CIMB BANK BERHAD vs DIAMEX SDN BHD & ORS

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2010 MarsdenLR 3096

HIGH COURT, PENANG
CIMB BANK BERHAD – Appellant
Versus
DIAMEX SDN BHD & ORS – Respondent

Table of Content
1. overview of financing agreements and guarantees (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8)
2. dispute over discharge from guarantor obligations (Para 9 , 10)
3. conditions for bank's rights to withdraw loans (Para 11 , 12)
4. importance of written discharge from guarantee (Para 13 , 15 , 16)
5. consequences of defaults under financing agreement (Para 17 , 18 , 19)
6. court's discretion in adjudication and dismissal of claims (Para 20 , 21)

JUDGMENT

GROUNDS OF DECISION

[1] This is the Third Defendant's application (Enclosure 16) to strike out the Plaintiff's claim pursuant to Order 18 Rule 19 of the Rules of the High , 1980 .

[2] The Plaintiff a licensed bank had made available to the First Defendant financing facilities since 1999 through its predecessor Bank of Commerce Berhad. Upon the request of the First Defendant, the Plaintiff had agreed to revise the financing facilities by way of a Letter of Offer dated 16-4-2003 and the First Defendant had accepted the revised terms thereof. The revised financing facilities among others comprised an Overdraft as well as Multi Option Trade Financing Facilities ("the said Financing Facility"). The Second and Third Defendants who were the

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2010 MarsdenLR 3096

HIGH COURT, PENANGCIMB BANK BERHAD – AppellantVersusDIAMEX SDN BHD & ORS – Respondent

Cases Referred (3)

HIGH COURT, PENANG
CIMB BANK BERHAD – Appellant
Versus
DIAMEX SDN BHD & ORS – Respondent