This article first appeared in The Edge Malaysia Weekly on December 22, 2025 - December 28, 2025

THE 14 plaintiffs want the corporate veil of MEX II Sdn Bhd, Maju Lingkaran Development Sdn Bhd, Maju Holdings Sdn Bhd and others to be lifted and all the assets owned by the Maju group of companies to be utilised to compensate the plaintiffs for the losses they have suffered. In a nutshell, the corporate veil is a legal concept that separates the company from the shareholder, meaning that shareholders are generally protected from being liable for actions undertaken at the company level.

The plaintiffs are seeking judgment against each of the defendants for the dissolution amount of RM1.38 billion, compensation for delays in payment under the debt paper, interest of 6% per annum or a fair rate.

Also in the statement of claim is a declaration that the assets and properties of Tan Sri Abu Sahid Mohamed and his wife and son and others, including Maju Holdings, Maju Lingkaran Development and MEX II, which is in receivership, be traced and utilised to settle the debts arising from the bond issue.

The widely drafted statement of claim includes the plaintiffs seeking “A Declaration that each of the Defendants is jointly and severally liable for all losses suffered by the Plaintiffs and/or their beneficiaries and/or their managed funds arising from the purchase of the Sukuk Murabahah issued by MEX II.”

Also sought are coupons from the date of the dissolution amount up to the date of judgment or for such period as the court deems fit, and compensation for delays in payments of the sukuk.

The plaintiffs are also seeking an order that CIMB Investment Bank Bhd and TMF Trustees Malaysia Bhd provide an account to each plaintiff of the sums outstanding and the compensation for the delay in repayment of each tranche of the sukuk and general, aggravated, and or exemplary damages against defendants linked to Abu Sahid and Maju Holdings and costs.

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