JUDGMENT

I. APPEAL

This is an appeal in encl. (59) by the appellant-defendant ("the defendant") against the decision of the learned registrar who had on 11 November 2003 given summary judgment under O.14 of the Rules of the High Court 1980 ("O.14") in favour of the plaintiff in the sum of RM394,666.59 as at 31 May 1999 with contractual interest at the rate of 22%

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p.a. calculated on a daily basis from 1 June 1999 until realisation on the principal sum of RM301,217.63 and costs on a solicitors-client basis.

II. FACTUAL BACKGROUND

Pursuant to the defendant's documented application to the plaintiff on 27 February 1997, the plaintiff opened a share transaction account No. F 0148 with a credit facility of RM5 million for the defendant who had embarked on share transactions and incurred losses, as a result of which on 27 July 1998, the plaintiff issued a notice of demand to the defendant at No. 35, Jalan USJ 11/3D, UEP Subang Jaya ("the Subang Jaya address") given by the defendant to the plaintiff in the application form in which the defendant has agreed to give plaintiff notice of change of the Subang Jaya address in the event of a change. The defendant did not give the plaintiff any n