KUALA LUMPUR: CTOS Data Systems Sdn Bhd will appeal a High Court ruling which awarded a businesswoman damages of RM200,000 for inaccurate credit rating.
The High Court ruled in favour of Suriati Mohd Yusof in a suit filed against CTOS Data, citing breached duty of care owed to Suriati as well as overstepped the functions they were registered for.
High Court Judge Datuk Akhtar Tahir ruled that the Credit Reporting Agencies Act 2010 governing CTOS does not empower it to formulate a credit score or to create its own criteria or percentage to formulate a credit score.
"The Defendant is just supposed to be a repository of the credit information to which the subscribers have access," the judgement said.
In a filing with Bursa Malaysia Securities Bhd yesterday, CTOS' holding company CTOS Digital Bhd said it has received advice suggesting grounds for an appeal and has therefore submitted a Notice of Appeal to the Court of Appeal.
It does not expect any significant financial losses from the matter and does not foresee the need for any provisions to be made.
Listed on the Main market, CTOS Digital's share price fell one sen to RM1.45 a share after news of the judgement came out, giving it a market capitisalisation of about RM3.3 billion.