QUARKMED SDN BHD v IOU PAY (ASIA) SDN BHD PENCELAH 1. ) SIA TZU HANG 2. ) SIA CHEE KENG PIHAK TERKILAN 1. ) Kuan Choon Hsuing 2. ) EDWARD TAN TEE TONG 3. ) Yong Yuen Yeen 4. ) WANG ERN WEI BUKAN PIHAK-PIHAK LIEW JWO

wa-22ncc-125-03-2023 High Court (Mahkamah Tinggi) 12 May 2026 • WA-22NCC-125-03/2023 • 16 min read

7 cases cited (0 SG, 7 foreign)

Catchwords

MONEYLENDING: Unlicensed moneylender — Business investment agreements — Whether agreements constituted loans notwithstanding investment terminology — Service charges as interest — Whether agreements illegal and unenforceable — Agreements void under Moneylenders Act 1951 — Recovery of principal sum — Restitution under s.66 Contracts Act 1950 — Severability — Whether interest provisions severable — Public policy

Judges (1)

Elaine Yap Chin Gaik Delivered

Counsel (6)

Foo Hiap Siong & Co Firm Gunamalar Law Chambers Firm Aw Shi Qin Counsel Plaintiff Gunamalar a/p Joorindanjn Counsel Defendant Shamsher Singh Thind Counsel Defendant Thian Yee Chin Counsel Defendant

Parties (9)

IOU PAY Sdn Bhd Defendant QUARKMED Sdn Bhd Plaintiff Edward Tan Tee Tong Aggrieved Party Kuan Choon Hsuing Aggrieved Party Liew Jwo Non Party Sia Chee Keng Intervener Sia Tzu Hang Intervener Wang Ern Wei Aggrieved Party Yong Yuen Yeen Aggrieved Party

Statutes Cited

Contracts Act 1950 (Cap 136)

Cases Cited (7)

UK (2)

[1985] 1 All ER 438 [2019] UKSC 32

MY (5)

[1990] 1 MLJ 356 [2023] 10 CLJ 187 [2023] 6 MLJ 818 [2025] 3 MLJ 22 [2026] 1 CLJ 881

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (wa-22ncc-125-03-2023)