Justice Datuk Gopal Sri Ram , Justice Datuk Ahmad Fairuz Sheikh Abdul Halim and Justice Datuk Haidar Mohd Noor heard an application by Tommy Thomas and others against MBf Capital Berhad and MBf Northen Securities Sdn Bhd for security for costs.
MBf Capital Berhad and MBf Northen Securities Sdn Bhd had commenced action in defamation against Tommy Thomas and others seeking RM 60 million in damages.
The court dismissed with costs three appeals pertaining to the application by MBf Capital Berhad and MBf Northen Securities Sdn Bhd to furnish RM1.22 million as security for costs.
It ruled that it was not necessary for a company to be in possession of cash in order to satisfy the court that it was in a position to pay the costs of an action brought by it in the event that it failed in its suit.
(Source:COURT DISMISSES APPEALS IN RM60 MILLION SUIT.
18 June 1998,BERNAMA Malaysian National News Agency)
MBf Securities' dealing licence had been suspended by the Kuala Lumpur Stock Exchange since May 9 1998. The Securities Commission (SC) had given given MBf Securities until July 11 1997 to submit a restructuring plan to regularise its financial position. It had not been able to do so.
(Source:OSK to buy 70 pct of MBf Securities. 8 July 1998,23:51
Reuters News)
Bank Negara took-over MBf Capital's main subsidiary in January 1999.The firm no longer exists,and has been taken-over by AMMB Holdings Bhd.
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