The High Court today dismissed a lawsuit filed by a prominent local bank seeking to recover an outstanding loan amounting to RM400 million from a group of 30 defendants. The bank had alleged that the parties, which included several corporate entities and individual guarantors, had defaulted on a structured financing facility. However, the presiding judge ruled that the bank failed to provide sufficient evidence to prove the breach of contract under the specific terms agreed upon during the loan's disbursement.

The court further noted that several procedural lapses in the bank's internal documentation significantly weakened its claim against the multiple defendants. Following the dismissal, the legal representatives for the 30 parties expressed satisfaction with the verdict, stating that the bank's attempt to consolidate various separate agreements into a single recovery suit was legally flawed. The bank has been ordered to pay legal costs to all defendants and has 30 days to decide whether to file an appeal with the Court of Appeal.