EXPORT-IMPORT BANK OF MALAYSIA BERHAD v 1. ) IMPIANA SEMINYAK (LABUAN) CO. LTD 2. ) IMPIANA SDN BHD

wa-22m-18-01-2022 High Court (Mahkamah Tinggi) 12 November 2024 • WA-22M-18-01/2022

Catchwords

Civil procedure – Islamic banking – Overseas Financing Facility based on Commodity Murabahah – Bank requested for additional security in return of granting moratorium during COVID-19 pandemic – Failure to remedy breach of condition precedent – Whether bank agreed to waive condition precedent – Whether the granting of a moratorium on installment payments constitute a waiver of the condition precedent requiring the provision of additional security and existing duty to insure – Whether bank is entitled to terminate banking facilities – Whether bank is estopped – Guarantee and indemnity – Principal liability clause – Indemnity clause – Whether claim is premature – Certificate of Indebtedness – Conclusive Evidence Clause – Whether borrower and corporate guarantor have shown evidence of manifest error – Whether bank is entitled to disregard LIBOR benchmark rate in computing Islamic cost of fund (COF-i) in deriving to the Murabahah Profit Rate – Whether Murabahah Profit Rate excessive and unreasonable in comparison with the initial prevailing rate and/or ceiling rate – Whether bank is required to inform borrower of changes in COF-i and Murabahah Profit Rate – Contracts Act 1950, s.77, s.78, s.86, & s. 88 – Evidence Act 1950, s.115 – Civil Law Act 1956, s.11.

Practice Areas

Civil procedure

Judges (1)

Yusrin Faidz bin Yusoff Delivered

Parties (3)

EXPORT-IMPORT BANK OF MALAYSIA BERHAD Plaintiff IMPIANA SEMINYAK CO. LTD Defendant IMPIANA Sdn Bhd Defendant

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (wa-22m-18-01-2022)