Choo Kah Sing JCA:

Introduction

[1] The bone of contention in this appeal is whether the appellant was a beneficiary of 250,000 shares of a company known as Sekoplas Industries Sdn Bhd (hereafter "the said shares"), and whether the appellant was in breach of a Trust Deed dated 11 April 2016 (hereafter "the Trust Deed") in regard to the mode of payment towards the acquisition of the said shares which were registered in the name of the respondent, and whether the appellant was entitled to enjoy the benefit of the dividends to the said shares immediately despite not having paid the full amount of his portion of the shared acquisition costs to the respondent.

[2] The respondent contended that it was entitled under the Trust Deed to demand from the appellant the shared acquisition costs for the said shares together with interest, whereas the appellant, in his counterclaim, contended that his payment for the shared acquisition costs was by way of offsetting his entitlement to the dividends declared from the said shares, and that the dividends received would be used to offset the amount owing to the respondent for the acquisition of the said shares. In essence, the appellant's counte