Architect Of His Own Loss Federal Court Rules Businessman To Blame In Rm23m Land Deal Gone Wrong

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The Federal Court has reportedly ruled that a businessman cannot recover RM23 million lost in a failed land deal, finding he was to blame for his own loss. — Picture by Choo Choy MayPUTRAJAYA, April 16 — The Federal Court has reportedly ruled that a businessman who lost RM23 million in a botched land deal cannot recover the amount, concluding that he was to blame for the loss.
According to Free Malaysia Today (FMT), the court dismissed 75-year-old Ong Koh Hou’s counterclaim against Lim Swee Choo, 59, and Chiam Eng Huat, 77 — stating Ong was “the architect of his own loss” and had used the RM23 million in a separate deal that excluded the other two.
The dispute reportedly began in 2015 when Ong agreed to buy four plots of land in Rawang from Lim and Chiam for RM25.5 million, paying RM23 million upfront.
Lim and Chiam were said to have earlier bought the plots from DA Land Sdn Bhd, but the title transfers were not completed, as one plot had a caveat on it.
Reportedly, Ong later entered a different agreement directly with DA Land to buy three of the plots for RM84 million, using the RM23 million he had paid as a deposit.
According to FMT, The Shah Alam High Court previously found Ong to be an unlicensed moneylender, a factor behind the price discrepancy.
Although the Court of Appeal had ordered Lim and Chiam to return the RM23 million, the Federal Court reportedly overturned the decision, finding that there was no total failure of consideration, contrary to the Court of Appeal’s conclusion.
Instead, Ong has reportedly been ordered to pay Lim and Chiam the outstanding RM2.5 million, plus five per cent annual interest, RM150,000 in legal costs, and general damages to be assessed by the High Court. - malaymail

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