JUDGMENT

Atan Mustaffa Yussof Ahmad J:

Introduction

[1] This judgment concerns an application by Kenanga Investors Berhad, for summary judgment against the Zulrafq Capital Sdn Bhd and Tan Sri Zulhasnan bin Rafique in respect of the Plaintiff's claim. The Plaintiff's claim is premised on a Put and Call Option Agreement and a Supplemental Option Agreement as well as a Personal Guarantee. The Defendants resist the summary judgment application, raising issues of an understanding involving a third party being liable for payments and an alleged conspiracy against them. Having considered the cause papers, affidavits and submissions of the parties, this court now provides its decision and grounds on the Plaintiff's summary judgment application.

Brief Facts

[2] On 22 October 2021, the Plaintiff, Kenanga Investors Berhad, and the First Defendant, Zulrafq Capital Sdn Bhd, entered into a Put and Call Option Agreement with a Term Sheet attached ("Option Agreement'). Under the agreement, the Plaintiff granted the First Defendant a Call Option to buy back from the Plaintiff 190,476,190 ordinary shares in KNM Group Berhad worth RM40,000,000 ("the Option Shares'). The Plaintiff was also granted an irrev