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Friday, 12 March 2010 17:10
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| S'gor MB's Suit Against Bank Islam Adjourned |
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KUALA LUMPUR, 12 MARCH, 2010: The hearing of Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim's suit against Bank Islam Malaysia Berhad (BIMB) for alleged wrongful sale of his shares in Guthrie Berhad has been adjourned to April 6 and 7.
The hearing before Justice Datuk Rohana Yusuf was originally set for four days beginning Monday.
Abdul Khalid's counsel M.Thomas Philip, when contacted today, said that the hearing was adjourned pending the discovery of documents pertaining to the case by the parties.
He said Abdul Khalid) had requested BIMB to disclose all the documents for the case, but the bank had yet to do so.
On Aug 21, 2009, Abdul Khalid was ordered by the court to pay RM66.67 million to BIMB for an Islamic loan that he had taken to buy shares in Guthrie in 2001, when he was its chief executive officer, after the court allowed the bank's application for a summary judgment.
However, Abdul Khalid need not pay the amount as the Court of Appeal on March 3, granted his appeal to set aside the summary judgment obtained by the bank.
The case was sent back to the High Court as the appeal court ruled that the issues in the case must be ventilated at full trial.
There are two suits filed relating to the matter, one by Abdul Khalid against the bank and the other is the bank's counter-suit against Abdul Khalid.
Abdul Khalid initiated a suit against the bank on May 18, 2007, claiming that there was a wrongful sale of his shares in Guthrie under an Al-Bai Bithaman Ajil (BBA) loan facility dated April 30, 2001.
He is seeking a declaration that there was a collateral contract between him and the bank relating to the BBA loan facility.
Abdul Khalid, who was CEO of Guthrie from 1995 to 2003, is also seeking damages from BIMB, claiming that the bank had sold his shares in Guthrie.
BIMB filed a counter suit to recover the amount of RM66.67 million on May 24, 2007, claiming that the BBA agreement had been breached following Abdul Khalid's failure to repay the loan. |