Saturday, April 25, 2009

Bank Islam seeks US$18.5m from Selangor MB

KUALA LUMPUR: Bank Islam is seeking a summary judgment against Selangor Menteri Besar Tan Sri Abdul Khalid Ibrahim for alleged default of US$18.5 million (RM66.6 million) in Islamic loan facilities made to him in 1998 in relation to the purchase of shares in Kumpulan Guthrie Bhd (KGB).The suit was heard before Justice Rohana Yusof of the KL Commercial High Court who has reserved decision on the summary judgment to May 27.If Bank Islam succeeds in getting the summary judgment, it is tantamount to Khalid being liable for US$18.5 million.

However, if the judge does not agree with the bank’s arguments, the matter would proceed to trial. Tommy Thomas and Ganesan Nethi appeared for Bank Islam while Malek Imtiaz and Thomas Philip defended Khalid.

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