Latest news with #BankingandFinancialInstitutionsAct
The Star
27-05-2025
- Business
- The Star
Public Bank loses final court battle against NFCorp
PUTRAJAYA: Public Bank Bhd has failed in its final appeal at the Federal Court in a RM560mil lawsuit brought by the National Feedlot Corporation ( Corp) and three others over breach of confidentiality. A three-judge panel, chaired by Chief Judge of Malaya Justice Hasnah Mohammed, made the unanimous decision to dismiss the bank's appeal to set aside a decision by the Court of Appeal in August 2023. The court made the dismissal with costs and reaffirmed the Court of Appeal's decision after hearing submissions from both parties. In the decision, the court ordered Public Bank to pay RM300,000 in costs to Corp and the three others. 'We are of the opinion that common law is not applicable in this case,' Justice Hasnah said via Zoom here yesterday. With regard to a cross-appeal by Corp and three others against the Court of Appeal's award of RM10,000 in nominal damages, the apex court allowed the appeal but deferred the decision on the quantum of damages. 'On damages, we need time to look at all the documents before coming to a decision. The court is fixing June 18 for a decision on damages,' Justice Hasnah said. The other judges on the bench were Chief Judge of Sabah and Sarawak Justice Abdul Rahman Sebli and Federal Court judge Justice Abu Bakar Jais. On Aug 30, 2023, the Court of Appeal allowed an appeal by Corp executive chairman Datuk Mohamad Salleh Ismail and the company's three subsidiaries – National Meat & Livestock Corporation Sdn Bhd, Real Food Company Sdn Bhd and Agroscience Industries Sdn Bhd – in a civil suit filed against Public Bank for breach of contract over failure to protect the confidentiality of their bank account. The appellate court panel ruled that there was a serious misappreciation of evidence, which warranted appellate intervention on the judges' part. It ordered Public Bank to pay RM500,000 in costs. The lawsuit was filed against the bank on May 22, 2012. The suit alleged that the bank had breached confidentiality by allowing details of banking transactions to be revealed by then PKR vice-president Rafizi Ramli (now Economy Minister). They also claimed that their business reputation and credibility had suffered irreparable loss and damage as a result of the bank's security breach of the Banking and Financial Institutions Act. On July 29, 2019, the High Court dismissed the lawsuit against the bank.
The Star
26-05-2025
- Business
- The Star
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.
The Sun
26-05-2025
- Business
- The Sun
Public Bank loses final appeal in NFCORP breach case
PUTRAJAYA: The Federal Court here today upheld the decision of the Court of Appeal which found Public Bank Berhad liable for breach of confidentiality in the case involving National Feedlot Corporation (NFCorp) and four others. A three-member bench led by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, in a unanimous decision today, dismissed the bank's appeal to overturn the appellate court's Aug 2023 ruling. Sitting with her were Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais. The panel also ordered Public Bank to pay RM300,000 in legal costs. However, Justice Hasnah fixed this June 18 to deliver the court's decision on the quantum of damages, saying the court requires time to consider relevant documents. In today's proceeding, lawyer Tan Sri Muhammad Shafee Abdullah, representing NFCorp and four others, submitted that his clients were seeking RM60 million in general damages and RM250 million each in aggravated and exemplary damages. In dismissing the bank's appeal, Justice Hasnah ruled that common law did not apply in this case. NFCorp and four others sued the bank in 2012 over the leakage of their banking details. The High Court dismissed the lawsuit in 2019, but the appellate court 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 the bank breached confidentiality by allowing details of their 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. In today's proceeding, lawyer Chan Kok Keong, representing the bank, argued that only nominal damages should be awarded to NFCorp and four others as there was no credible evidence to prove the losses and damages suffered by them (NFCorp and four others).
The Sun
26-05-2025
- Business
- The Sun
Public Bank loses final appeal over breach of confidentiality in NFCORP case
PUTRAJAYA: The Federal Court here today upheld the decision of the Court of Appeal which found Public Bank Berhad liable for breach of confidentiality in the case involving National Feedlot Corporation (NFCorp) and four others. A three-member bench led by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, in a unanimous decision today, dismissed the bank's appeal to overturn the appellate court's Aug 2023 ruling. Sitting with her were Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais. The panel also ordered Public Bank to pay RM300,000 in legal costs. However, Justice Hasnah fixed this June 18 to deliver the court's decision on the quantum of damages, saying the court requires time to consider relevant documents. In today's proceeding, lawyer Tan Sri Muhammad Shafee Abdullah, representing NFCorp and four others, submitted that his clients were seeking RM60 million in general damages and RM250 million each in aggravated and exemplary damages. In dismissing the bank's appeal, Justice Hasnah ruled that common law did not apply in this case. NFCorp and four others sued the bank in 2012 over the leakage of their banking details. The High Court dismissed the lawsuit in 2019, but the appellate court 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 the bank breached confidentiality by allowing details of their 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. In today's proceeding, lawyer Chan Kok Keong, representing the bank, argued that only nominal damages should be awarded to NFCorp and four others as there was no credible evidence to prove the losses and damages suffered by them (NFCorp and four others).
