Abdul Wahab Patail J:

[1] By this action the plaintiff Glamour Green Sdn. Bhd. ("Glamour Green") sought the following reliefs:

(i) An interim injunction by this Honourable Court to restrain the first defendant AmBank Berhad ("AmBank"), the second defendant Kuala Lumpur Kepong Berhad ("KL-Kepong") and the third defendant Ablington Holdings Sdn. Bhd. ("Ablington"), employees, agents or its service providers from carrying out the settlement, registration, payment and/or transfer the disputed sale shares sold into Ablington's name in any way or whatsoever vide Bursa Saham Securities Clearing Sdn. Bhd. and Bursa Malaysia Depository Sdn. Bhd;

(ii) An interim injunction by this Honourable Court to restrain Ablington from carrying out the mandatory general offer to buy the remaining public shares in LPF which has yet to be owned;

(iii) A declaration that the sale and purchase of the disputed resale shares owned by Glamour Green in LPF between the AmBank and the Ablington is null and void on the grounds set out in paras 17A to 17D above, (lack of authority to sell and deprivation of the equity of redemption);

(iv) A declaration that the sale and purchase of the disputed resale shares is illegal and null and void on the grounds set out in paras 17I above (illegality);

(v) Consequential orders that:

(a) the Ablington to forthwith return to the AmBank the disputed resale shares;

(b) the period for Glamour Green to redeem the said block shares under the loan agreement be extended for such period as the court deems just and equitable.

(vi) General damages to be paid by AmBank, KL-Kepong and Ablington on the grounds set out in paras 15 and 16 of the claim (fraudulent conspiracy);

(vii) General damages to be paid to Glamour Green by the AmBank on the grounds set out in para 17A (breach of contract), on the grounds set out in paras 17E and 17F (breach of fiduciary duty), on the grounds set out in paras 17G and H (fraudulent misrepresentation);

(viii) Exemplary damages to be paid by AmBank, KL-Kepong and Ablington;

(ix) Interest in the rate and amount this Honourable Court deems fit and proper to grant;

(x) Costs; and

(xi) Any other relief this Honourable Court deems fit and proper to grant

The Background Facts

[2] On 6 August 2004, Glamour Green had entered into two simultaneous agreements to purchase shares in Ladang Perbadanan Fima Berhad (LPF) from (a) Kumpulan Fima Berhad (FIMA) - 26,496,000 shares and (b) from Amalan Kontrak (M) Sdn. Bhd. (Amalan) - 10,028,000 shares at RM3.80 per share totalling RM100,684,800 and RM38,106,400 respectively. Thus a total of 36,524,000 shares were purchased for RM138,791,200. The purchase was due for completion originally on 3 December 2004. This was later extended to 6 December 2004.

[3] A loan of RM99,412,080 was needed to complete the purchase of the shares.

[4] All financing arrangements were left by the shareholders of Glamour Green to Daniel Wong Jit Kiang (PW2), who had a general verbal mandate to facilitate the completion of the purchase of the FIMA and Amalan blocks by the raising of finance, and to deal with banks for that purpose.

[5] Daniel Wong (PW2) sought assistance from KL-Kepong to enable Glamour Green to complete the purchase. He met with Dato' Lee Oi Hian (DW5) of KL-Kepong. Daniel Wong (PW2) had dealt with Dato' Lee Oi Hian (DW5) previously on LPF shares. At a meeting on 22 November 2004 and a later telephone call, Dato' Lee (DW5) agreed to do so by providing an irrevocable undertaking to purchase the LPF shares at RM2.85 per share. Further, Dato' Lee (DW5) made a telephone call to Dato' James Lim Cheng Poh (DW1) of AmBank to introduce Daniel Wong (PW2) to the latter.

[6] The introduction resulted in a meeting between John Lam (DW2) of AmBank and Daniel Wong (PW2) on 26 November 2004, in which Daniel Wong (PW2) sought a short term loan facility from AmBank for a period of one month. On the same day, Daniel Wong (PW2) sent to AmBank a Memorandum setting out the funding required o