Question 1 Answer both 1(a) and 1 (b) Question 1(a) Mr. and Mrs. Rich owned a piece of land in Kenny Hills identied as Lot 55. They wanted to bid at an auction to buy the adjoining piece of land identied as Lot 56. The aforesaid Lot was to be auctioned by Bank MIMB; therefore, they appointed a lawyer, Mr. Tee Poo to handle bidding at the auction. They signed a letter addressed to Mr. Tee Poo stating that he was appointed as their lawyer to bid at the auction for Lot 56. The following month, Mr. Tee Poo bought a shelf company called Fast Buck Sdn Bhd and registered himself as the Director and shareholder of the company. Mr. Tee Poo then successfully bid at the auction for Lot 56. Bank MIMB then arranged to transfer the land to the name of the company, Fast Buck Sdn Bhd. Mr. Tee Poo lied to Mr. & Mrs. Rich stating that they lost in the auction. One year later, Mr. & Mrs. Rich discover the truth, and they are furious with their lawyer. Advise the couple if they can recover the land from Fast Buck Sdn Bhd. Question 1(b) Consider if Fast Sdn Bhd transfers the land to its subsidiary company, Fast Money Sdn Bhd; Mr. Tee Poo is also one of the three Directors and shareholders in this subsidiary company. Can Mr. & Mrs. Rich recover the land from the subsidiary company? (20 marks) Substantiate your answer in 1(a) and 1(b) with corresponding sections in the Companies Act 2016, relevant cases, and paragraphs in the company law textbook. (5 marks) (Total: 25 marks)