Low Hop Bing Jca:

Appeal

[1] This is the appellants' ("the plaintiffs") appeal against the variations ordered by the High Court on 4 April 2007. The variations were made to Mareva injunctions which restrained some of the respondents ("the Mareva defendants") from dissipating their assets pending trial of the civil suit there.

[2] The relevant factual background is set out below.

Bonds

[3] On 1 April 2004, the first defendant, Pesaka Astana Sdn. Bhd ("Pesaka) issued RM140 million worth of ABBA bonds ("the bonds") which were purchased by all the 10 plaintiffs. The amount and tenure of the bonds ranged from 1 1/2 years to 2 1/2 years, the particulars of which are:

Amount Maturity Date

(1) RM30 million 30 September 2005

(2) RM50 million 30 March 2006

(3) RM60 million 30 September 2006

[4] The plaintiffs alleged that:

(1) Pesaka failed to redeem any of the bonds on the respective maturity dates;

(2) Pesaka was obliged to pay the plaintiffs the total redemption sum of RM157,815,000 payable under the Syariah compliant bonds;

(3) By a proposed debt restructuring scheme dated 22 December 2005, on behalf of Pesaka, BDO Capital agreed to repay monies due and payable to the plaintiffs