Jurisprudentia Q3 July - September 2021

18 October 2021

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Banking & Finance 

BNM issues policy document on merchant acquiring services

BNM issues exposure draft on bancassurance / bancatakaful arrangements

BNM issues anti-money laundering policy on non-face-to-face verification processes by money services businesses

BNM issues policy document on recovery planning

Capital Markets 

SC revises guidelines on sustainable and responsible investment funds

SC issues guidelines on offer of shares by unlisted public companies

Amendments to Malaysia Capital Markets and Services Act 2007 in effect 1 July 2021

Competition 

MAVCOM approves country's first competition-related merger

MyCC imposes financial penalties against seven warehouse operators for colluding in price fixing

An overview of merger control in Malaysia

Corporate & Commercial

Court of Appeal rules companies must be de-listed once winding-up order is made

Employment 

Court of Appeal holds question of state immunity in employee dismissal case is a matter to be decided at Industrial Court

International Arbitration

AIAC issues Arbitration Rules 2021

Litigation 

Federal Court holds directors jointly and severally liable for failure of company to make employer contributions to statutory fund

Federal Court holds corporation sole does not need to be governed by board of directors

Court of Appeal lays down principles as to whether a liquidator's decision to admit a proof of debt may be challenged

High Court holds evidence leading to amicable settlement not privileged from disclosure

Court of Appeal holds similar claim in separate suit amounts to duplicity of proceedings

Real Estate

High Court holds management corporation may sue developer for latent defects in condominium

Restructuring & Insolvency

Insolvency (Amendment) Act 2020 in effect from 1 September 2021

Publications 

The Merger Control Review 2021: Malaysia chapter

The International Arbitration Review (12th Ed, 2021): Malaysia chapter

Deals 

Acquisition by Dagang NeXchange Berhad (“DNeX”) and Beijing Integrated Circuit Advanced Manufacturing and High-End Equipment Equity Investment Fund Center (Limited Partnership) (“CGP”) of the entire issued share capital of SilTerra Malaysia Sdn. Bhd. (“SilTerra”)

Joint venture between Mitsui Fudosan (Asia) Malaysia Sdn. Bhd. and BBCC Development Sdn. Bhd. for the acquisition of a serviced residence block at the Bukit Bintang City Centre (“BBCC”) development for RM242 million

Disposal by AXA Asia and Affin Bank Berhad of a 49.99% and 2.95% equity stake respectively in AXA Affin General Insurance Berhad and a 49% and 21% equity stake respectively in AXA Affin Life Insurance Berhad

SG$145 million acquisition financing facilities obtained by Sunrise Technology Investment Holding Pte. Ltd.

SK Group investment of US$100 million in Malaysian budget carrier AirAsia Group’s FinTech unit BigPay

Establishment and listing of IGB Commercial REIT on the Main Market of Bursa Malaysia Securities Berhad

Acquisition of Vital Technical Sdn Bhd and its subsidiaries by Nippon Paint (M) Sdn Bhd

Acquisition of MBO Cinemas’ assets

Awards & Rankings 

Rahmat Lim & Partners maintains Tier 1 ranking in M&A and continues to have most number of lawyers recognised in Malaysia in latest IFLR1000 rankings

Rahmat Lim & Partners maintains ranking in IFLR1000’s latest Capital Markets rankings

Rahmat Lim & Partners’ Energy, Infrastructure & Projects Practice achieves Tier 1 ranking in latest IFLR1000 rankings

Rahmat Lim & Partners clinches four awards at the Asian Legal Business Malaysia Law Awards 2021

Rahmat Lim & Partners maintains Tier 1 ranking in ALB M&A Rankings 2021

Rahmat Lim & Partners wins Energy & Natural Resources award at the IFN Law Awards 2021

Three Partners from Rahmat Lim & Partners recognised in Who’s Who Legal’s Southeast Asia 2021 guide

Rahmat Lim & Partners Intellectual Property Practice ranked in IAM Patent 1000’s firm and individual rankings