KUALA LUMPUR, June 6 (Bernama) — 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.
Maritime Network filed the 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 Maritime Network’s company’s director Datuk Seri R.Jeyenderan after the company discovered that several international fund transfers into its multi-currency USD account had been returned without prior notice or adequate justification.
The shipping company’s counsel P. Taneswaran, when contacted today, confirmed that judge Leong Wai Hong fixed the date after hearing submissions by both parties in the chambers.
According to the affidavit, the 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.
As the bank is reported to have said that it has complied with the required financial standard known as Minimum Due Diligence (MDD), the company is seeking to have a sight of the MDD guidelines used by the bank through pre-trial discovery. This is to determine if it has breached in its duty of care.
–WE