Abdul Wahab J

This appeal

The appellant/plaintiff (plaintiff) Perwira Affin Merchant Bank Berhad is a company incorporated in Malaysia with its registered address at 27th Floor, Wisma Boustead, 69 Jalan Raja Chulan, 50200 Kuala Lumpur, and is a licensed merchant bank within the meaning of the Banking and Financial Institutions Act 1989 and is authorised thereunder, inter alia, to provide consultancy and advisory services relating to corporate and investment matters.

The respondent/defendant (defendant) Dato' Soh Chee Wen is a businessman at Lot 3606 Jalan 5512/1, Subang Jaya, 47500 Petaling Jaya and, alternatively, at c/o Kelanamas Industries Berhad, 9th Floor, Plaza Kelanamas, 19 Lorong Dungun, Damansara Heights, 50490 Kuala Lumpur.

The plaintiff is appealing against the rejection by the senior assistant registrar of its application ('encl 6') to enter summary judgment under O 14 of the Rules of the High Court 1980:

(1) Bahawa plaintiff diberi kebenaran untuk memasukkan penghakiman terus terhadap defendan menurut Aturan 14 Kaedah-kaedah Mahkamah Tinggi 1980 bagi jumlah-jumlah yang berikut:

(i) RM560,586.34 bersama dengan faedah dari 29 September 1997 sehingga tarikh penghakiman pada kadar sewajar yang Mahkamah yang Mulia ini fikirkan sesuai selaras dengan Akta Undang-Undang Sivil 1956.

(ii) RM560,586.34 bersama dengan faedah dari 1 Februari 1998 sehingga tarikh penghakiman pada kadar sewajar yang Mahkamah yang Mulia ini fikirkan sesuai selaras dengan Akta Undang-Undang Sivil 1956.

(iii) RM1,076,657.27 bersama dengan faedah dan 8 Januari 1998 sehingga tarikh penghakiman pada kadar sewajar yang Mahkamah yang Mulia ini fikirkan sesuai selaras dengan Akta Undang-Undang Sivil 1956.

(iv) RM5,705.55 bersama dengan faedah dari 20 Mac 1998 sehingga tarikh penghakiman pada kadar sewajar yang Mahkamah yang Mulia ini fikirkan sesuai selaras dengan Akta Undang-Undang Sivil 1956.

(2) bersama dengan faedah atas 1(i), 1(ii), 1(iii) dan i(iv) di atas pada kadar 8% setahun dan tarikh penghakiman sehingga penyelesaian penuh.

(3) Kos permohonan ini ditanggung oleh defendan.

The issues in this case are best identified by first proceeding to the pleadings.

Pleadings: The plaintiff's claim

On or about 21 July 1997, the defendant appointed the plaintiff in writing as adviser to the defendant for the purposes of an unconditional mandatory general offer to acquire the then anticipated remaining 21,447,597 ordinary shares of RM1 each representing approximately 7.89% of the then enlarged issued and paid-up share capital of Uniphoenix Corp Bhd ('UCB') not already held by the defendant and parties acting in concert with him at a then anticipated offer price of RM1 per share to be implemented in accordance with the provisions at the Malaysian Code on Takeovers and Mergers ('the Code') (collectively referred to as 'the offer'), which appointment encompassed various advisory and other services, particulars of which are set out below and in any event known to the defendant, upon the terms and conditions set out in a letter dated 21 July 1997 from the plaintiff to the defendant which the defendant accepted in writing ('the letter of appointment') for the following:

(i) Evaluate and advise on the terms and structure of the Offer including compliance with the Code and the relevant provisions of the Securities Commission Act 1993 and thereupon make a recommendation accordingly;

(ii) Preparing and serving the notice of mandatory general offer to the Board of Directors of UCB;

(iii) Preparing the offer document and submitting it to the Securities Commission ('SC') for clearance;

(iv) Arranging for the printing and subsequent dispatch of the offer document to the minority shareholders of UCB;

(v) Preparing and submitting application to the foreign investment committee ('FIC') for the acquisition of what was then approximately 73.52% equity interest in UCB ('Shares Acquisition') as well as the resulting equity structure in UCB arising from the Offer;

(vi) Drafting an