The Federal Court had to postpone its decision once again, this time to June 3, as the counsel for Genisys was still in hospital to treat a heart ailment. This morning Genisys had asked for a date in August this year but the presiding judge, Yang Ariff Raus, said if the counsel hasn't recovered by June 3, the Singapore company must find another lawyer to represent it. Read The Mala Mail's story here.
The RM87 million question. I expect the Fed Court to throw out the Court of Appeal's decision to award RM87 million to Singapore company Genisys in a dispute between that company and UEM, our own government-linked company. Jebat Must Die was spot on in his Sunday posting UEM vs GIE: What's the final verdict? -- the Courts of Appeal's 2008 decision was baffling and did not make any sense:"... the Court of Appeal had ordered UEM to buy UEG’s shares owned by the Singaporean GIE amounting to RM87 million!Big Dog, in his April 21 posting Another Corporate War: Malaysian judiciary is put to test said the Fed Court's decision today "... s likely to have a bearing on future treatment of shareholder disputes that go to court, particularly those that rely on the Section 181 provisions".
"How could this be when the Court had dismissed both petition which technically renders both sides as innocent of oppressing the other party?
Not only that, if UEM wanted to obtain a stay of execution against the Court of Appeal’s decision, UEM had to deposit RM43.7 million, which they sorely did in May 2009!"
I wrote a posting earlier this year about this strange case in Will Gopal Sri Ram's RM87 mil judgment stands in Federal Court today? (12 Jan 2010).