Public Bank to pay NFCorp RM90M for Data Breach

PETALING JAYA: The Federal Court in Putrajaya has ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp) for breaching its contractual obligation to protect confidential bank account information.
A three-member panel of the Federal Court, headed by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, finalized the damages award.
According to New Straits Times, This decision follows the court's earlier ruling to dismiss Public Bank's appeal and uphold NFCorp's cross-appeal for exemplary and aggravated damages.
The other judges on the bench were Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais.
NFCorp, its chairman Datuk Mohamad Salleh Ismail, and three of its subsidiary companies had originally filed a RM560 million lawsuit against Public Bank on May 22, 2012.
They alleged that the bank's failure to safeguard their confidential account details led to the information being used by then-PKR vice-president Rafizi Ramli. The leaked information, according to NFCorp, was used to support claims that the plaintiffs had misused a government loan to acquire eight properties in KL Eco City.

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