The Court of Appeal orders RHB Bank to produce its internal foreign exchange due diligence guidelines for a shipping company within 45 days.
PUTRAJAYA: The Court of Appeal has ordered RHB Bank Berhad to produce its internal Minimum Due Diligence (MDD) guidelines within 45 days.
A three-member bench issued the directive today after allowing a pre-trial discovery appeal by Maritime Network Sdn Bhd.
The panel also dismissed a stay application made by the bank’s counsel.
The shipping company’s counsel, P. Taneswaran, confirmed the decision in a text message.
On July 2, the Kuala Lumpur High Court had dismissed Maritime Network’s application, ordering it to pay RM10,000 in costs to the bank.
The company filed its appeal the following day.
Maritime Network initiated the action after several international fund transfers into its account were returned without prior notice.
The company’s affidavit states the transfers referenced valid invoices it had issued.
The bank has claimed it complied with the required MDD financial standard.
Maritime Network is seeking the guidelines to determine if the bank breached its duty of care.
The company filed an originating summons on March 3 this year.
The action names RHB Bank Berhad as the sole defendant.
