KUALA LUMPUR: The High Court here today fixed July 2 to decide on a pre-trial discovery application filed by Maritime Network Sdn Bhd against RHB Bank Berhad concerning the financial institution’s internal guidelines and due diligence procedures governing foreign-exchange transactions.
Judge Leong Wai Hong fixed the date after hearing submissions by both parties in chambers last Friday.
This was confirmed by the shipping company’s counsel, P. Taneswaran, and the bank’s counsel, Gan Khong Aik, when contacted.
According to them, the proceeding is scheduled at 9 am on the said date.
Maritime Network filed an originating summons on March 3 this year, seeking a court order to compel the bank to disclose the financial institution’s internal guidelines and due diligence procedures governing foreign-exchange transactions.
The action was initiated by the company’s director, Datuk Seri R.Jeyenderan, through Messrs Tanes, Khoo & Paulraj at the High Court here, naming the RHB Bank Berhad as the defendant.
Maritime Network, established in 2002, commenced the action after discovering that several international fund transfers into its multi-currency USD account had been returned without prior notice or adequate justification.
According to the affidavit, these transfers, though originating from previously unfamiliar senders, made explicit reference to valid invoices issued by the company.
Despite Maritime Network’s request that the bank withhold any reversal pending a thorough review, the funds were unilaterally returned.
Meanwhile, the bank claimed that it has complied with the required financial standard known as Minimum Due Diligence (MDD).
The company is therefore demanding a sight of the MDD guidelines used by the bank through pre-trial discovery to determine if it has breached its duty of care.
