PUTRAJAYA: The Federal Court on Tuesday set aside earlier decisions by the High Court and the Court of Appeal, both of which ordered, among others, a ...
The Federal Court on Tuesday set aside earlier decisions by the High Court and the Court of Appeal, both of which ordered, among others, a specific performance against Detik Ria Sdn Bhd to sell its 49% stake in Sri Han Suria Sdn Bhd which owns Prudential Assurance Malaysia Bhd to Prudential Corp Holdings Ltd and The Prudential Assurance Company Ltd.
The High Court, in its decision in 2020, and upheld by the Court of Appeal in 2022, ruled that there was nothing wrong in the enforcement of two put and call options agreements entered into by Prudential Assurance and Detik Ria, which would have allowed the disputed 49% stake to be passed to Prudential Corp.
While Prudential Corp Holdings Ltd and The Prudential Assurance Company Ltd had argued that the Insurance Act 1996 is inapplicable in this and that it is the Financial Services Act 2013 that applies instead, such argument was not accepted by the Apex Court. Detik Ria’s lead counsel Tan Sri Tommy Thomas, together with Tey Jun Ren, Mervyn Lai and Chuar Kia Lin, had submitted in court that the dividends paid in the period under review amounted to RM2.72 billion, and hence Detik Ria should be given 49% of that sum or RM1.3 billion. The exact sum is being disputed.
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