High Court Exonerates NFCorp, Orders RM33m Returned to Government Now

In the case of Government of Malaysia against National Feedlot Corporation Sdn Bhd (NFCorp) and 10 other defendants, the High Court ruled in favor of the defendants. The court found no wrongful use of the loan sum and no breach of fiduciary duties by the defendants, fully exonerating them from misappropriation allegations.

NFCorp

The Government was found to have breached the Implementation Agreement by failing to construct the Export Quality Abattoir and unlawfully terminated the Loan Agreement. The court ordered the investment properties to be transferred to the Government, and RM33 million is to be returned to the Government by NFCorp due to unmet project targets. The High Court allowed the company’s counterclaims for nominal damages.