Lim Beng Choon J:

By an Originating Motion No. 25-69-89 dated 8 September 1989 the applicant, as the sole surviving executor and trustee of the estate of Khoo Boo Gong deceased applied for the removal of the private caveats under Presentation No. 6618/89 Jilid 104 Folio 150, Presentation No. 6617/89 Jilid 104 Folio 149 and Presentation No. 6619/89 Jilid 104 Folio 151 presented by the respondent, Khoo Teng Peng ("the earlier respondent") against the lands held under CT 16118 Lot 40 s. 88A, CT 16135 Lot 57 s. 88A and CT 20982 Lot 717 s. 88A Town of Kuala Lumpur, District of Kuala Lumpur respectively pursuant to s. 327(1) of the National Land Code 1965. By another Originating Motion No. 25-89-89 dated 5 December 1989 the applicant also applied for the removal of the private caveats lodged by Khoo Teng Bin ("the later respondent") against the same parcels of land. The grounds for the removal of the caveats in both actions are the same and they are as follows:

(a) the respondent has no interest in the said land;

(b) the respondent does not have any right to claim title to or any registrable interest in the said lands; and

(c) the said caveat (sic) was wrongfully presented by the respondent.

The applicant also sought for an order directing such damages as the Court should deem fit to be awarded to the applicant pursuant to s. 329 of the National Land Code 1965 for the loss suffered by the applicant as the result of the wrongful lodgment of the said private caveats be assessed. The parties agreed to have the two motions heard together as the facts and the laws affecting both motions would be the same and the decision made by the Court on one motion would be binding on the other.

The facts that are not in dispute are as follows:

Khoo Boo Gong ("the deceased") died on 12 June 1975 leaving a will by which he appointed his wife Madam Teoh Chooi Ghin and the applicant, his eldest son, to be the executors and trustees of his estate. After devising certain specific real properties to his wife and one Loke Kuan Tan, his concubine, he bequeathed to his executors and trustees all the rest and residue of his properties movable or immovable whatsoever nature and wheresoever situated including any property over which he might have power of appointment exercisable by will upon trust to sell, call in and convert the same into money as soon as possible after his demise but with full power to postpone such sale calling in and conversion of any such part or parts of his estate or the whole thereof and for so long as his executors and trustees should at their absolute discretion thought fit ... without being responsible for any loss arising by virtue of such postponement. The said residue properties were to be held by the executors and trustees upon trust with power to sell, call in or to convert the same into money and after payments of the deceased's debts and funeral expenses, the assets of the estate whether in the form of cash or proceeds of the sales calling in or conversion of the movable or immovable properties were to be converted into 100 shares. Each of the 19 beneficiaries was entitled to a certain amount of shares of the residuary estate. In the present case, we are concerned only with the two respondents' shares. Each of them was entitled to 5 shares of the residuary properties. The deceased also directed his "executors and trustees to make payment to the beneficiaries of the balance of my ready moneys as soon as possible and in the same manner to pay to the beneficiaries from time to time without undue delay upon conversion into money of any part or whole of my other assets". After probate Madam Teoh Chooi Gin died on 20 March 1985 leaving the applicant as the sole surviving executor and trustee of the estate. The applicant granted an option to a company known as Rositco Sdn. Bhd., to purchase the four parcels of land, the subject matter of these actions (hereinafter referred to as `the disputed lands'). The option was granted o