1. ) Mr. Hamed Ahmed Al Ghazali 2. ) Mr. Abdul Latif Al Khunaini 3. ) Mr. Faisal Al Hajri 4. ) Mr. Husam Abu Ghazaleh 5. ) Mr. Ahmad Al Osaimi 6. ) Mr. Fuad Al Wohaib v Abrar Group International Sdn Bhd

w-02a-902-06-2023 Court of Appeal (Mahkamah Rayuan) 24 September 2025 • W-02(A)-902-06/2023 • 24 min read
21 cases cited (0 SG, 21 foreign)

Catchwords

This appeal concerns foreign investors’ claims against a Malaysian company wound up after the 1997–1998 financial crisis. The Appellants invested in the “Raya Fund” through Abrar Global Asset Management Sdn Bhd (AGAM), which collapsed when the Respondent, AGAM’s parent company, failed to repurchase shares. The Appellants’ proofs of debt were rejected by the liquidator, prompting High Court proceedings that were dismissed for lack of privity of contract, as agreements were with AGAM, not the Respondent. On appeal, the Court of Appeal upheld that fraud, fiduciary breach, and trust claims were unprovable in liquidation without prior writ action and leave.

Practice Areas

This appeal concerns foreign investors’ claims against a Malaysian company wound up after the 1997–1998 financial crisis. The Appellants invested in the “Raya Fund” through Abrar Global Asset Management Sdn Bhd (AGAM), which collapsed when the Respondent, AGAM’s parent company, failed to repurchase shares. The Appellants’ proofs of debt were rejected by the liquidator, prompting High Court proceedings that were dismissed for lack of privity of contract, as agreements were with AGAM, not the Respondent. On appeal, the Court of Appeal upheld that fraud, fiduciary breach, and trust claims were unprovable in liquidation without prior writ action and leave.

Judges (3)

Ahmad Kamal bin Md. Shahid Coram Lim Chong Fong Delivered S. Nantha Balan a/l E.s. Moorthy Coram

Counsel (4)

Lee Hishamuddin Allen & Gledhill Firm The Chambers of Lim Yeeu Ren Firm Lee Hishamuddin Allen & Gledhill Counsel Respondent Lim Yeeu Ren Counsel Appellant

Parties (7)

Abrar Group International Sdn Bhd Respondent Mr. Abdul Latif Al Khunaini Appellant Mr. Ahmad Al Osaimi Appellant Mr. Faisal Al Hajri Appellant Mr. Fuad Al Wohaib Appellant Mr. Hamed Ahmed Al Ghazali Appellant Mr. Husam Abu Ghazaleh Appellant

Case Significance

1. ) Mr. Hamed Ahmed Al Ghazali 2. ) Mr. Abdul Latif Al Khunaini 3. ) Mr. Fai... is a Court of Appeal (Mahkamah Rayuan) decision dated September 24, 2025 (citation: w-02a-902-06-2023). <p>Six foreign investors from the Middle East who invested in the 'Raya Fund' through Abrar Global Asset Management Sdn Bhd appealed after their proofs of debt were rejected by the liquidator of the parent company Abrar Group International Sdn Bhd, which had been wound up following the 1997-1998 financial crisis. The Court of Appeal dismissed the appeal, upholding the High Court's finding that the appellants lacked privity of contract with the respondent, as their agreements were with AGAM not t The panel comprised Ahmad Kamal bin Md. Shahid, Lim Chong Fong and S. Nantha Balan a/l E.s. Moorthy, with Lim Chong Fong delivering the judgment. Counsel appearing: Lee Hishamuddin Allen & Gledhill (counsel for respondent), Lim Yeeu Ren (counsel for appellant).

Summary

Six foreign investors from the Middle East who invested in the 'Raya Fund' through Abrar Global Asset Management Sdn Bhd appealed after their proofs of debt were rejected by the liquidator of the parent company Abrar Group International Sdn Bhd, which had been wound up following the 1997-1998 financial crisis. The Court of Appeal dismissed the appeal, upholding the High Court's finding that the appellants lacked privity of contract with the respondent, as their agreements were with AGAM not the parent company, and that fraud, fiduciary breach, and trust claims were unprovable in liquidation without prior writ action and leave.

What was the outcome of 1. ) Mr. Hamed Ahmed Al Ghazali 2. ) Mr. Abdul Latif Al Khunaini 3. ) Mr. Fai...?

<p>Six foreign investors from the Middle East who invested in the 'Raya Fund' through Abrar Global Asset Management Sdn Bhd appealed after their proof...

Statutes Cited

Companies Act 2016 (Cap 777)
Courts of Judicature Act
s 69(4)
Courts of Judicature Act 1964 (Cap 91)

Cases Cited (21)

UK (6)
[1937] AC 473 [1942] AC 130 [1966] 1 QB 273 [1978] AC 297 [1979] 2 All ER 22 [1981] 3 All ER 577
MY (15)
[1965] 1 MLJ 228 [1981] CLJ 84 [1996] 3 MLJ 367 [1996] 3 MLJ 489 [2006] 2 CLJ 1179 [2007] 2 CLJ 405 [2007] 2 MLJ 12 [2012] 2 CLJ 535 [2014] 1 MLJ 91 [2015] 5 MLJ 323 [2015] 7 CLJ 16 [2017] 11 MLJ 307 [2017] 6 MLJ 661 [2021] 3 MLJ 602 [2022] 9 CLJ 15