JUDGMENT

Eusoff Chin J

The plaintiff is licenced by the Registrar of Companies under s 13 of the Securities Industry Act 1983 as a representative of the defendant PB Securities Sdn Bhd. The plaintiff and the defendant signed a remisier's agreement dated 4 January 1988 by which the plaintiff became a remisier of the defendant. The plaintiff as remisier was not an employee of the defendant, but he transacted selling and buying of shares for the defendant, for which the plaintiff was paid commissions by the defendant. The plaintiff, was in fact an agent of the defendant.

The facts and documents tendered through affidavits have been agreed to by the parties. In early August 1990, the plaintiff introduced one Cheong Seng Tatt to open an account with the defendant, and be registered as a client/customer of the defendant. For this purpose, Cheong Seng Tatt filled in an application form addressed to the defendant. After Cheong Seng Tatt's application was approved by a director of the defendant, he became a registered client/customer of the defendant, and he was accepted to trade with the defendant.

Cheong Seng Tatt then gave instructions to the plaintiff to sell —

(i) on 14 August 1990, 14