What is the specific commercial dispute between JRI Resources and Kuwait Finance House?

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JRI Resources and Kuwait Finance House Dispute Involves RM118.8 Million Outstanding Sum

The commercial dispute between JRI Resources Sdn Bhd and Kuwait Finance House (M) Bhd (KFH) centres on an outstanding sum of RM118,822,066.59. This amount is owed to KFH following agreements made between the two entities in 2008 and 2009. KFH initiated a civil lawsuit in 2013 seeking the recovery of this sum, and also filed claims against three guarantors.
Contractual Agreements and Outstanding Amount

The financial obligations at the core of the dispute arise from four Ijarah Facilities Agreements and one Murabahah Tawarruq Agreement. These agreements were established between JRI Resources and KFH during 2008 and 2009. The specific details of these Islamic finance facilities, including their terms and conditions that led to the outstanding balance, form a significant part of the legal proceedings.
KFH's Recovery Action

Kuwait Finance House (M) Bhd commenced legal action in 2013 to reclaim the substantial outstanding amount. The lawsuit was filed against JRI Resources Sdn Bhd, with the primary objective being the recovery of RM118,822,066.59. In addition to pursuing the principal borrower, KFH also extended its claim to include three individuals acting as guarantors for the debt.
Constitutional Reference Application

The underlying commercial dispute has led to a significant legal development, with a nine-member Federal Court bench convening for the first time to hear a constitutional reference application related to the case. This application questions the constitutionality of sections 56 and 57 of the Central Bank of Malaysia Act 2008. Specifically, the contention is whether these sections, by stating that rulings from the Syariah Advisory Council (SAC) bind the Civil High Court, impinge upon judicial powers.

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What is the specific commercial dispute between JRI Resources and Kuwait Finance House?

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