JUDGMENT

John Lee Kien How @ Mohd Johan Lee JC:

Introduction

[1] MSM Malaysia Holdings Berhad ('1st Plaintiff') and the beneficiaries of the late Dato' Sheikh Awab bin Sheikh Abod ('the Deceased') namely the 2nd and 3rd Plaintiffs filed this suit against Transnational Insurance Brokers (M) Sdn Bhd ('the Defendant') alleging that the Defendant had acted negligently and had failed to perform their duty as broker and risk consultant of the 1st Plaintiff.

Background Facts

[2] This 1st Plaintiff is a public company listed on the Main Market of Bursa Malaysia Securities Sdn Bhd and was incorporated pursuant to the Companies Act 1965 . The 2nd and 3rd Plaintiffs are the administrators and the beneficiaries of the Deceased.

[3] Meanwhile, the Defendant is a company limited by shares and incorporated pursuant to the Companies Act 1965 . The Defendant acted as the insurance broker and risk consultant for the 1st Plaintiff at all material times. The Defendant had procured a group term takaful for the 1st Plaintiff from Takaful Ikhlas Berhad ('Takaful Ikhlas') in accordance with the terms and conditions contained in the Group Term Takaful Certificate No GTT00447 ('the Certificate') for the period