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PUTRAJAYA: The Federal Court has upheld a ruling by the Court of Appeal that found Public Bank in breach of its statutory duty and confidentiality obligations, following the unauthorised disclosure of banking information belonging to the National Feedlot Corporation (NFC) and three affiliated entities. In a unanimous decision, the three-member bench led by Chief Judge of Malaya, Datuk Mohd Zabidin Mohd Diah, dismissed Public Bank’s appeal, affirming the appellate court’s earlier finding that the bank had violated banking secrecy laws. The apex court ruled that common law did not apply in this case due to the specific provisions outlined under the Civil Law Act 1956. As a result, NFC, along with its chairman Datuk Seri Dr Mohamad Salleh Ismail and subsidiaries National Meat & Livestock Corporation Sdn Bhd and Agroscience Industries Sdn Bhd, have cleared a major legal hurdle in their pursuit of compensation. While the court has yet to determine the final quantum of damages, it has allowed the plaintiffs to appeal a previous award of only RM10,000 in nominal damages. The matter will be heard on 18 June, when the Federal Court is expected to rule on the plaintiffs’ claim for RM560 million—comprising RM60 million in general damages, RM250 million in aggravated damages, and RM250 million in exemplary damages. The court also awarded RM300,000 in legal costs to NFC and the other appellants. The case dates back to 2012, when confidential banking records were allegedly leaked by Public Bank to then opposition lawmaker Rafizi Ramli, who used the information to support allegations of financial mismanagement involving a government loan tied to the purchase of high-end properties. Public Bank’s legal team maintained that only minimal damages were warranted, arguing that the financial expert supporting NFC’s claim was discredited in earlier proceedings. However, the Court of Appeal in 2023 concluded that the High Court had misinterpreted key evidence, warranting intervention on the issue of liability—though it initially limited the damages due to insufficient proof of actual financial loss. The Federal Court’s ruling marks a significant development in a high-profile corporate case with implications for banking confidentiality, corporate accountability, and data protection.–FMT

KUALA LUMPUR: The ASEAN Business Advisory Council (ASEAN-BAC) today presented its Strategic Economic Roadmap comprising 12 flagship initiatives to ASEAN leaders, marking a significant step towards deepening regional economic integration and enhancing resilience amid shifting global trade dynamics. The proposals were tabled during ASEAN-BAC’s 103rd Council Meeting, held in conjunction with the 46th ASEAN Summit under Malaysia’s chairmanship. Council members from across the region convened in Genting Highlands and Kuala Lumpur to review progress and finalise recommendations for submission to ASEAN heads of state. “Our 12 flagship initiatives have been progressing steadily through formal consultations with ASEAN bodies since their launch in January,” said Tan Sri Nazir Razak, Chairman of ASEAN-BAC.“We are now ready to present concrete proposals that will strengthen ASEAN’s economic foundations and accelerate regional integration—because time is of the essence.” Nazir added that ASEAN is poised to shape its own destiny as a unified regional bloc: “With strategic clarity, collaborative spirit and a renewed focus on execution, ASEAN is on course to become one of the most influential and prosperous regional groupings in the world.” ASEAN-GCC-China CEO Roundtable: Trilateral Trade Dialogue Launched In a major first, ASEAN-BAC hosted the inaugural ASEAN-GCC-China CEO Roundtable, bringing together top business leaders to explore cross-regional investment opportunities. The dialogue aims to build trilateral partnerships and unlock trade collaboration across high-growth sectors, positioning ASEAN as a critical gateway for two-way investment flows. Strategic Partnerships Announced A series of landmark collaborations were announced, witnessed by YB Liew Chin Tong, Deputy Minister of Investment, Trade and Industry, and ASEAN-BAC Chairman Tan Sri Nazir Razak: 1. Digital Trade Facilitation: MyEG & SGTraDex (Initiative No. 6) MyEG Services Berhad and Singapore Trade Data Exchange Services (SGTraDex) signed an MoU to enable secure, seamless cross-border trade data exchange. This digital exchange platform will advance trade connectivity along the Malaysia-Singapore corridor by transitioning from paper-based systems to verifiable digital records. The partnership also includes B2B and B2B2G flows, as well as regulatory knowledge sharing. 2. Sustainability Reporting for SMEs: ASEAN-BAC & SFIA (Initiative No. 11) To drive proportionate sustainability reporting, ASEAN-BAC teamed up with the Sustainable Finance Institute Asia (SFIA) to launch an Interoperability Sandbox under SFIA’s SAFE initiative. This pilot will support ASEAN SMEs with practical, cost-effective ESG reporting aligned with the ASEAN Simplified ESG Disclosure Guide (ASEDG), improving access to sustainable finance and supply chain transparency. 3. Digital Policy Leadership: ASEAN-BAC & Tech For Good Institute ASEAN-BAC entered a three-year partnership with Singapore-based Tech For Good Institute (TFGI) as its official knowledge partner. The collaboration will strengthen digital economic integration efforts across ASEAN and APEC through policy research, stakeholder dialogue, and governance thought leadership. 4. Gender Inclusivity in Business: ASEAN-BAC & UN Women (Initiative No. 10) A strategic two-year partnership with UN Women was formalised under the ASEAN Inclusivity Collective (AIC) to promote gender-responsive business conduct. The initiative focuses on board representation, gender reporting, and CEO dialogues to support inclusivity standards and practices across ASEAN’s business landscape. 5. Agricultural Technology Collaboration: ASEAN-BAC Philippines & MDEC (Initiative No. 7) ASEAN-BAC Philippines submitted a Letter of Intent to Malaysia Digital Economy Corporation (MDEC) to jointly promote the Digital Agriculture Technology (AgTech) ecosystem. The collaboration aims to empower farmers, facilitate innovation, and enhance food security through scalable tech solutions and best practice sharing between the two nations. The 12 strategic initiatives presented by ASEAN-BAC form a comprehensive framework to boost ASEAN’s economic resilience amid global uncertainties. The Council reaffirmed its commitment to working hand-in-hand with ASEAN Member States (AMS), regional bodies, and the private sector to turn these proposals into actionable outcomes. “ASEAN-BAC will continue to advocate for inclusive growth and deeper integration to ensure ASEAN remains globally competitive, resilient, and future-ready,” said Tan Sri Nazir. The initiatives will also take centre stage at the upcoming ASEAN Business and Investment Summit (ABIS) and ASEAN Business Awards (ABA) in October 2025, set to be hosted in Kuala Lumpur.

In a strategic move to strengthen its digital presence and connect with a new generation of drivers, Lotus Cars Malaysia (LCM) has appointed NP Digital, a global leader in performance marketing, as its official paid media agency. The partnership marks a pivotal chapter in LCM’s resurgence, aligning with the brand’s ambitious plans to reintroduce the iconic British marque to the Malaysian market through a refreshed product portfolio. NP Digital will spearhead strategy, media management, and performance optimisation across key platforms including Meta (Facebook and Instagram) and Google Search, focusing on brand awareness and lead generation. “Partnering with a brand as renowned as Lotus Cars Malaysia is a milestone that reflects the confidence global brands place in NP Digital’s ability to deliver real business outcomes,” said Marcus Siow, Senior Director of Business Development at NP Digital. “It also highlights our expanding footprint in the automotive sector.” More than just a tactical partner, NP Digital brings a holistic approach, combining data-driven insights with compelling creative to resonate with digitally savvy, performance-driven audiences. The agency aims to build brand affinity, drive conversions, and cultivate a passionate community that celebrates innovation, sustainability, and driving excellence. LCM, distributed under Lotus Karz Sdn Bhd, a subsidiary of Karrus Automotive Group, made a strong comeback in 2024, delivering over 200 units — led by the Eletre, the world’s first all-electric hyper-SUV. This success coincided with a record year for Malaysia’s automotive industry, which saw over 816,000 vehicles sold, marking a 2.1% year-on-year increase largely driven by rising demand for electric vehicles. “We’re rebuilding Lotus Cars Malaysia with passion and purpose,” said Justine Ong, Head of Marketing at LCM. “That’s why we chose a partner who believes in the brand as much as we do. When you’re starting from the ground up, conviction matters just as much as capability.” With a secured retainer through 2025 and plans for long-term collaboration, NP Digital is set to play a crucial role in translating Lotus’ legacy into a compelling digital narrative that meets the expectations of modern, eco-conscious consumers. The partnership also reinforces NP Digital’s growing presence in Southeast Asia and its reputation as the go-to agency for premium global brands. For more information, visit www.npdigital.com and www.lotus-cars.com.my.

JOHOR BAHRU: The government is open to reviewing the Inland Revenue Board’s (IRB) e-Invoicing implementation to ensure that small businesses are not unduly burdened, said Prime Minister Datuk Seri Anwar Ibrahim. “We will look into it because e-Invoicing is very important to prevent leakages and revenue loss. But for small companies, it can be quite burdensome. So, God willing, we will make improvements so that it does not become a burden,” he said during the closing of his policy speech at PKR’s national congress on Saturday. The e-Invoicing initiative was launched in August 2024 for companies with an annual turnover exceeding RM100 million. It expanded on Jan 1 this year to businesses earning between RM25 million and RM100 million. The third phase, beginning July 1, will cover all businesses, including micro, small, and medium enterprises (MSMEs). Anwar, who also serves as finance minister, said Malaysia is one of the most generous nations in terms of subsidies. “For example, with the [adjustment of electricity tariffs], 85% of users are not affected, but our explanation was lacking. As for gas subsidies, that’s valid — some small companies and others are still struggling even with available support. This is another area we’ll review,” he said. On petrol subsidies, Anwar reiterated that the government does not support raising fuel prices and aims to maintain subsidies for Malaysians, while removing them for foreigners. “The Cabinet and I do not agree with raising fuel prices. Prices can be lowered gradually depending on market conditions. However, fuel subsidies must be removed for foreigners — we have 3.5 to 4 million foreigners in Malaysia benefiting from them,” he said, adding that no other country provides fuel subsidies for foreigners or the wealthy. Anwar assured Malaysians that the government’s subsidy rationalisation will not affect citizens. He also shared results from an IDE Research Centre study showing increased support for the unity government among civil servants. “The study found that among the 1.4 million civil servants — mostly Malays — there is a clear shift in support. This is encouraging and shows civil servants are now more confident in the government,” he said. Anwar attributed this shift to the implementation of the Public Service Remuneration System (SSPA), which replaced the Malaysian Remuneration System (SSM) in December 2024. He said the new system has positively impacted civil service performance and morale.