JUDGMENT

Harun Hashim SCJ:

Tanjung Petri Enterprise Sdn. Bhd. (Tg. Petri) became the registered owner of Lot No. PTB 8647 Town of Johor Bahru on 29 October 1978. In December 1978, the land was charged to the Overseas Chinese Banking Corporation Ltd. which charge was discharged on 29 October 1979. On the same day the land was charged to Asiavest Merchant Bankers, which charge was discharged on 12 April 1981. Finally on 2 November 1981, the land was again charged by Tg. Petri to Singapore Finance Ltd. which charge was registered on 15 November 1981 as security for the repayment of moneys due to Singapore Finance from Raymond Yong Kim Yoong of Singapore amounting to S$1,100,000 with interest. The charge to Singapore Finance includes three other lands viz. Lot Nos. PTB 8659, 8661 and 8666, all in the Town of Johor Bahru and registered in the name of Tg. Petri.

Tg. Petri was incorporated as a company in 1976 with the following subscribers:

1. Shaikh Mohamad bin S. Tahir of Kota Tinggi, Johor.

2. Raymond Yong Kim Yoong of Beach Road, Singapore.

3. Koh Kim Kuay of Kota Tinggi, Johor.

Shaikh Mohamad was a director of Tg. Petri from the date of its incorporation until he resigned on 30 Apr