Malaysia | Legal Update | Interest in Interest? Application of interest not regulated under the Moneylenders Act 1951: Summerhay Development Sdn Bhd v Ivory Ascent Sdn Bhd [08(f)-415-09/2022]

The Firm acted for a corporate licensed Moneylender in an appeal against the High Court decision in Summerhay Development Sdn Bhd v Ivory Ascent Sdn Bhd (2020 1 LNS 1491 and 2020 MLJU 1549) and was successful in overturning the High Court decision in J-02(NCvC)(A)-1095-08/2020.

The Court of Appeal’s decision was subsequently affirmed by the Federal Court and the borrower’s motion for leave to appeal was dismissed by the Federal Court (08(f)-415-09/2021(J)).

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