JUDGMENT

Wong Chee Lin J:

[1] This is an application by the 5th, 6th, 7th and 8th Defendants to stay the proceedings against them pending reference to arbitration. I have dismissed the application. These are the full reasons for my decision.

Background Facts

[2] On 14 November 2019, the 1st Plaintiff ("FELDA") and the 2nd Plaintiff ("FIC") commenced this action in respect of the wrongdoings and conspiracy against Synergy Promenade Sdn Bhd ("SPSB"), Synergy Promenade KLVC Sdn Bhd ("SPKLVC"), Abd Rahman Bin Soltan ("Abd Rahman"), Noraini Binti Soltan ("Noraini") and 17 other Defendants.

[3] In essence, FELDA and FIC are seeking inter alia to set aside the Development Agreement dated 2 June 2014 ("Development Agreement"), the Power of Attorney dated 3 June 2014 ("Power of Attorney"), Lease Agreement dated 24 February 2015, Sale and Purchase Agreements dated 2 December 2015 and 7 November 2016 ("SPA's"), 16 Memorandums of Transfer ("MOTs"), Deed of Assignment of Lease dated 29 September 2016 ("DoAL") and Memorandum of Understanding dated 15 January 2018 ("MOU") ab initio.

[4] By a Notice of Arbitration dated 25 November 2019, the Defendant ("SPSB") commenced arbitration proceedings ("Arbitra