Public Bank loses final appeal in RM560mil NFCorp lawsuit
PUTRAJAYA: Public Bank has lost its final appeal at the Federal Court in a RM560mil lawsuit filed by National Feedlot Corporation (NFCorp) and three others over a breach of confidentiality.
A three-judge panel led by Chief Judge of Malaya Justice Hasnah Mohammed unanimously dismissed the bank's appeal to overturn the Court of Appeal's August 2023 decision.
The court dismissed the appeal with costs and reaffirmed the Court of Appeal's decision after hearing submissions from both parties.
The court ordered Public Bank to pay RM300,000 in costs to NFCorp and others.
"We are of the opinion that common law is not applicable in this case," said Justice Hasnah via Zoom on Monday (May 26).
Regarding a cross-appeal by NFCorp and others against the Court of Appeal's award of RM10,000 in nominal damages, the court allowed the appeal but deferred the decision on the damages' quantum.
"On damages, we need time to review all documents before deciding. The court will decide on June 18," said Justice Hasnah.
The bench also included Chief Judge of Sabah and Sarawak Justice Abdul Rahman Sebli and Federal Court judge Justice Abu Bakar Jais.
On August 30, 2023, the Court of Appeal allowed an appeal by NFCorp executive chairman Datuk Mohamad Salleh Ismail and its subsidiaries against Public Bank for breaching contract confidentiality.
The appellate court found a serious misappreciation of evidence, warranting appellate intervention, and ordered Public Bank to pay RM500,000 in costs.
The lawsuit, filed on May 22, 2012, alleged the bank breached confidentiality by allowing banking transaction details to be revealed by then PKR vice-president Rafizi Ramli, now Economy Minister.
They claimed the breach caused irreparable loss and damage to their business reputation under the Banking and Financial Institutions Act.
On July 29, 2019, the High Court dismissed the lawsuit against the bank.
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