JUDGMENT

Quay Chew Soon J:

Introduction

[1] The dispute herein concerns the 1st floor ("property") of a 3-storey terrace shop lot ("said 3-storey shop lot") located at Taman Lugano, Pulau Pinang. The other two storeys of the said 3-storey shop lot, ie the ground floor and the 2nd floor, are not the subject matter of adjudication in the instant suit.

[2] The Plaintiff's ("P") action against the 1st Defendant ("D1") is premised on conspiracy to defraud. After a full trial, I dismissed P's claim. Here are the grounds of my judgment.

Background Facts

[3] The property was sold by a developer known as Lugano Corporation Sdn Bhd("developer") to one Yap Kim Et ("borrower") through a sale and purchase sgreement dated 24 August 1998 at a purchase price of RM168,000.00 .

[4] P provided a loan facility amounting to RM RM130,000.00 to the borrower1 OF 20 to finance the purchase of the property. As security for the loan facility, the borrower assigned his interest in the property to P through a deed of assignment and a power of attorney, both dated 10 August 1999.

[5] The developer executed a letter of undertaking dated 30 December 1998 in favour of P. Pursuant to the letter of undertaking, the develope