GROUNDS OF JUDGMENT

In this action, the Applicant seek to remove the private caveat registered by the Respondent upon 5 pieces of land all located in Bandar Kuala Lumpur, District of Kuala Lumpur.

Background

The original proprietor of the lands was, Maril-Rionebel (M) Sdn. Bhd., which was wound up on 14.11.2000. The lands were charged to OCBC Bank (M) Berhad under 2 charges. After Maril-Rionebel had been wound up, the Official Receiver from the Insolvency Department Malaysia had appointed as the provisional liquidator on behalf of Maril. The Applicant herein purchased the said land via a Sale and Purchase Agreement dated 30.8.2005 between the Applicant and the Official Receiver on behalf of Maril. The Applicant was the highest bidder in a close tender offer with the purchase price of Ringgit Malaysia One Hundred Million and One Hundred Thousand (RM100,100,000.00). For this sale and purchase, the Applicant has obtained approval from the Foreign Investment Committee (FIC) on 21.11.2005. Following the said approval, pursuant to the term of the Sale and Purchase Agreement, the Applicant deposited to the Official Receiver a bank guarantee dated 21.12.2005, issued by Bumiputra Commerce Bank