Director’s Failure to Intervene: Breach of Fiduciary Duty in the Context of Insolvency
Introduction A director owes fiduciary duties to a company to prevent the assets of the company from being depleted illicitly, especially when the company is insolvent. This is regardless of whether or not the director is a de jure, de facto or shadow director. The duty of a director includes taking action or intervening when it is …
Switch Bills of Lading: Risks and Instruments of Fraud
In international trade goods are often bought and sold by traders and they often do not produce the goods. The trader earns on the price differential between his supplier and buyer. Often the trader will want to protect the identity of the supplier / shipper and may ask the carrier to switch bills of lading …
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Six (6) Things Your Business Need To Know On Personal Data Protection in Malaysia
Part 1: Introduction In Malaysia, collection, processing, storage, transfer and retention of individuals’ personal data are governed under the Personal Data Protection Act 2010 (the “Act”). In short, the Act regulates the processing of personal data in commercial transactions in Malaysia.
Malaysia’s First Legal Remedies Against “Persons Unknown”
INTRODUCTION Zschimmer & Schwarz GmbH & Co KG Chemische Fabriken v Persons Unknown & Anor [2021] 7 MLJ 178 is Malaysia’s first legal action against “Persons Unknown” in light of a push payment fraud. The judgment has provided important clarification on the remedies against “Persons Unknown”. The Malaysian High Court granted a Mareva Injunction and a Proprietary …
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An Introduction to Intellectual Property Rights Enforcement in Malaysia
While businesses and companies may be valued by the relative worth of their physical assets, what is often overlooked are the equally valuable Intellectual Property (IP) rights they own. It is a misconception that the run-of-the-mill company which merely deals in trade and does not engage in creative output or ground-breaking innovation has little to …
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The Growing Trends of Judicial Review Against Government: Overview
INTRODUCTION The guiding principles of Judicial Review were clearly pronounced in the Federal Court case of Ketua Pengarah Hasil Dalam Negeri v Alcatel – Lucent Malaysia Sdn. Bhd. & Anor[1]. “A judicial review is a court proceeding where a challenge is made on the decision of the relevant authority or entity by challenging the lawfulness of the …
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Case Commentaries: Suit Against Boustead Ex Directors – Analysis of Business Judgement Rule
[A] INTRODUCTION With the recent announcement from Boustead Holdings Bhd that it had file a suit against its former managements for negligence; breach of fiduciary duties under the Companies Act 1965 and is seeking a sum of £6.4 million (RM35.37 million current value)1, this article will provide an insight as to directors’ duties and principle of exercise …
Legal Aspects for Online Transactions
Introduction Online trade transaction, or in its current and commonly-used term, e-commerce, broadly refers to commercial activity conducted with the aid of electronic devices. E-commerce generally refers to electronic business transactions or trades which are wholly or partially conducted over the internet.[1] As e-commerce grows and becomes a more viable and, to a certain extent, …
Securities Commission Issues New Guidelines on Corporate Governance
Chapter 15 of the Listing Requirement sets out the requirements that must be complied with by a listed issuer and its directors of listed issuers and their subsidiaries in relation to corporate governance.
The Torts of Conspiracy to Injure
What is a civil conspiracy in law? According to the Court of Appeal in Renault SA v Inokom Corp Sdn Bhd & Anor [2010], the main elements of tort of conspiracy that need to be satisfied are as follows: