1. ) United Overseas Bank (Malaysia) Bhd 2. ) OCBC Bank (Malaysia) Berhad v 1. ) Prasarana Malaysia Berhad 2. ) Scomi Transit Projects Sdn Bhd

wa-24ncc-124-03-2024 High Court (Mahkamah Tinggi) 21 January 2026 • WA-24NCC-124-03/2024

Catchwords

Contract – Assignment – Deed of Assignment of Contract Proceeds – Scope of assignment – Whether settlement sums constitute “Contract Proceeds” – Settlement Agreement and PMB Settlement Agreement – Whether independent contracts or connected to original project contracts – Condition precedent – Payment conditional upon delivery of revenue service vehicles (RSVs) – Non-fulfilment of condition – Whether monies payable – Fixed deposit – Entitlement to Balance Fixed Deposit – Assignee’s rights no greater than assignor – No accrued right to payment – Entire agreement clause – Effect of settlement agreements – Contractual interpretation – Commercial context – Allocation of risk – Performance preceding payment – Whether plaintiffs entitled to withdraw and apply funds – Counterclaim by project owner – Whether balance deposit belongs to 1st Defendant – Plaintiffs’ claim dismissed – Counterclaim allowed.

Practice Areas

Contract

Judges (1)

Muhammad Adam bin Abdullah Delivered

Parties (4)

OCBC Bank Berhad Applicant PRASARANA MALAYSIA BERHAD Respondent Scomi Transit Projects Sdn Bhd Respondent UNITED OVERSEAS BANK BHD Applicant

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (wa-24ncc-124-03-2024)