The Court of Appeal held that the loan agreement between Ace Credit (M) Sdn Bhd and Pioneer Conglomerate Sdn Bhd was void under section 10P of the Moneylenders Act 1951 for non-compliance with the prescribed form and excessive interest. All related security documents and caveats were likewise invalid. However, applying section 66 of the Contracts Act 1950, the Court ordered restitution of monies advanced, as the transaction was void but not substantively illegal. The High Court’s decision was affirmed with slight variation and no order as to costs.
4 cases · October 2025 to October 2025
Court Distribution
Key People & Firms
Cases
p-02imncvc-335-03-2023
1. ) KBH MARINE INDUSTRY SDN. BHD. 2. ) Sin Soon Hock Sdn. Bhd. v ACE CREDIT (M) SDN BHD
12 October 2025
MYCOA
p-02imncvc-336-03-2023
ACE CREDIT (M) SDN BHD v 1. ) KBH MARINE INDUSTRY SDN. BHD. 2. ) Sin Soon Hock Sdn Bhd 3. ) Pioneer Conglomerate Sdn. Bhd. 4. ) Chin Swee Chong 5. ) Tan Poo Chuan 6. ) Yeo Boon Leong 7. ) Tan Seok Gaik 8. ) Lim Soo Aun 9. ) Koay Yeat Yee
12 October 2025
MYCOA
p-02imncvc-337-03-2023
ACE CREDIT (M) SDN BHD v 1. ) PIONEER CONGLOMERATE SDN BHD 2. ) KBH MARINE INDUSTRY SDN. BHD. 3. ) Chin Swee Chong 4. ) Sin Soon Hock Sdn Bhd 5. ) TAN POO CHUAN 6. ) YEO BOON LEONG 7. ) TAN SEOK GAIK 8. ) LIM SOO AUN 9. ) KOAY YEAT YEE
12 October 2025
MYCOA
p-02imncvc-384-03-2023
1. ) PIONEER CONGLOMERATE SDN BHD 2. ) Sin Soon Hock Sdn Bhd v ACE CREDIT (M) SDN BHD
12 October 2025
MYCOA