Tan Sri Khalid Ibrahim has won his appeal against Bank Islam. - Picture by Jack Ooi
SHAH ALAM, March 3 — Selangor Mentri Besar Tan Sri Khalid Ibrahim has won his appeal to set aside the Kuala Lumpur High Court judgment ordering him to pay Bank Islam Malaysia Berhad RM66 million over a loan dispute.
Khalid is suing BIMB for alleged wrongful sale of his shares in Guthrie Berhad.
The Court of Appeal ruled today that the High Court was wrong to grant the bank a summary judgment for the counter claim that it had filed seeking the payment for an alleged breach of the Bai Bithamin Ajil (BBA) facility.
Today’s ruling sets aside the High Court judgment pending the hearing of his suit against the bank. Khalid is suing the bank for wrongful sale of his shares in Guthrie Berhad.
The court ruled that Bank Islam’s counter claim will now be heard together with the main suit in which Khalid had filed against the bank.
The hearing will be heard between March 15 and 18.
“I am satisfied with the fair decision of the court and I have been advised by my lawyers that I have a good case against the bank,” said Khalid.
In the main lawsuit, Khalid is seeking a declaration that the BBA facility entered between him and the bank in 2001 is null and void.
Khalid is also seeking a declaration that the bank had breached the collateral contract and the BBA facility.
He is also seeking general damages for the wrongful sale of Guthrie shares he owned that was charged under the BBA facility.
The bank had then filed a counter claim seeking payment of the RM66 million due under the BBA facility.
On Aug 21 last year, the High Court had entered summary judgment against Khalid in the counter claim.
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