(W)-2083-11/2022 (Mahkamah Rayuan)
The Court held the Trust Deed satisfied the three certainties and created a private express trust effective from 11.4.2016; consequently the appellant was immediately the beneficial owner of 250,000 shares and entitled to the rights, title and benefits (including dividends), the dividends were held on trust for him and could be used to offset his portion of acquisition costs, but the respondent retained a contractual/creditor right to demand immediate repayment; on the accounting the appellant owed RM3,563,521.68 as at 22.6.2022.