Gopal Sri Ram JCA:

This appeal has been brought against the decision of the High Court at Kuala Lumpur granting the respondent (whom we shall refer to as "the plaintiff") certain relief, including a declaration that "the plaintiff as executor of the estate of Loo Cheng Ghee, ("Loo") is entitled to the sum of RM3,500,000 presently held in an interest bearing escrow account in the name of Messrs Nahappan, Dorairaj & Danker as stakeholders". The appellant (whom we shall refer to as "the defendant") has argued that the judge should have refused the declaratory relief sought and dismissed the plaintiff's originating summons.

When the appeal was called on, counsel on both sides informed us that the only point at issue before us was one of limitation. However, in order to appreciate the context in which the point arose, it is necessary to hearken to the factual background against which this appeal rests. There is a long history to the controversy before us. But there is not much dispute about the facts.

The defendant, at all material times, was a licensed commodity broker. It bought and sold all sorts of commodities in the futures market on the floor of the Kuala Lumpur Commodi