This matter arose from a high-profile dispute over banking confidentiality between Public Bank Berhad and the National Feedlot Corporation group of companies and its director, Dato’ Sri Dr Mohamad Salleh bin Ismail (the Respondents). The dispute centred on the unauthorised disclosure of the Respondents’ confidential banking information, which surfaced during a press conference held in 2012 held by a Member of Parliament, Rafizi bin Ramli.   At that press conference, Rafizi re

Gambling contracts occupy a contentious place in legal discourse, with their enforceability varying widely across jurisdictions. While some systems uphold them, others void them as contrary to public policy.    The Malaysian courts have consistently approached gambling contracts with caution, primarily due to their potential conflict with public policy and statutory prohibitions. In practice, contracts tied to unauthorised or unlicensed gambling are generally void and unenfor

While the world has moved past the COVID-19 pandemic, its aftermath continues to affect many, especially contractors in the construction industry. Given the long-term nature of their contracts, delays in one phase can trigger a cascading effect, prolonging recovery. The recent Court of Appeal decision in Panzana Enterprise Sdn Bhd v Turnpike Synergy Sdn Bhd  [2024] 8 AMR 881 examines the reliefs available to contractors under the Temporary Measures for Reducing the Impact of

Recently, Bank Negara Malaysia (BNM) issued a policy document on the Disposal And Purchase of Impaired Loans/ Financing (Policy Document) which came into effect on the date of its issuance i.e. 25 June 2024.   This Policy Document aims to improve the requirements for the disposal and purchase of impaired loans/financing, ensuring the process is conducted efficiently while protecting the rights and interests of the affected borrowers. The disposal of impaired loans/financing b

In the words of the Federal Court in Poh Gaik Lye v Amfraser Securities Pte Ltd  [2015] 1 MLJ 453 “B ankruptcy proceedings against anyone is a drastic measure with great and damaging ramifications to one's livelihood. A bankrupt's life in many respects is shackled by many chains and is under the supervision by the Official Receiver during his bankruptcy life . ”   This is the reason that bankruptcy proceedings will require strict adherence to the procedures provided for under

In the realm of investments and financial transactions, what meets the eye may not be the legal reality. The Court of Appeal has recently allowed the following appeals where it resolves around what initially appeared to be a sales agreement was in fact, a cleverly disguised moneylending agreement:   (a)        Lee Kuang Gen v Tan Sri Dato’ Seri M Mahadevan Mahalingam (Civil Appeal No.: W-02(NCvC)(W)-2021-10/2021)   (b)        David Choong Jin Chai v Tan Sri Dato’ Seri M Mahad

On 8 January 2024, the Securities Commission (SC) announced that the Advisory Committee on Sustainability Reporting (ACSR) will be conducting an online public consultation in February 2024 regarding the adoption of sustainability disclosure standards released by the International Sustainability Standards Board (ISSB) in Malaysia.   The ACSR is chaired by the SC and was formed with the endorsement of the Ministry of Finance. The ACSR includes representatives from Bank Negara M

At first glance, borrowing or lending money appears as a routine financial transaction, a means to overcome temporary financial hurdles to achieve personal milestones. However, in the evolving landscape of informal peer-to-peer lending or other alternative financial arrangements, unsuspecting individuals might find themselves inadvertently cast into the roles of “moneylenders”, with legal ramifications under the Moneylenders Act 1951 (MA 1951). This circumstance was explored

In a loan arrangement, apart from securities, a borrower is also typically required to have a third party provide guarantee(s) in favour of its creditor (guarantor). This would serve to provide assurance and comfort to the creditor as a guarantor assumes the responsibility for the debt under the loan arrangement in the event the borrower defaults on payment of the loan or if the borrower’s business folds. However, would a guarantor be able to recoup his losses upon payment of

Section 21(1) of the Limitation Act 1953 (LA 1953) reads: “No action shall be brought to recover any principal sum of money secured by a mortgage or other charge on land or personal property or to enforce such mortgage or charge, or to recover proceeds of the sale of land or personal property after the expiration of twelve years from the date when the right to receive the money accrued.” Several cases that have dealt with the application and effect of the 12 year limitation p

On 16.11.2020, the Finance Bill 2020 ( Bill ) was tabled. The Bill proposes various amendments to the current key revenue legislations such as the Income Tax Act 1967 (“ ITA ”), Real Property Gains Tax Act 1976 ( RPGTA ), Stamp Act 1949 ( SA ), Petroleum ( Income Tax ) Act 1967 ( PITA ) and Labuan Business Activity Tax Act 1990 ( LBATA ). The effective date of the proposed amendments varies. In this alert, our Tax, SST & Customs practice has summarised the key features of the