Rohana Yusuf J:

[1] There are two legal suits involving the parties. One is a claim by Bank Islam Malaysia Berhad against Tan Sri Abdul Khalid bin Ibrahim (Tan Sri Khalid) in Suit No D4-22A-227-2007 and the other is a claim by Tan Sri Khalid against the bank in Suit D4-22A-216-2007. Both suits are now consolidated. Pursuant to Suit No 22A-227-2007 this application in encl 5, by Bank Islam Malaysia Berhad is made under O 14 of the Rules of the High 1980.

[2] The original parties to the agreements are Tan Sri Khalid and Bank Islam (L) Ltd Malaysia Bhd Vide a vesting order dated 14 February 2006, all rights and obligations of Bank Islam (L) Ltd were transferred to and vested in Bank Islam Malaysia Berhad. Both Bank Islam (L) Ltd and Bank Islam Malaysia Berhad will hereafter be referred to interchangeably, as "the bank".

Background Facts

[3] The relationship between the parties begun when the bank provided two Murabaha Facilities to Tan Sri Khalid, to redeem and acquire more shares in a company called "Kumpulan Guthrie Berhad". Tan Sri Khalid failed to pay the first instalment under the first Murabaha Facility Agreement which was due on 24 October 1998. He sought a deferment of pa