JUDGMENT

See Mee Chun JCA:

Introduction

[1] This is an appeal by the appellant, United Overseas Bank Limited Singapore (UOB) against the decision of the learned High Court Judge (HCJ). The HCJ had dismissed its application for a stay of the High Court proceedings (the USSB suit) filed by the 1st respondent (USSB) pending the final disposal of an Originating Summons filed by UOB in Singapore (Singapore OS).

[2] We had allowed the appeal and our reasons are as follows.

[3] The stay proceedings was premised on O 12 r 10(2) Rules of 2012 (RC 2012) on the ground that Malaysia is not the proper forum for the dispute, rather it is Singapore.

Parties

[4] The parties in the appeal will be referred to as follows:

a. UOB (the appellant);

b. USSB (the 1st respondent);

c. UOB Nominees (the 2nd respondent);

d. CCSB (the 3rd respondent) and its liquidators, the 4th and 5th respondents;

e. USSB's Receiver (the 6th respondent); and

f. Equiticorp (the 7th respondent).

Background Facts

[5] Pursuant to a Loan Agreement dated 17 December 1982 (the Loan Agreement), UOB granted a loan to USSB in USD18,700,000,00 (the Loan). The Loan was disbursed in US Dollars and duly utilised. As security for the Loan, USSB granted