Pioneer Conglomerate Sdn Bhd v Ace Credit (M) Sdn Bhd (P-02(IM)(NCvC)-384-03/2023)

Court of Appeal of Malaysia13 Oct 2025

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27/10/2025 12:49:28 P-02(IM)(NCvC)-384-03/2023 Kand. 37

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Malaysian judgment

Case metadata

Court: Court of Appeal of Malaysia
Decision date: 13 Oct 2025
Case number: P-02(IM)(NCvC)-384-03/2023
Coram: YA Dato' Che Mohd Ruzima Bin Ghazali; YA Dato' Lim Chong Fong; YA Dato' Dr Alwi Bin Abdul Wahab
Practice area: The Court of Appeal held that the loan agreement between Ace Credit (M) Sdn Bhd and Pioneer Conglomerate Sdn Bhd was void under section 10P of the Moneylenders Act 1951 for non-compliance with the prescribed form and excessive interest. All related security documents and caveats were likewise invalid. However, applying section 66 of the Contracts Act 1950, the Court ordered restitution of monies advanced, as the transaction was void but not substantively illegal. The High Court’s decision was affirmed with slight variation and no order as to costs
Version: Alasan Penghakiman 1
Published: 27 Oct 2025
Source ID: e806f59f-cc5a-4287-b596-ea88459a0dd8

Catchwords

The Court of Appeal held that the loan agreement between Ace Credit (M) Sdn Bhd and Pioneer Conglomerate Sdn Bhd was void under section 10P of the Moneylenders Act 1951 for non-compliance with the prescribed form and excessive interest. All related security documents and caveats were likewise invalid. However, applying section 66 of the Contracts Act 1950, the Court ordered restitution of monies advanced, as the transaction was void but not substantively illegal. The High Court’s decision was affirmed with slight variation and no order as to costs

Parties

1. ) PIONEER CONGLOMERATE SDN BHD - appellant - ejudgment_parties
2. ) Sin Soon Hock Sdn Bhd - appellant - ejudgment_parties
ACE CREDIT (M) SDN BHD - respondent - ejudgment_parties

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