Post by Rahmat Lim & Partners

📢 RL&P Briefcase: High Court dismisses challenge to Minister of Finance’s approval for disposal of non-performing loans The High Court in Mohamed Aminudeen bin Abdul Hamid v Menteri Kewangan Malaysia & Ors dismissed a judicial review application brought to challenge an established blanket approval granted by the Minister of Finance under the Banking and Financial Institutions Act 1989. The approval formed part of a regulatory framework permitting the transfer of non-performing loans by licensed financial institutions to non-licensed entities in the wake of the 1997 Asian Financial Crisis. The High Court’s decision is significant to the banking industry as it reinforces the validity of a framework widely relied upon in the disposal of distressed assets and clarifies the limits of judicial review over such measures. In particular, it considers whether such approvals are amenable to challenge and the extent to which statutory powers may be exercised on a general or “blanket” basis in responding to systemic financial distress. Partner Kwong Chiew Ee and Associate Lee Ji Kean represented one of the Respondents that was successful in opposing the judicial review. Written by Partner Kwong Chiew Ee.   🔗 Read more: https://lnkd.in/grFHNSkT #RahmatLimandPartners #NonPerformingLoans