(delivering the Judgment of the Court): We allowed the appeal with costs here and below to be taxed, set aside the Judgment in default of defence and ordered both the appellants to deliver their statement of defence within twenty-one days from date thereof. We intimated that we would give our reasons in writing which we now do.

The relevant facts for the purpose of this appeal may be briefly stated. The respondents are a licensed bank carrying on business in Malaysia and on December 31, 1983 they took out a writ against both the 1st and 2nd appellants. According to the statement of claim dated January 6, 1984 the respondents claim from the appellants the following reliefs:

(1) A declaration that the first Defendants received the sum of S$1,500,000 as money had and received to the use of the Plaintiffs and an order that the first Defendants repay the amount to the Plaintiff.

(2) A declaration that the second Defendant received the sum of S$4,696,500 as money had and received to the use of the Plaintiffs and an order that the second Defendant repay the amount to the Plaintiffs.

(3) Damages for deceit and/or conspiracy and/or conversion of moneys.

(4) Interest.

(5) Such furth