NFCorp and Public Bank failed to reach settlement

 |Aug 22, 2016
Lawyer Syed Ismat Syed Muhammad, representing NFCorp, said the proposed terms for a settlement offered by the company was not acceptable to Public Bank.
Lawyer Syed Ismat Syed Muhammad, representing NFCorp, said the proposed terms for a settlement offered by the company was not acceptable to Public Bank.

Perbadanan Fidlot Nasional Sdn Bhd  (NFCorp) executive chairman Mohamad Salleh Ismail and three others failed to reach a settlement over a suit they filed against Public Bank Berhad over leak of confidential account information.

Lawyer Syed Ismat Syed Muhammad, representing NFCorp, said the proposed terms for a settlement offered by the company was not acceptable to Public Bank.

Following which, he said the High Court set Oct 21 for Mohamad Salleh to testify in the hearing of the suit.

He told reporters after meeting Judge John Louis O’hara in chambers today with the presence of the bank’s lawyer Yoong Sin Min, who confirmed that no settlement was reached.

On May 22, 2012, NFCorp, its three subsidiaries — National Meat and Livestock Corporation Sdn Bhd, Agroscience Industries Sdn Bhd and Real Food Company Sdn Bhd — and also Mohamad Salleh had filed a suit against Public Bank over breach of contract to protect their bank accounts’ confidentiality.

The plaintiffs claimed that their business reputation and credibility had suffered irreparable loss and damage as a result of the security breach of the Banking and Financial Institutions Act 1989 (Bafia) by the bank.

The plaintiffs also claimed that their leaked bank account information was used by PKR vice-president Mohd Rafizi Ramli to bolster allegations that the plaintiffs had leveraged a government loan to buy eight KL Eco City properties.

Source: Bernama