The Federal Court in Auspicious Journey Sdn Bhd v Ebony Ritz Sdn Bhd & Ors recently dealt with the issue of whether directors of a company and/ or third parties can be held personally liable for oppression action. To cut the long story short, the Federal Court held in the positive. The long answer is…
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Anti-Money Laundering, Anti-Terrorism Financing And Proceeds of Unlawful Activities Act, or AMLA for short, is a piece of legislation created for the purpose of punishing those who commit money laundering activities and/ or those who commit the act of financing terrorist activities. Money Laundering? Financing Terrorist Activities? What Is That All About? Money laundering is…
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We have been dealing with a lot of minority oppression cases/ issues in our previous articles. In this article, we will deal with the exact opposite, namely, whether the majority shareholders of a company can be oppressed/ bring an oppression suit. What is oppression? Oppression is an act whereby the action of the company (against…
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Can directors of a company and/ or third parties can be held personally liable for oppression action? This issue was dealt with recently in the Federal Court in Auspicious Journey Sdn Bhd v Ebony Ritz Sdn Bhd & Ors. We shall briefly discuss the question posed. (we have previously dealt with the issues of bringing…
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When shares are transferred from one party to another, how does the company value the shares (for stamp duty purposes)? Is it: a: A fixed value as stated in the transfer form; or b: Other considerations need to be taken into account in determining the actual value of shares of the date of transfer? Let…
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Can a company be joined as a co-petitioner in a derivative action against the company itself? Let us briefly look at the case of Koh Jui Hiong @ Koa Jui Jeong & Ors v Ki Tak Sang @ Kee Tak Sang And Another Appeal and determine the question above. Brief facts of the case One…
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In this article, we will briefly share the laws governing a liquidator, namely: How are they appointed? In a voluntary winding up scenario, via a resolution: By a member’s voluntary winding up where the company is solvent and the liquidator is appointed by the members at the members’ meeting; or By a creditors’ voluntary winding…
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What is consideration? In contrast, the word “consideration” connotes an act/ abstention by the promisee (the person who accepts a contract offer) in return for the same by the promisor (the person who offers the contract). For example, the A offers B RM200. In return will repair A’s air conditioner. The consideration in the example…
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What is misrepresentation Misrepresentation is a false/ untrue/ misleading pre-contractual statement of fact made by one party (party A) that induces another party (party B) to enter into a contractual relationship with A, which usually results in B suffering loss. How many types of misrepresentation are there? There are three types of misrepresentation in Malaysia.…
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Can equity comes into play in an oppression suit? In this article, we will briefly discuss this issue. The law in relation to this topic First thing’s first, what is “Oppression”? Under section 346 of the Companies Act, oppression happens when the actions of the company (in regards to the treatment of the shareholders of…
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