EVERGREEN CORPORATE SDN BHD v EXPORT-IMPORT BANK OF MALAYSIA BERHAD
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Case Significance
EVERGREEN CORPORATE SDN BHD v EXPORT-IMPORT BANK OF MALAYSIA BERHAD is a Court of Appeal (Mahkamah Rayuan) decision dated January 22, 2025 (citation: w-02muaw-748-04-2022). <p>Evergreen Corporate Sdn Bhd sued Export-Import Bank of Malaysia Berhad (EXIM Bank) for wrongful termination of a USD10.35 million Islamic financing facility for a green technology tire recycling plant in Simpang Pulai, Perak. The Court of Appeal dismissed the appeal, finding that the appellant had failed to fulfil the numerous conditions precedent within the contractually agreed timeframe, that estoppel by convention did not apply, and that the respondent was entitled to terminate under the e The panel comprised Azhahari Kamal bin Ramli, Mohd Nazlan bin Mohd Ghazali and Utama Wan Ahmad Farid bin Wan Salleh, with Mohd Nazlan bin Mohd Ghazali delivering the judgment. Counsel appearing: Karlos Israphil Bendlin (counsel for respondent), Keshvinjeet Singh (counsel for appellant), Kumaradevan Rajadevan (counsel for appellant), T. Gunaseelan (counsel for appellant).
Summary
Evergreen Corporate Sdn Bhd sued Export-Import Bank of Malaysia Berhad (EXIM Bank) for wrongful termination of a USD10.35 million Islamic financing facility for a green technology tire recycling plant in Simpang Pulai, Perak. The Court of Appeal dismissed the appeal, finding that the appellant had failed to fulfil the numerous conditions precedent within the contractually agreed timeframe, that estoppel by convention did not apply, and that the respondent was entitled to terminate under the express terms of the Facility Agreement.
What was the outcome of EVERGREEN CORPORATE SDN BHD v EXPORT-IMPORT BANK OF MALAYSIA BERHAD?
<p>Evergreen Corporate Sdn Bhd sued Export-Import Bank of Malaysia Berhad (EXIM Bank) for wrongful termination of a USD10.35 million Islamic financing...