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| No decision yet on Bank Islam suit against Khalid |
| Written by Chua Sue-Ann | |||
| Wednesday, 27 May 2009 22:44 | |||
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Bank Islam sought the summary judgment against Khalid for alleged default of US$18.52 million in Islamic loan facilities made to him in 1998 in relation to the purchase of shares in Kumpulan Guthrie Bhd. The decision, initially fixed for yesterday, had been vacated (rendered null and void) for further argument by parties, Khalid's lawyer Malik Imtiaz Sarwar told The Edge Financial Daily via SMS. Justice Datuk Rohana Yusof at the Kuala Lumpur Commercial High Court had on April 22 heard submissions from both parties in chambers. Bank Islam was represented by lawyers Tommy Thomas and Ganesan Nethi. Khalid filed a suit against the bank on May 18, 2007, seeking damages and a declaration that there existed a collateral contract between him and Bank Islam alongside the Bai Bithaman Ajil (BBA) agreement dated April 30, 2001. Khalid, who is currently Bandar Tun Razak member of parliament, also sought a declaration that the BBA facility in isolation and without the collateral contract was null and void and that Bank Islam had breached the collateral contract and/or the BBA facility. However, on May 24, 2007, Bank Islam counter-sued Khalid, claiming that the latter had breached the BBA agreement. Khalid was chief executive officer of Guthrie from 1995 to 2003.
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