Low Hop Bing J:

Appeal

This is an appeal in encl. (36) filed by defendant 1 against the decision of the learned registrar who had on 25 July 2003 entered summary judgment in favour of the plaintiff under O. 14 of the Rules of the High Court 1980.

A reference hereinafter to an order and rule is a reference to that order and rule in the Rules of the High Court 1980 unless the context otherwise requires.

Factual Background

The plaintiff's claim against defendant 1 is for:

1. a sum of RM358,937.25 as at 13 May 2002 being arrears under bankers acceptance granted by the plaintiff to defendant 1; and

2. interest at 10.3% p.a. accruing at daily rest on the principal sum of RM300,000 with effect from 14 May 2002 to the date of full realisation.

Vide plaintiff's letter of offer dated 30 May 1997 to defendant 1 ("the letter of offer") which defendant 1 has accepted, and on the basis of the letter of guarantee executed by defendants 2 and 3, the plaintiff gave defendant 1 the following banking facilities:

1. an overdraft against outport cheques for RM80,000; and

2. letters of credit, trust receipt and bankers acceptance for RM300,000.

The repayment and tenure of the aforesaid banking