Wednesday, October 15, 2008
Court orders Negri Ruler to pay up bank
It isn't everyday that a Ruler of a state is ordered by the courts to pay up a loan. Today, a precedent was set when the Putrajaya Special Court (picture) , set up to hear cases involving the royalty, ordered the former King and Yang Dipertuan Besar of Negri Sembilan, Tuanku Jaafar to pay Standard Chartered Bank about RM3.5mil to honour his commitment over a business deal. The court also dismissed Tuanku Jaafar's countersuit against the bank for a declaration that the bank was not entitled to uplift his fixed deposit to settle the outstanding loan. The court decision has certainly embarassed his Highness. Among corporate figures, many wondered how this perculiar situation has came about as the amount would be regarded as small among the rich and famous. It is often not talked about but the expensive lifestyles of some royalty members, especially the siblings, have often put a strain on the purses of several royal households.