30 Nov 2021
KOPERASI SAHABAT AMANAH IKHTIAR BERHAD RHB INVESTMENT BANK BERHAD
- Citation
- W-02(NCvC)(W)-2084-10/2018 (Mahkamah Rayuan)
- Court
- NCvC
- Case number
- W-02(NCvC)(W)-2084-10/2018 (Mahkamah Rayuan)
The Court held that once the investment bank received the appellant's RM10,000,000 into its pooled account it owed a duty of care despite absence of a prior contractual banker‑customer relationship because harm was foreseeable, sufficient proximity existed and policy reasons (including AML/KYC obligations) supported imposing the duty; the bank breached that duty by transferring the funds to a third party without verifying mandate or the depositor and by failing its SOP, causally resulting in the appellant's loss; judgment for appellant for RM9,927,000 plus interest and costs RM40,000.