Datuk Seri Vida fails to set aside RM15.5 mil default judgment over unpaid loans

Datuk Seri Vida fails to set aside RM15.5 mil default judgment over unpaid loans

KUALA LUMPUR: Cosmetics mogul Datuk Seri Hasmiza Othman, popularly known as Datuk Seri Vida, has failed to set aside a RM15.5 million default judgment obtained by Maybank Islamic over unpaid loans.

High Court judge Norsharidah Awang dismissed the application by Vida and her company, Vida Beauty Sdn Bhd, on the grounds that they failed to show a bona fide defence and that the judgment was regularly obtained.

A default judgment is entered when a defendant fails to appear or respond within the required time, allowing the plaintiff to secure judgment without the case going to a full trial.

Court documents show the dispute arose from two Commodity Murabahah Term Financing-i facilities totalling RM8.946 million granted to Vida Beauty in October 2017 with a 15-year repayment tenure.

Vida had signed personal guarantees for both.

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On Jan 6, 2023, the court entered judgment in default of appearance against the defendants for RM15,520,708.91 after they failed to enter an appearance.

In December the same year, the defendants filed an application to set aside the judgment and sought an extension of time to file their defence.

They argued that the writ and statement of claim were not properly served and that they had a meritorious defence.

Vida also argued that the bank’s claim was premature and the amount claimed included unearned profit and issues relating to ibra’ (rebate).

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Norsharidah, in her grounds of judgment yesterday, said the delay of about 11 months in filing the application (to set aside) was unreasonable and inadequately explained.

She said that although the court has the discretion to extend time, it is not automatic and must be supported by satisfactory reasons.

The court found that the writ had been served in accordance with the terms of the financing agreements and guarantees, which allowed service by prepaid registered post to the contractual address.

“Actual receipt is not a requirement where service is effected in accordance with the agreed contractual terms and the Rules of Court.

“The financing agreements clearly provide that upon default, the entire bank sale price becomes immediately due and payable,” she said.

Norsharidah said the defendants had failed to raise any defence worthy of trial and that allowing the application would undermine the finality of proceedings and commercial certainty.

She also awarded RM5,000 in costs to the bank.

Lawyer Wong Weng Yew appeared for the bank while Haris Md Nor represented the defendants.

Datuk Seri Vida fails to set aside RM15.5 mil default judgment over unpaid loans

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