GROUNDS OF JUDGMENT

The Defendant in this case applied for stay of my decision on 17 December 2004, where I granted damages for the sum RM26,984,728.75 in favour of the Plaintiff for losses suffered following a share swap transaction. The Defendant on 29 December 2004 has filed a Notice of Appeal.

The Defendant's grounds for a stay of execution are that firstly, there were special circumstances to warrant a stay. It is because of the fact that Plaintiff is a Singapore company with a paid up capital of only SD1,000.00 and is a holding company that does not carry on any active business. It is not known to have any substantial assets within the jurisdiction. Its premise was found to be unoccupied when visited recently. The last AGM of the company was held on 30 October 2002. The Defendant said that premised on the above and the substantial sum involved in the judgment, there is a strong likelihood that if the judgment is executed, the Defendant may not be compensated or restituted in the event of success in the appeal, owing to the fact that the Plaintiff is a foreign company and the judgment sum, if paid, may be taken out of the jurisdiction and may not be recovered or traceable in t

Click Here to Read the rest of this document