CTOS Doesn't Owe a Dime, Suriati Left to Whine!
Hold onto your hats, folks! The Court of Appeal (COA) just gave CTOS Data Systems Sdn Bhd (CDS) the golden ticket, overturning a High Court decision that said they had to fork over RM200,000 to businesswoman Suriati Mohd Yusoff. Judge Datuk Lee Swee Seng and his band of merry judges declared CDS as innocent as a lamb. No defamation, no negligence, and absolutely no breach of statutory duty. That's right, they didn't do a darn thing wrong!
The Winning Team:
Leading the charge, we had Datuk Lee Swee Seng, flanked by Datuk Azimah Omar and Datuk Azmi Arifin. They also handed Suriati a bill for RM65,000 in costs. Talk about a plot twist!
Leading the charge, we had Datuk Lee Swee Seng, flanked by Datuk Azimah Omar and Datuk Azmi Arifin. They also handed Suriati a bill for RM65,000 in costs. Talk about a plot twist!
Representing CTOS:
The dynamic trio of Datuk Malik Imtiaz Sarwar, Ashok Kandiah, and Khoo Suk Chyi celebrated their victory, calling it a win for the entire credit-rating industry. High fives all around!
The dynamic trio of Datuk Malik Imtiaz Sarwar, Ashok Kandiah, and Khoo Suk Chyi celebrated their victory, calling it a win for the entire credit-rating industry. High fives all around!
Market Reaction:
CTOS Digital Bhd's shares shot up 2.2% to RM1.41 faster than you can say “court ruling.”
CTOS Digital Bhd's shares shot up 2.2% to RM1.41 faster than you can say “court ruling.”
The High Court Drama:
Back in March, High Court judge Datuk Akhtar Tahir had ruled against CDS, claiming they overstepped their bounds under the Credit Reporting Agencies Act 2010 (CRA). He ordered CDS to cough up RM200,000 plus RM50,000 in costs for supposedly giving Suriati a bum credit rating.
Back in March, High Court judge Datuk Akhtar Tahir had ruled against CDS, claiming they overstepped their bounds under the Credit Reporting Agencies Act 2010 (CRA). He ordered CDS to cough up RM200,000 plus RM50,000 in costs for supposedly giving Suriati a bum credit rating.
Suriati’s Argument:
Suriati argued that CDS had labeled her as a delinquent, which hurt her business. The court initially agreed, saying CDS was just supposed to be a database, not a judge, jury, and executioner of credit scores.
Suriati argued that CDS had labeled her as a delinquent, which hurt her business. The court initially agreed, saying CDS was just supposed to be a database, not a judge, jury, and executioner of credit scores.
CTOS’s Comeback:
Imtiaz and team fired back, saying Suriati was not the right person to sue, as any losses should be claimed by the company she was representing, Keranji Beach Resort Sdn Bhd. Plus, there wasn’t any solid proof her loan was rejected because of the credit score.
Imtiaz and team fired back, saying Suriati was not the right person to sue, as any losses should be claimed by the company she was representing, Keranji Beach Resort Sdn Bhd. Plus, there wasn’t any solid proof her loan was rejected because of the credit score.
Conclusion:
Imtiaz wrapped it up by stressing that the High Court’s earlier ruling had put the whole credit-reporting industry in a tailspin, and today’s decision helps put things back on track.
Imtiaz wrapped it up by stressing that the High Court’s earlier ruling had put the whole credit-reporting industry in a tailspin, and today’s decision helps put things back on track.
Bottom Line:
No damages for Suriati, a win for CDS, and the credit-rating world breathes a sigh of relief. Stay tuned for more twists and turns in the world of finance!
$CTOS(5301.MY$
No damages for Suriati, a win for CDS, and the credit-rating world breathes a sigh of relief. Stay tuned for more twists and turns in the world of finance!
$CTOS(5301.MY$
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