LAI KIAT YEONG v HSBC (MALAYSIA) TRUSTEE BERHAD
wa-24ncvc-3689-08-2023 High Court (Mahkamah Tinggi) 12 December 2024 • WA-24NCvC-3689-08/2023 • 14 min read
Catchwords
[1] The Plaintiff files an Originating Summons pursuant to s.12(5) and 12(6) of the Public Trust Corporation Act 1995 (PTCA) read together with s.51 and s.52 of the Specific Relied Act 1950 (SRA) seeking for the following orders - a) To prohibit the Defendant and/or its servants and/or its agents and/or its employees and/or anyone acting under its control or direction from appointing Amanah Raya Berhad (ARB) and/or any other person as the new or additional trustee of ‘The Lai Fook Kim Trust” (Trust) with a view that such new or additional trustee replace the Defendant as trustee of the Trust. b) To prohibit the Defendant and/or its servants and/or its agents and/or its employees and/or anyone acting under its control from commencing any legal proceedings and/or from filing any applications in Court for an order that ARB and/or any other person be appointed as the new or additional trustee of the Trust with a view that such new or additional trustee replace the Defendant as trustee of the Trust. [2] It is this Court’s observation that the stalemate lies on the issue of who would bear the Real Property Gain Tax (RPGT) and other incidental costs in the event that the Trust’s assets were to be vested in a new trustee pending the termination of the Trust. [3] After careful scrutiny and judicious consideration of all the evidence before this Court, including the written and oral submissions of both parties, this Court dismissed the Plaintiff’s Originating Summons with costs.
Judges (1)
Judgment
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