ALLIANCE INVESTMENT BANK BERHAD vs TSAI CHING CHI

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2010 MarsdenLR 491

HIGH COURT SABAH & SARAWAK KOTA KINABALU
ALLIANCE INVESTMENT BANK BERHAD – Appellant
Versus
TSAI CHING CHI – Respondent

Table of Content
1. defendant's initial financing and debt claim. (Para 1 , 2)
2. requirements for setting aside judgment in default. (Para 3 , 4)
3. insufficient merit for the defense. (Para 5 , 6)
4. contractual nature of interest variation. (Para 7 , 8)
5. defendant's admissions negate defense claims. (Para 9)

Stephen Chung JC:

[1] On 25 October 2002 the Defendant applied to Kuala Lumpur City Securities Sdn Bhd (KLCS) for a margin lading financing facility. By a letter dated 28 October 2002, the Defendant was granted the facility in the sum of RM200,000.00 and subject to the terms and conditions contained in the letter. By a letter dated 2 November 2004, the amount of the facility was increased to RM2,300,000.00. In 2006, the Plaintiff merged and took over KLCS.

[2] Thee Plaintiff claimed that the Defendant was indebted to the Plaintiff in the sum of RM457,485.06 as at 19 February 2009 with interests thereon. The Plaintiff filed this writ which was served on the Defendant on 25 May 2009. No appearance was entered for or on behalf of the Defendant and the Plaintiff entered Judgment in default of appearance against the Defendant on 8 June 2009. By a summons in chambers dated 15 July 2009,