JUDGMENT

Faizah Jamaludin JCA:

Introduction

[1] The appellant is a moneylender licensed under the Moneylenders Act 1951 ("MLA 1951"). The respondent was, at all material times, a shareholder and Director of Instant Bonus Sdn Bhd ("Instant Bonus"), a property development company. Instant Bonus was the developer of a project known as "Robson Hill Residency".

[2] The appellant and the respondent entered two moneylending agreements dated 9 July 2018 and 24 August 2018 ("Moneylending Agreements"). Both Moneylending Agreements were in the statutory form for "Moneylending Agreement (Unsecured Loan)" provided in Schedule J of the Moneylenders (Control and Licensing) Regulations 2003 ("Regulations 2003") made by the Minister under s 29H MLA 1951.

[3] The Moneylending Agreement dated 9 July 2018 ("1st MLA") was for the loan sum of RM2,000,000.00, and the Moneylending Agreement dated 24 August 2018 ("2nd MLA") was for the loan sum of RM1,500,000.00. The interest charged for both agreements was at the rate of 1.5% per month, which is equivalent to 18% per annum.