What was Khalid Ibrahim’s original claim against Bank Islam?

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Tan Sri Khalid Ibrahim's Original Claim Against Bank Islam Involved Allegations of Wrongful Disposal of Shares

Tan Sri Khalid Ibrahim initiated legal action against Bank Islam Malaysia Berhad (BIMB) on May 18, 2007, asserting that the bank had improperly disposed of his shares in Guthrie Berhad. These shares were originally acquired through an Al-Bai Bithaman Ajil (BBA) loan facility provided by BIMB on April 30, 2001, during Khalid's tenure as the chief executive officer of Guthrie.
Allegation of Wrongful Share Disposal

Khalid's primary contention in his lawsuit was that BIMB had acted incorrectly in liquidating his Guthrie Berhad shares. The acquisition of these shares was linked to a BBA loan facility he had entered into with the bank on April 30, 2001. At the time of this facility, Khalid was serving as the chief executive officer of Guthrie Berhad.
Seeking Declaration of Collateral Contract

In addition to the claim regarding the shares, Khalid also sought a judicial declaration. He aimed to establish that a separate collateral contract existed between himself and BIMB, specifically pertaining to the terms and conditions of the aforementioned BBA loan facility. This indicated a belief that the bank's actions may have violated an understanding beyond the primary loan agreement.
Bank Islam's Counter-Claim and Case Consolidation

Bank Islam Malaysia Berhad, in response to Khalid's suit, filed a counter-claim demanding the repayment of RM66.67 million. The bank's position was that Khalid had breached the contract associated with the BBA loan facility due to his failure to meet the repayment obligations. Consequently, the two legal cases, Khalid's original suit and BIMB's counter-claim, were consolidated into a single legal proceeding for adjudication.

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What was Khalid Ibrahim’s original claim against Bank Islam?

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