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Malaysian court dismisses appeal against Kenanga Investment Bank in long-running case

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Malaysian court dismisses appeal against Kenanga Investment Bank in long-running case

Malaysia's Federal Court dismissed Liew Yuen Keong's appealin a long-running case stemming from his monetary claims against unit Kenanga Investment BankBhd.

The Federal Court on Sept. 28 dismissed Liew's appeal withcosts, according to a Sept. 29 release.

Liew was appealing a decision by the Court of Appeal in thecase. The High Court of Kuala Lumpur on Feb. 1, 2013, ruled in favor of Liewagainst the investment bank for the principal sum of 3.6 million Malaysianringgit, loss of profits of 665,000 ringgit and interest. Kenanga InvestmentBank later appealed the High Court decision.

Liew claimedhe handed over bank drafts to a Kenanga Investment Bank representative toinvest the money in five IPOs after the representative told him that thecompany was the placement agent for the IPOs. The company, however, was notserving as a placement agent for the offerings. Liew filed the legal case in2008 to claim the principal and profit losses.

As of Sept. 29, US$1was equivalent to 4.12 Malaysian ringgit.