National Feedlot Corporation and Public Bank to battle it out in court

The Kuala Lumpur High Court was today told that the move for an out-of-court settlement between National Feedlot Corporation group of companies and its chairman (plaintiffs) and Public Bank Berhad (defendant) had fallen apart as the parties have not been able to reach an amicable solution. 

Dr-Mohamad-Salleh-Ismainfc

Judge Datuk John Louis O’Hara who presided in the case management, set 21 October this year for the trial to resume.

In this suit, the judge had earlier granted a Discovery Order compelling Public Bank to disclose the findings of its domestic inquiry on how the confidential banking information of its customers had been leaked.

On 22 May 2012, the plaintiffs had filed a suit against Public Bank Berhad. The plaintiffs stated that their business, reputation and credibility had suffered irreparable loss and damage as a result of the bank’s security breach in exposing the confidential banking information of its bank accounts at Public Bank Berhad.

Thirty-three accounts comprising of twenty-five bank accounts and eight collateral accounts had been disclosed.

The leak of the confidential banking information to the opposition had resulted in defamatory statements cast on the plaintiffs by Parti Keadilan Rakyat’s then strategy director Rafizi Ramli in a news conference on 7 March 2012 which received wide coverage and caused maximum damage.

This led to the collapse of NFCorp’s beef production business and its group of companies.

The plaintiffs have sued for RM60 million in general damages, RM250 million in exemplary damages and another RM250 million in punitive damages.