Latest news with #MohamadSallehIsmail
Sinar Daily
2 days ago
- Business
- Sinar Daily
Federal court orders Public Bank to pay RM90 million in damages to NFCorp, four others
Public Bank to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled 18 Jun 2025 01:46pm Photo by Bernama PUTRAJAYA - The Federal Court today ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp), its chairman Datuk Mohamad Salleh Ismail, and three subsidiary companies for breach of contract to protect their bank account confidentiality. A three-member bench led by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais awarded RM30 million each in equitable, exemplary and aggravated damages. "Public Bank is to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled,' said Justice Hasnah. In delivering the court's decision, she said the appellants had presented financial reports and audited accounts through an expert witness, which were not challenged by Public Bank. Justice Hasnah said the Court of Appeal erred when it decided that the appellants had failed to prove damages, resulting in an award of only RM10,000 in nominal damages. On May 26, the panel overturned the Court of Appeal earlier decision which had granted nominal damages to NFCorp, Mohamad Salleh and three subsidiaries - National Meat and Livestock Corporation Sdn Bhd, Agroscience Industries Sdn Bhd, and Real Food Company Sdn Bhd. Mohamad Salleh is the husband of former Women, Family and Community Development Minister and Wanita Umno chief Tan Sri Shahrizat Abdul Jalil. Also on May 26, the Federal Court upheld the decision of the Court of Appeal, which found Public Bank liable for breach of confidentiality. The court ordered Public Bank to pay RM300,000 in legal costs. The court adjourned until today to decide on the amount of damages. NFCorp and four others filed the RM560 million suit against the bank in 2012 over the leakage of their banking details. The High Court dismissed the lawsuit in 2019, but the appellate court in 2023 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 that the bank breached confidentiality by allowing details of banking transactions to be revealed by the then PKR vice-president Rafizi Ramli. 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. After the court proceedings, Mohamad Salleh expressed gratitude, saying his family endured hardship for 13 years due to the case. In today's proceeding, Lawyer Tan Sri Muhammad Shafee Abdullah represented NFCorp and the four others, while Public Bank was represented by lawyer Chan Kok Keong. - BERNAMA More Like This
Barnama
2 days ago
- Business
- Barnama
Federal Court Orders Public Bank To Pay RM90 Million In Damages To NFCorp, Four Others
PUTRAJAYA, June 18 (Bernama) -- The Federal Court today ordered Public Bank Berhad to pay RM90 million in damages to National Feedlot Corporation (NFCorp), its chairman Datuk Mohamad Salleh Ismail, and three subsidiary companies for breach of contract to protect their bank account confidentiality. A three-member bench led by Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim, Chief Judge of Sabah and Sarawak Tan Sri Abdul Rahman Sebli and Federal Court judge Datuk Abu Bakar Jais awarded RM30 million each in equitable, exemplary and aggravated damages. 'Public Bank is to pay two per cent interest per annum on the judgment sum from today until the payment of damages is settled,' said Justice Hasnah. In delivering the court's decision, she said the appellants had presented financial reports and audited accounts through an expert witness, which were not challenged by Public Bank. Justice Hasnah said the Court of Appeal erred when it decided that the appellants had failed to prove damages, resulting in an award of only RM10,000 in nominal damages. On May 26, the panel overturned the Court of Appeal earlier decision which had granted nominal damages to NFCorp, Mohamad Salleh and three subsidiaries - National Meat and Livestock Corporation Sdn Bhd, Agroscience Industries Sdn Bhd, and Real Food Company Sdn Bhd. Mohamad Salleh is the husband of former Minister of Women, Family and Community Development and Wanita UMNO chief Tan Sri Shahrizat Abdul Jalil. Also on May 26, the Federal Court upheld the decision of the Court of Appeal, which found Public Bank liable for breach of confidentiality. The court ordered Public Bank to pay RM300,000 in legal costs. The court adjourned until today to decide on the amount of damages. NFCorp and four others filed the RM560 million suit against the bank in 2012 over the leakage of their banking details. The High Court dismissed the lawsuit in 2019, but the appellate court in 2023 reversed the decision after allowing their (NFCorp and four others) appeals.
The Star
3 days ago
- Business
- The Star
Bank ordered to pay RM90mil to NFCorp for breach of confidentiality
PUTRAJAYA: The Federal Court has ordered Public Bank Bhd to pay RM90mil in damages to National Feedlot Corporation (NFCorp), its chairman Datuk Mohamad Salleh Ismail, and three subsidiary companies for breaching confidentiality by leaking bank account information. A three-judge panel, chaired by Chief Judge of Malaya Justice Hasnah Mohammed, made the decision on the quantum of damages here on Wednesday (June 18). On May 26, the same panel dismissed an appeal by Public Bank in its final appeal in a RM560mil lawsuit brought by NFCorp over the confidentiality breach. More to come
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.
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.
