1. ) 02(f)-7-03/2016 (W) Tengku Dato' Ibrahim Petra bin Tengku Indra Petra 2. ) 02(f)-8-03/2016 9W) (1) Wong Fook Heng (2) Tiong Young Kong v 1. ) 02(f)-7-03/2016 (W) Petra Perdana Berhad 2. ) 02(f)-8-03/2016 (W) Petra Perdana Berhad

02f-7-03-2016-w-02f-8-03-2016-w Federal Court (Mahkamah Persekutuan) 13 December 2017 • 02(f)-7-03/2016 (W) & 02(f)-8-03/2016 (W)

Catchwords

Company Law — Appeal —Directors — Breach of fiduciary duties — Claim by company against ex-directors upon allegation of wrongful divestment of company's shareholding in subsidiary — Divestments made to meet urgent liquidity needs of the company — Whether directors acted in breach of fiduciary and statutory duties — Whether breach of duty of care and trust obligations — Whether conspiracy to injure the company — Whether divestments were to detriment of the company — Application of statutory business judgment rule — Whether directors ought to be excused for negligence, default or breach — Companies Act 1965 [Act 125], ss 132(1B) & 354

Practice Areas

Company Law Equity & Trusts Tort

Judgment

Read the full judgment on the official Malaysia Courts portal.

Read on eJudgment

Source: eJudgment (02f-7-03-2016-w-02f-8-03-2016-w)