Ace Credit (M) Sdn Bhd v Kbh Marine Industry Sdn. Bhd. (P-02(IM)(NCvC)-336-03/2023)

Court of Appeal of Malaysia13 Oct 2025

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27/10/2025 12:37:14 P-02(IM)(NCvC)-336-03/2023 Kand. 63 S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig S/N aITzaXoypkyOSQHHoKl1ig

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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)-336-03/2023
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: 69f38468-327a-4ca6-8e49-01c7a0a9758a

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

ACE CREDIT (M) SDN BHD - appellant - ejudgment_parties
1. ) KBH MARINE INDUSTRY SDN. BHD. - respondent - ejudgment_parties
2. ) Sin Soon Hock Sdn Bhd - respondent - ejudgment_parties
3. ) Pioneer Conglomerate Sdn. Bhd. - respondent - ejudgment_parties
4. ) Chin Swee Chong - respondent - ejudgment_parties
5. ) Tan Poo Chuan - respondent - ejudgment_parties

Primary source

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Catchwords

Parties

ACE CREDIT (M) SDN BHD - appellant - ejudgment_parties

1. ) KBH MARINE INDUSTRY SDN. BHD. - respondent - ejudgment_parties

2. ) Sin Soon Hock Sdn Bhd - respondent - ejudgment_parties

3. ) Pioneer Conglomerate Sdn. Bhd. - respondent - ejudgment_parties

4. ) Chin Swee Chong - respondent - ejudgment_parties

5. ) Tan Poo Chuan - respondent - ejudgment_parties