JUDGMENT

Ong Chee Kwan J:

Introduction

[1] Enclosure 7 was the Plaintiff's application for summary judgment which this Court readily granted on 3 December 2024.

Background Facts

[2] The Plaintiff was a recognized market operator registered with the Malaysian Securities Commission under the Capital Markets and Services Act 2007 ("CMSA 2007").

[3] The Plaintiff operated a peer-to-peer (P2P) financing platform which was an electronic platform that facilitated directly and indirectly the production, execution and or offering of investment notes or Islamic investment notes.

[4] Upon the request of the 1st Defendant, the Plaintiff as agent to the investors vide an offer dated 4 April 2023 ("Letter of Offer") which was later accepted by the 1st Defendant, provided a financing facility amounting to RM 7,000,000.00 ("the Financing Facility") on the terms and conditions stated in the Letter of Offer.

[5] Subsequently, the facility was increased to RM15,000,00.00 at the 1st Defendant's request vide a Supplemental Letter of Offer dated 3 August 2023.

[6] In respect of the aforesaid Financing Facility, the 2nd, 3rd, 4th and 5th Defendants agreed to act as guarantors and duly executed the Guarantee and