James Foong J:

Introduction

The disputes in this case involve boardroom intrigues, corporate takeovers and commercial wrestles between competing individuals, business rivals and market adventurers. In order to understand the claims, counter-claims and claims to counter-claims of the parties to this suit, it is necessary to begin with the chronology of events that occurred between the early part of January of 1996 till approximately September of that year to a corporation known as Concrete Engineering Products Bhd (CEPCO).

CEPCO is listed on the second board of the Kuala Lumpur Stock Exchange (KLSE). Its founder and substantial shareholder was one Wong Kong Nam (Wong). He held the position of managing director in the company and was aided by a board of directors. The next most senior executive in company was one Mr Ang Yeow Hwa (Ang). He was in charge of production. The core business of CEPCO (hereafter referred to as the "core business") is, and, at all material times was, manufacturing and sales of pre-stressed spun concrete piles and poles in Malaysia. Before the episode began, CEPCO held 25% market share of this business in this country. It closest rival was another co