CTOS Digital Berhad has informed that its appeal against the litigation case between Suriati binti Mohd Yusof and CTOS Data Systems Sdn Bhd will be heard on 9 July and said that it had been advised that there is a good chance of success.
The case which shook the credit rating industry was when the High Court ruled that CTOS Data Service made a wrong credit and was ordered to to pay a businesswoman RM200,000 in damages.
In passing judgment, Justice Akhtar Tahir said the credit rating agency was purely a repository of credit information and has no powers under the Credit Reporting Agencies Act 2010 (CRAA) to formulate its own credit score.
“CTOS’s main role is to collect, record, hold and store the information received. The company is also empowered to disseminate the information to its subscribers, and this includes financial institutions. However, by formulating a credit score, CTOS has gone beyond its statutory functions,” he said.
He ordered CTOS to pay RM200,000 in general damages to Suriati Yusof, 43, who owns a resort in Pulau Perhentian, for providing inaccurate credit rating, which resulted in her subsequent rejection for a car loan. She was also awarded RM50,000 in costs.
Suriati sued CTOS for negligence and breach of fiduciary duty in misrepresenting her credit rating, which she claimed led to personal and business losses, as well as damaged her reputation.
CTOS has since appealed against the decision and said it had also received a Notice of Cross Appeal from the Plaintiff on 2 April 2024 seeking reliefs on previous claims that were not allowed by the High Court.
The group said it has been advised that it has a good chance of success in its appeal.
