Gopal Sri Ram JCA:

On 8 August 1986 Bank Negara, acting under the powers conferred upon it by reg. 8(1) of the Essential (Protection of Depositors) Regulation 1986 ('the Regulations'),

issued the Essential (Protection of Depositors) (No 14) Order 1986 ('the Order'). That Order reads as follows:

ESSENTIAL (PROTECTION OF DEPOSITORS) REGULATIONS 1986

ESSENTIAL (PROTECTION OF DEPOSITORS) (NO. 14) ORDER 1986

In exercise of the powers conferred by reg. 8 of the Essential (Protection of Depositors) Regulations 1986, the Governor of the Central Bank of Malaysia makes the following order:

1. This Order may be cited as the Essential (Protection of Depositors) (No. 14) Order 1986 and shall come into force on the date of its publication in the Gazette.

2. Each of the persons named or described in the Schedule is hereby required to comply with the following:

(a) to disclose to the Central Bank of Malaysia on or before the 15th August, 1986 the value, nature and whereabouts of any monies, properties and assets owned beneficially by Koperasi Sepadu Berhad (hereinafter referred to as "the Society") whether in the name of any corporation in which the Society has an interest in shares or in the name of any nominee, employee or agent of the Society;

(b) to report to the Central Bank of Malaysia on or before the 15th August, 1986 the value, nature and whereabouts of monies, properties and assets of the Society in his possession or custody or under his control;

(c) not to sell, dispose of, charge, pledge, transfer or otherwise deal with or dissipate his monies, properties or assets, or the monies, properties or assets of the Society, without prior approval of the Central Bank of Malaysia;

(d) not to remove or caused to be removed from, or send out of or caused to be sent out of Malaysia any monies, properties or assets referred to in item (c);

(e) to surrender to the Central Bank of Malaysia on or before the 15th August, 1986 all monies, properties and assets referred to in item (c);

(f) not to leave Malaysia; and

(g) to surrender on or before the 15th August, 1986 all his travel documents to the Director-General of Immigration, save that items (f) and (g) shall not apply to the Society.

SCHEDULE

1. Koperasi Sepadu Berhad which includes all its places of business.

2. Dato Yap Peng (NRIC No. 3414989) 17 Lorong Chelagi Damansara Heights 51200 Kuala Lumpur.

3. W. Maurice Samson (NRIC No. 3459481) 17 Lorong Pantai 6 Pantai Hills 59100 Kuala Lumpur.

4. Gary Yong Yoon Shing (NRIC No. 4195462) 4 Lengkok Aminuddin Baki Taman Tun Dr. Ismail 60000 Kuala Lumpur.

5. David Chong Teak Lai (NRIC No. 4153713) 84/86B, Jalan Ipoh 51200 Kuala Lumpur.

6. Dr. John J. Augustin (NRIC No. 3200647) 11 Jalan 12/6 46200 Petaling Jaya Selangor.

7. Dr. Choo Kooi Fook (NRIC No. 1336375) 3, Jalan Cempaka Taman Forlong Setapak.

8. Chong Sang @ Choong Meow Yew (NRIC No. 3406024) 986 Starlight Park Jalan Tampin 70450 Seremban.

9. Any nominee, relative, employee or agent of any of the persons referred to in items 1 to 8 inclusive, or any corporation in which any of such persons has an interest in shares.

Made the 8th August, 1986

Dato' Jaffar Hussein

[BNM. 5011/2/4/15; PN. (PU) 351.]

Governor Central Bank of Malaysia

The effect of the Order was, subject to the consent of Bank Negara, to impose a prohibition upon the first appellant and all companies in which he had an interest from dealing with their assets. The Order also contained other prohibitions which are not relevant for the purposes of this case. Among the persons who were prohibited from dealing with the appellants' assets were their agents. The expression "agent" is defined by reg. 2 of the Regulations as follows:

'employee or agent of person' include -

(a) a director, banker, advocate, auditor, nominee or other person employed or appointed by the person at any time before or after the commencement of these Regulations; and

(b) a person who -

(i) has in his possession any property belonging to the first-menti