JUDGMENT

Atan Mustaffa Yussof Ahmad JC:

[1] This Judgment concerns the Plaintiff's summary judgment application (encl 56) against the 2nd to 6th Defendants pursuant to O 14 Rules of 2012 ("ROC 2012'). This arose from guarantee agreements signed by the 2nd to 6th Defendants in respect of the 1st Defendant's debts under a vessel purchase agreement and charter agreement.

[2] After hearing this application and after reserving my decision, I allowed encl 56. This Judgment contains the full grounds for my decisions.

Background Facts

[3] The Plaintiff and the 1st Defendant entered into a Memorandum of Agreement dated 1 July 2014 ("the Memorandum of Agreement') whereby the Plaintiff agreed to sell and the 1st Defendant agreed to purchase the Vessel identified as SK78 ("the Vessel"). The salient terms of the Memorandum of Agreement are as follows:

a) The purchase price of the Vessel is USD13,250,000.00;

b) A deposit of USD105.000.00 ("the Deposit') shall be paid by the 1st Defendant to the Plaintiff;

c) The balance of the purchase price of USD13,145,000.00 ("the Balance Purchase Price") shall be paid in full by the 1st Defendant to the Plaintiff; and

d) The interest at the rate of 10% per annum