Abdul Malik Ishak J:

INTRODUCTION

[1]This was the plaintiff's appeal to the judge in chambers in encl 12 against the decision of the learned deputy registrar who dismissed the plaintiff's application under O 14 of the Rules of the High Court 1980 ('RHC'). I allowed the plaintiff's appeal in encl 12 with costs and I, consequently, closed the court file since the matter had been disposed off. I now set out the reasons for doing so.

THE FACTS

[2]The plaintiff is a licensed money lending company under the Moneylenders Act 1951s 2A(2)

[3]The defendant, on the other hand, is an individual residing at No 1, Jalan Padungan, Kuching, Sarawak.

[4]Now, at the request of the defendant and by way of a memorandum of agreement for a loan dated 23 May 1997, the plaintiff granted a term loan facility to the defendant for the colossal sum of RM10m (hereinafter referred to as the 'loanagreement' which has been exhibited as exh 'LTS-1' of the plaintiff's affidavit in encl5). As security for the said loan agreement, the defendant executed a memorandum of deposit of shares dated 23 May 1997 ('the said memorandum') based on the shares of PWE Industries Berhad and/or the shares of Ekran Berhad. Acopy of the sai