JUDGMENT

Ong Chee Kwan JC:

[1] This judgment is delivered after trial. The judgment deals with the breach of contractual and fiduciary duties of a unit trust consultant and or agent to his principal and the consequences arising from the breach under s 173 of the Contracts Act 1950 , in particular, whether an agent can be deprived of his remuneration or commission when he misconducted himself even when the principal has not shown that any damages has been sustained.

Background Facts

[2] The Plaintiff, Principal Asset Management Berhad ('PAMB') is a company incorporated in Malaysia engaging in the business of managing, operating and distributing a comprehensive range of unit trust funds and private retirement scheme products for investors, both institutional and retail.

[3] PAMB is registered with the Federation of Investment Managers Malaysia ('FIMM') and is authorised to market and distribute unit trust schemes to the investing public.

[4] PAMB used to appoint, inter alia, unit trust consultants ('UTC') and agents under the purview of its wealth management and product distribution arm, CIMB Wealth Advisors Berhad ('CWA') to market and solicit investments for its unit trust funds. From