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By Lian Cheng
KUCHING, July 18: The High Court in Kuala Lumpur yesterday ruled that QEOS LED Sdn Bhd (QEOS LED) is the true owner of Jepak Holdings Sdn Bhd (Jepak) while its former owners Saidi Abang Samsudin and Zul Azman Ya’akub were ordered to pay a total of RM125,000 in costs.
Saidi and Zul Azman took legal action for the return of 4,800,000 shares in Jepak held by QEOS LED, arguing that the latter had breached the Cooperation Agreement (CA) and Cooperation Supplementary Agreement (CSA) signed between them.
Under the two agreements, QEOS LED had agreed to take over the Ministry of Education (MOE) project to supply diesel to and install solar panels at rural schools in Sarawak. In exchange, QEOS LED would finance the transfer of unrelated businesses in Jepak to companies owned by Saidi’s family while funding the operations of Jepak and the project.
High Court Judge Liza Chan Sow King ruled that QEOS LED had complied with its obligations under the CA and CSA. She also ruled that Saidi benefited since his other businesses were divested from Jepak and became risk-free from demands of creditors.
The judge ruled that it cannot be said that QEOS LED had failed to carry out its side of the bargain, and that the plaintiffs had not acted reasonably in terminating the CA and CSA.
On the plaintiffs’ claim that QEOS LED was holding shares in Jepak on trust for them, the judge dismissed the claim based on the above reasons. Chan ruled QEOS LED had not acted unconscionably and instead it was Saidi who acted in bad faith by attempting to recover shares after having benefited from Qeos Led’s efforts.
QEOS LED was represented by Shim De Zhen of Yeoh Shim Siow & Lay Kuan, and Jepak Holdings by Faizal Khalid of Sabri Ahmad & Co. Saidi and Zul Azman were represented by Dinesh Kanavaji and T Sivam. — DayakDaily
