Ramly Ali JCA (delivering judgment of the court)

[1]The appellants, at the material time, were directors of Cepatwawasan Group Bhd, ('Cepatwawasan') a company listed on the main board of the Malaysian stock exchange, Bursa (M). The respondent is Bursa (M) Securities Bhd which has a statutory duty pursuant to s 11

[2]Shortly prior to their removal as directors of the company (Cepatwawasan) the appellants had caused the company's wholly owned subsidiary, Prolific Yield Sdn Bhd to make payments totaling RM16m to a company called Opti Temasek Sdn Bhd and an individual Sheikh Abdul Rahim (who, at the material time, was the driver of the first appellant, Tengku Dato Kamal Ibni Sultan Sir Abu Bakar).

[3]Such payments were in breach of the financial assistance provisions in the respondent's listing requirements ('LR'). The respondent had on 12 July 2005 issued a notice to show cause against the appellants and fixed a date for hearing before the respondent's listing committee.

[4]The appellants failed to attend the initial hearing before the Listing Committee on 13 October 2005. The Listing Committee proceeded with the hearing and made a finding that the appellants had breached section 16.11(a)