Latest news with #RM560mil
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 Star
27-04-2025
- Business
- The Star
Close watch on health products
KOTA BARU: The Health Ministry is closely monitoring two key issues following the tariffs imposed by the United States, particularly those affecting medical devices and pharmaceutical products. Health Minister Datuk Seri Dr Dzulkefly Ahmad said although the US had indicated an intention to exempt pharmaceuticals from these tariffs, recent developments suggest otherwise. 'Some of the announced tariffs are still unclear, so we must remain vigilant. 'It is crucial for us to stay attentive to these two matters,' he told a press conference after opening the state-level 2025 Madani Afiat programme yesterday, Bernama reported. He was responding to questions about the potential impact of the tariffs on the nation's healthcare supply chain. On April 22, The Star reported Malaysian medical product manufacturers are bracing for the potential impact as the US considers imposing tariffs on pharmaceutical imports worth US$200bil. Malaysia's medical device export to the United States was valued at RM13.69bil (US$3.07bil) in 2024, making up 36.97% of the country's total medical device exports, which stood at RM37.03bil. Pharmaceutical exports to the US were worth RM560mil or 18.48% of Malaysia's total pharmaceutical exports, which amounted to RM3.03bil. The report also quoted the Malaysian Medical Device Manufacturers Association as saying the impact was already felt when President Donald Trump announced the 24% reciprocal tariffs against Malaysia earlier this month. On the Terengganu government's decision to ban the sale of electronic cigarette products, Dzulkefly said the ministry was determined to implement comprehensive regulation on vape products with the gazette of the Smoking Products Control for Public Health Act. He said the Act, which functions as a stand-alone legislation, would serve as a strong foundation for regulating all aspects related to smoking products, including their registration, sales, advertising and nicotine content. 'Our approach is to enforce strict regulation. Sales to minors will be completely prohibited and stringent controls will be in place to ensure there is no room for any form of leniency,' he said. Dzulkefly also said the state government would hold an important responsibility through its authority to deny business licences to entrepreneurs selling smoking products. He viewed the collaboration as a positive step towards safeguarding public health. The Terengganu government announced that effective Aug 1, it would enforce a ban on the sale of vape products statewide – a move to curb the sale and use of vape products, which pose health risks, particularly to the younger generation.
The Star
22-04-2025
- Business
- The Star
Gloved up for fluid tariffs
PETALING JAYA: As the United States considers imposing tariffs on pharmaceutical imports worth US$200bil, Malaysian medical product manufacturers are bracing for the potential impact of US President Donald Trump's announcement on the local industry. According to the Health Ministry, Malaysia's medical device exports to the United States were valued at RM13.69bil (US$3.07bil) in 2024, making up 36.97% of the country's total medical device exports, which stood at RM37.03bil. Meanwhile, pharmaceutical exports to the United States were worth RM560mil, or 18.48% of Malaysia's total pharmaceutical exports, which amounted to RM3.03bil. Malaysian Medical Device Manufacturers Association (Perantim) president Johari Abu Kasim said the impacts were already felt when Trump announced the 24% reciprocal tariffs against Malaysia earlier this month. As a knee-jerk reaction to this announcement, there were some cancellation of orders from US-based importers. Johari said medical grade gloves, catheters and syringes are some key products exported to the United States. ALSO READ: Govt to proceed with medicine price transparency roll out on May 1, says Armizan 'We also export indirectly through Singapore. 'This accounts for about 23% to 25%,' he said. Johari acknowledged that the tariff threat has left some exporters jittery as the situation remains fluid and uncertain. However, he sees a silver lining, noting that the 145% tariff rate on China would make Malaysian products more competitively priced. Johari said some Perantim members are also looking at the possibility of setting up satellite production plants in the United States so that they can produce there and supply the American domestic market. As a mitigation measure, medical device manufacturers are also looking for new markets, he said. (Click To Enlarge) 'We are working with Matrade to look into new non-traditional markets,' he said. 'It is also time to tap into Asean's strength and boost intra-Asean trade. 'We are now chairing Asean. I think there are a lot of things we can do.' Ching Choon Siong, executive director of the Association of Malaysian Medical Industries (AMMI), stated that the reciprocal tariffs will affect price competitiveness, export volume of medical devices to the United States, as well as the profitability of exporters. 'Based on initial survey responses, our members expect the chain effects will lead to price increases globally, thus impacting the cost of goods sold. 'However, they do not foresee any immediate change in export demand and will assess the impact of these tariffs, or any potential reciprocal tariffs, in the long term,' he added. Pharmaniaga Bhd managing director Zulkifli Jafar said the pharmaceutical company currently does not engage in any direct export activities to the United States. 'Therefore, the recent imposition of tariffs by the US government does not have any immediate or direct impact on our operations. 'However, we remain mindful of the interconnected nature of global trade, where policy changes in one region can influence supply chains worldwide. 'While we do not anticipate any significant impact at this stage, we are closely monitoring the situation to stay ahead of any potential downstream implications that may emerge,' he said. At present, Pharmaniaga is actively engaging with local and international suppliers to assess the possible risks and to align on contingency plans. 'This ongoing collaboration will enable us to respond swiftly and effectively, with the flexibility needed to adapt if conditions change,' Zulkifli said. 'Our commitment to operational continuity and supply chain resilience remains steadfast and through a proactive and vigilant approach. 'We aim to ensure uninterrupted services to our customers and partners, even as the global landscape continues to evolve,' he added. During Trump's first term in office, medical devices and protective gear produced in China, Mexico and Canada were exempted from duties – although reports suggest that they may not receive a reprieve this time around.
