JUDGMENT

Nallini Pathmanathan JCA:

Introduction

[1] Corporate bonds in Malaysias capital market relative to its domestic gross product are ranked the third largest in Asia [See Capital Markets- Discipline & Misconduct by Loh Siew Cheang, Tan Ming-li & Evelyn Chan published by Lexis Nexis, First Edition 2019]. Its rapid growth is attributable in large part, (apart from the economy), to the existence of a comprehensive legislative regulatory framework established initially under the Securities Commission Act (SCA) 1993, and presently under the Capital and Markets and Services Act (CMSA) 2007.

[2] This series of nine appeals relates to the regulation of corporate bonds in the Malaysian capital market, under the previous regulatory regime of the SCA 1993. More specifically, these appeals address the incidence and extent of the duties and liabilities of the various actors in the capital market field more particularly the bond market, both prior to the issuance of corporate bonds, and the situation post-issuance when default occurs, culminating in the failure of the corporate bond issue. This in turn caused sizeable losses, ultimately borne by the investors, ie the bondholders. These issues