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.
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