02 August 2021, theedgemarkets.com KUALA LUMPUR: Maybank Singapore Ltd has filed a suit against National Feedlot Corp Sdn Bhd (NFC) chairman Datuk Seri Dr Mohamad Salleh Ismail and his two children for defaulting on two housing loan facilities for properties in Singapore.
Maybank Singapore, which is the plaintiff, filed the suit at the High Court registry here on July 19 through law firm Messrs Benjamin Dawson. The suit named Mohamad Salleh as the first defendant, while his children Wan Shahinur Izran and Wan Izzana Fatimah Zabedah were named as second and third defendants respectively.
Mohamad Salleh is the husband of former women, family and community development minister Tan Sri Shahrizat Abdul Jalil, who is also former Wanita Umno chief.
According to the statement of claim sighted by theedgemarkets.com today, Maybank Singapore is seeking the court’s judgement on a total of S$2.53 million being the outstanding amount under the loan facilities that the defendants still owed with the bank.
For the first housing loan facility, Maybank Singapore granted a loan of S$4.37 million in 2009 to the three defendants to finance the purchase of a luxury apartment in Orchard Scotts.
However, the three defendants defaulted in the monthly instalment payments of S$7,225, with S$3.94 million being the outstanding amount due as at June 22, 2018, together with all accrued interests.
After the defendants failed to pay the sum demanded, Maybank Singapore then exercised its rights by repossessing and selling the property through an auction at the price of S$3.2 million. The sale, however, was insufficient to settle the whole outstanding amount, and as at Dec 29, 2020, the sum of S$1.37 million remains due.
For the second housing facility, Maybank Singapore granted a loan of S$5.38 million in 2010 to the first two defendants to finance the purchase of a luxury condominium in Marina Bay.
Again, Mohamad Salleh and Wan Shahinur Izran defaulted on the monthly instalment payments of S$8,700, with S$5.06 million being the outstanding amount due as at June 4, 2018, together with all accrued interests.
Maybank Singapore also then exercised its rights by repossessing and selling the property through a private treaty sale at the price of S$4.68 million. The sale, however, was insufficient to settle the whole outstanding amount, and as at Dec 29, 2020, the sum of S$1.17 million remains due.
The suit alleged that all three defendants have failed, ignored and/or neglected to pay the sum demanded, which resulted in the bank pursuing the matter through the Malaysian courts.
It is worth noting that the family is also embroiled in a RM250 million suit by the Malaysian government. Under the suit, the government is seeking RM253.62 million, representing the sum owed by NFC, with a 2% interest from May 1, 2019.
They are accused of misappropriating and wrongly using RM118 million from a RM250 million loan granted to NFC by the government in December 2007 to set up and operate a national feedlot centre in Gemas.
Read more: https://www.theedgemarkets.com/article/maybank-singapore-sues-nfc-chairman-children-defaulting-housing-loans-worth-s253m