Apex court orders Public Bank to pay RM90m to NFCorp
The Federal Court today ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp), its chairperson Salleh Ismail, and three subsidiary companies for breach of contract to protect their bank account confidentiality.
A three-member bench comprising Chief Judge of Malaya Hasnah Hashim, Chief Judge of Sabah and Sarawak Abdul Rahman Sebli and Federal Court judge Abu Bakar Jais awarded RM30 million each in equitable, exemplary and aggravated damages.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Johor looking to raise levy on property purchases by foreigners
JOHOR BARU: The state government is proposing to raise the levy on property purchases by foreign buyers from 2% to 3% as part of efforts to strengthen land administration and support ongoing system upgrades, says Mentri Besar Datuk Onn Hafiz Ghazi ( pic ). This marks the first proposed revision to the levy since its introduction in 2014 and comes in tandem with a major overhaul of the Johor Land and Mines Office (PTG) to improve efficiency and transparency in land dealings. 'The state is looking to raise the approval levy from 2% (minimum RM20,000) to 3% (minimum RM30,000). These adjustments are necessary to support operational costs and reflect the upgraded level of service being offered to the public and investors,' Onn Hafiz said in a Facebook post yesterday. He also revealed that the proposal includes revising the land transfer registration fee for properties valued over RM500,000. Under the proposal, an additional RM500 will be charged for every RM100,000 increment in property value. The current levy and land transfer fees have been in place since 2014 and 2004 respectively, without any revision, he added. 'These proposed changes were discussed between PTG, Johor Real Estate and Housing Developers Association and Johor Bar Committee to ensure the adjustments are fair and justifiable,' he said. Onn Hafiz, who is Machap assemblyman, said the revisions are part of a broader overhaul initiative within PTG, which is scheduled for completion by July 31 this year.
New Straits Times
an hour ago
- New Straits Times
Sisters in Islam wins appeal, Federal Court overturns 2014 fatwa
PUTRAJAYA: The Federal Court today quashed the 2014 fatwa against Sisters in Islam (SIS) Forum Malaysia, which had been gazetted by the Selangor Islamic Religious Council (MAIS), and declared the organisation deviant. The Federal Court, on Aug 21, 2023, granted leave to SIS and its founder, Zainah Mahfoozah Anwar, to proceed with an appeal against a decision by the Court of Appeal which had dismissed their bid to annul a fatwa issued by the Selangor Fatwa Committee. Previously, on March 14, 2023, the Court of Appeal had dismissed SIS's appeal to overturn the fatwa, which had declared the group deviant and accused it of straying from true Islamic teachings. SIS filed a judicial review application on October 31, 2014, seeking a court order to revoke the fatwa.
Sinar Daily
12 hours ago
- Sinar Daily
Federal court orders Public Bank to pay RM90 million in damages to NFCorp, four others
Public Bank to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled 18 Jun 2025 01:46pm Photo by Bernama PUTRAJAYA - The Federal Court today ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp), its chairman Datuk Mohamad Salleh Ismail, and three subsidiary companies for breach of contract to protect their bank account confidentiality. A three-member bench led by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais awarded RM30 million each in equitable, exemplary and aggravated damages. "Public Bank is to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled,' said Justice Hasnah. In delivering the court's decision, she said the appellants had presented financial reports and audited accounts through an expert witness, which were not challenged by Public Bank. Justice Hasnah said the Court of Appeal erred when it decided that the appellants had failed to prove damages, resulting in an award of only RM10,000 in nominal damages. On May 26, the panel overturned the Court of Appeal earlier decision which had granted nominal damages to NFCorp, Mohamad Salleh and three subsidiaries - National Meat and Livestock Corporation Sdn Bhd, Agroscience Industries Sdn Bhd, and Real Food Company Sdn Bhd. Mohamad Salleh is the husband of former Women, Family and Community Development Minister and Wanita Umno chief Tan Sri Shahrizat Abdul Jalil. Also on May 26, the Federal Court upheld the decision of the Court of Appeal, which found Public Bank liable for breach of confidentiality. The court ordered Public Bank to pay RM300,000 in legal costs. The court adjourned until today to decide on the amount of damages. NFCorp and four others filed the RM560 million suit against the bank in 2012 over the leakage of their banking details. The High Court dismissed the lawsuit in 2019, but the appellate court in 2023 reversed the decision after allowing their (NFCorp and four others) appeals. However, the Court of Appeal held that since NFCorp and the four others succeeded in proving liability but failed to prove damages, the court decided to award a sum of RM10,000 in nominal damages. In the suit, NFCorp and four others claimed that the bank breached confidentiality by allowing details of banking transactions to be revealed by the then PKR vice-president Rafizi Ramli. They also claimed their business reputation and credibility suffered irreparable loss and damage as a result of the breach under the Banking and Financial Institutions Act. After the court proceedings, Mohamad Salleh expressed gratitude, saying his family endured hardship for 13 years due to the case. In today's proceeding, Lawyer Tan Sri Muhammad Shafee Abdullah represented NFCorp and the four others, while Public Bank was represented by lawyer Chan Kok Keong. - BERNAMA More Like This
