Latest news with #NationalFeedlotCorporation
The Star
27-05-2025
- Business
- The Star
Trading ideas: Public Bank, U Mobile, Kerjaya, Samaiden, Titijaya, PeterLabs, Shin Yang, NexG, Globaltec, Maybank, AMMB, PetGas, Hume Cement
KUALA LUMPUR: Here is a recap of the announcements that made headlines in Corporate Malaysia. Public Bank Bhd has failed in its appeal to set aside a RM560mn lawsuit filed by the National Feedlot Corporation and four others, including its chairman Datuk Seri Mohamad Salleh Ismail, after the country's apex court unanimously dismissed the bank's appeal. U Mobile Sdn Bhd has signed a RM2.4bn, 10-year deal with Telekom Malaysia Bhd to speed up its nationwide 5G rollout. Kerjaya Prospek Group Bhd , via wholly-owned subsidiary, Kerjaya Prospek Ventures Sdn Bhd, is acquiring 4.4mn shares and 935,900 new redeemable preference shares in Aspen Vision Land Sdn Bhd for RM98mn. Samaiden Group Bhd has bagged a RM100.8mn contract to undertake the engineering, procurement, construction and commissioning works for a large-scale solar photovoltaic power plant in Pasir Mas, Kelantan. Titijaya Land Bhd is proposing to acquire two property assets in Kota Kinabalu, Sabah, for RM105mn. Peterlabs Holdings Bhd has extended the suspension of its director Datuk Loh Saw Foong from his executive duties, pending the outcome of both its internal investigation and an ongoing probe by the Malaysian Anti-Corruption Commission. Shin Yang Group Bhd 's wholly-owned subsidiary Shin Yang Shipyard Sdn Bhd had signed a letter of intent with the Home Affairs Ministry for the proposed construction of the two offshore patrol vessels for Malaysian Maritime Enforcement Agency. NexG Bhd, formerly known as Datasonic Group Bhd , is developing a RM250mn secure identification document production facility as part of its global expansion strategy. Globaltec Formation Bhd's Australian-listed subsidiary, NuEnergy Gas Ltd, has commenced drilling the first of four wells under its Early Gas Sales Initiative in South Sumatra, Indonesia. Malayan Bank Bhd net profit edged up 4% YoY to RM2.6bn in 1QFY25, as income from interests and insurance offset a decline in non-interest income. AMMB Holdings Bhd closed FY25 with a 7.1% net profit growth YoY to RM2bn on the back of a higher net income of RM4.9bn from RM4.7bn in FY24. Petronas Gas Bhd 's net profit for 1QFY25 rose to RM468.8mn from RM456.7mn a year earlier although revenue declined to RM1.59bn from RM1.62bn previously. Hume Cement Industries Bhd posted a net profit of RM40.6mn for 3QFY25, down 33.4% from RM61.1mn a year ago, mainly due to lower cement sales volume.
Malay Mail
26-05-2025
- Business
- Malay Mail
Federal Court upholds ruling against Public Bank over NFCorp data breach, quantum of damages to be decided June 18
PUTRAJAYA, May 26 — 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. Meanwhile, the court allowed a cross-appeal by NFCorp, its chairman Datuk Mohamad Salleh Ismail, and three subsidiary companies - National Meat and Livestock Corporation Sdn Bhd, Agroscience Industries Sdn Bhd, and Real Food Company Sdn Bhd - to overturn the appellate court's decision that had awarded nominal damages to them. Mohamad Salleh is the husband of former Wanita Umno chief Tan Sri Shahrizat Abdul Jalil. 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 (now Economy Minister). 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). — Bernama
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
Court rules NFC entitled to damages from Public Bank for confidentiality breach
The Federal Court dismissed Public Bank's appeal and affirmed the Court of Appeal's decision. PUTRAJAYA : The Federal Court has unanimously upheld the Court of Appeal's ruling that Public Bank breached its statutory duty and confidentiality by revealing the accounts of National Feedlot Corporation (NFC) and three related companies to the public. A three-member bench led by Chief Judge of Malaya Hasnah Hashim ruled that common law did not apply due to specific sections of the Civil Law Act 1956. The court dismissed Public Bank's appeal and affirmed the Court of Appeal's decision. The court also allowed NFC and the other appellants to appeal the previous award of RM10,000 in nominal damages. The bench deferred a decision on the amount of damages to be awarded until June 18 but granted RM300,000 in legal costs to NFC and its subsidiaries. NFC, its chairman Salleh Ismail, and its subsidiaries National Meat & Livestock Corporation Sdn Bhd and Agroscience Industries Sdn Bhd are seeking RM560 million in damages. Salleh is the husband of former Wanita Umno chief Shahrizat Abdul Jalil. The claim includes RM60 million in general damages, RM250 million in aggravated damages, and RM250 million in exemplary damages. The case dates back to 2012 when the bank allegedly allowed then-PKR vice-president Rafizi Ramli to access confidential banking details. Rafizi later used this information to support allegations against NFC regarding a government loan linked to property purchases. Public Bank's lawyer argued that minimal damages were appropriate, saying the financial analyst supporting NFC's claim was discredited in the lower courts. The Court of Appeal found in 2023 that the High Court had misinterpreted evidence, justifying appellate intervention on liability, but only awarded nominal damages due to a lack of proof of actual loss.
New Straits Times
26-05-2025
- Business
- New Straits Times
Public Bank loses final bid to dismiss RM560mil NFCorp lawsuit
PUTRAJAYA: Public Bank Bhd has failed in its final attempt to set aside a RM560 million lawsuit filed by the National Feedlot Corporation (NFCorp) over an alleged breach of contract involving the protection of confidential bank account information. The Federal Court 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 Court of Appeal's decision in allowing the suit in August 2023. The apex court also allowed NFC's cross-appeal, granting it the right to pursue exemplary and aggravated damages in its claim against the bank. On May 22, 2012, NFCorp, its chairman Datuk Mohamad Salleh Ismail, and the three subsidiary companies filed the suit against Public Bank over breach of contract to protect their bank account confidentiality. The appellants claimed that the leaked bank account information was used by the then PKR vice president Rafizi Ramli to bolster allegations that the plaintiffs leveraged a government loan to purchase eight KL Eco City properties.
