Read the full judgment text of HCCT 28/2002 on BabelCite. This 高等法院原訟法庭 judgment was delivered on 25 November 2004 before Hon Reyes J.
Construction and arbitration — Enforcement of arbitration award — Receivers appointed to collect monies due to Pertamina from related companies — Application by KBC to extend Receivers' powers refused based on issue estoppel and no demonstrated bad faith — Garnishee order nisi served on Tugu for dividend payment rescinded by shareholders without KBC’s consent — Court held rescission ineffective against KBC’s equitable charge — Tugu ordered to pay KBC the dividend attributable to Pertamina’s shares — Leave to appeal out of time granted for KBC’s challenge to garnishee order discharge — Held that despite erroneous legal advice, Tugu’s affirmation denying the debt was not in bad faith but did not extinguish debt to KBC — Orders for interest and costs reserved.
Legal issues: Extension of Receivers’ powers · Payment of dividend despite rescission
Outcome: KBC’s application to extend the Receivers’ powers is dismissed; leave to appeal out of time is granted; KBC’s appeal on the garnishee order discharged is granted; Tugu ordered to pay US$156,750 to KBC.
Cites 1 case