JUDGMENT

I. APPLICATION

This is an application in Enclosure (70) by PB Securities Sdn Bhd, the Intervener, for the following orders:

1 ;leave to intervene and to be added as a respondent to this Originating Summons;

2 ;leave to the Intervener to take or commence or continue with action in the High Court (including civil action, enforcement of judgment and/or execution proceedings) against the 1st Applicant in respect of its [2] liability to the Intervener under a Letter of Guarantee for Execution by Limited Company under the hand of its Authorised Officers in respect of the Margin Account of Autoways Development Sdn Bhd (ZZZ 1377) dated 7 October 1997 ("the said Guarantee");

3 ;by way of alternative to the second relief above, a declaration that the Intervener is a scheme creditor for the purpose of the proceedings herein and is entitled to attend and vote as an Unsecured Creditor of the 1st Applicant, at the Unsecured Creditors meeting of the 1st Applicant in these proceedings;

4 ;that the orders of the court dated 19.5.99 obtained by the Applicants herein, be set aside from the date of the hearing of this application; [3]

5 ;that the costs of this application be borne by the 1st