Public Bank ordered to pay RM90mil in damages to NFC for confidentiality breach
The Federal Court has ordered Public Bank to pay RM30 million each in equitable, exemplary, and aggravated damages to National Feedlot Corporation and three others for disclosing its accounts to the public.
PUTRAJAYA : The Federal Court has ruled that Public Bank must pay RM90 million in damages for violating its statutory duty and breaching confidentiality by disclosing to the public the National Feedlot Corporation's (NFC) accounts, along with those of three affiliated companies.
A three-member bench led by Chief Judge of Malaya Hasnah Hashim ordered the bank to pay RM30 million each in equitable, exemplary, and aggravated damages.
'Public Bank is to pay 2% interest on the judgment sum effective today until the payment of damages is settled,' she said.
Sitting with her were Chief Judge of Sabah and Sarawak Abdul Rahman Sebli and Justice Abu Bakar Jais.
The court dismissed Public Bank's appeal on liability last month.
The Court of Appeal previously ruled that NFC had failed to prove its losses, resulting in the award of a nominal sum of RM10,000 in damages.
Hasnah said the appeals court fell into error in its finding.
'The appellant (NFC) had produced financial reports and audited accounts through its expert witness,' she said, adding that the bank had not called any witnesses to challenge the witness's credibility.
As such, the documents relied on by the appellants remained unchallenged, said Hasnah.
In their statement of claim, NFC, its chairman Salleh Ismail, and its subsidiaries National Meat & Livestock Corporation Sdn Bhd and Agroscience Industries Sdn Bhd had asked for RM560 million in damages.
They sought RM60 million in general damages and a total of RM500 million in aggravated and exemplary damages.
Salleh is the husband of former Wanita Umno chief Shahrizat Abdul Jalil.
The case dates back to 2012 when then-PKR vice-president Rafizi Ramli obtained confidential banking details which he used to support allegations against NFC regarding a government loan linked to property purchases.
Lawyers Shafee Abdullah, Sarah Abishegam, and Farah Mustaffa represented the appellants, while counsel Chan Kok Keong, Poh Choo Hoe, and Tiang Min Hin appeared for the bank.
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