Maybank Singapore withdraws complaint against NFC chairman and children over home loans

Maybank Singapore Limited has withdrawn its lawsuit against National Feedlot Corporation (NFC) Chairman Mohamad Salleh Ismail and his two children for allegedly defaulting on two S$2,534,203.41 home loan facilities for properties in Singapore.

Salleh is the husband of former Minister of Women, Family and Community Development Shahrizat Abdul Jalil.

Lawyer Wan Mohammad Arfan Wan Othman, representing Salleh and his children, Wan Shahinur Izran and Wan Izzana Fatimah Zabedah, said the two sides had reached an agreement.

“High Court Judge Atan Mustaffa Yussof Ahmad allowed the legal action to be withdrawn with freedom for the plaintiff (Maybank) to refile and without an order as to costs,” he said when asked. he was contacted by journalists after the procedure which took place online.

Yesterday was set for the hearing of Maybank Singapore’s motion for summary judgment, which was also attended by lawyer Tan Hui Ru representing the bank.

On July 19 last year, in its statement, Maybank Singapore Limited said that at the request of the defendants, the plaintiff had granted a housing loan for a property in Orchard Scotts, Singapore, in the total amount of 4 .3 million S$, subject to the terms and conditions in the offer letters dated November 20, 2009 and November 10, 2017.

He claimed that the defendants failed to pay the monthly installment of S$7,225 and that the plaintiff then withdrew the loan and demanded full payment of S$3.94 million – the amount due and payable as of June 22. 2018, plus accrued interest.

The plaintiff claimed he had exercised his rights under the mortgage and obtained a court order dated January 23, 2019 from the High Court of Singapore to repossess the property and auction it on June 28, 2019 , for S$3.2 million. However, he said this was insufficient to settle the outstanding amount of the loan, which was S$1.3 million.

For the second dwelling, the plaintiff claimed to have granted a housing loan in the amount of S$5.3 million to the first and second defendants (Salleh and Wan Shahinur Izran) for the purchase of real estate in Central Boulevard, Singapore, with a monthly installment payment of S$8,700.

The plaintiff alleged that the two defendants failed to settle the loan arrears and demanded payment of S$5.05 million of the amount due as of June 4, 2018, together with accrued interest.

Exercising his rights under the mortgage, the plaintiff obtained a court order dated 23 January 2019 from the High Court of Singapore to repossess the property before selling it by personal sale for 4.68 million Singapore dollars.

According to the plaintiff, the sale price was insufficient to settle the amount owed under the loan, so it demanded that the first and second defendants pay a total of S$1.16 million plus accrued interest.

The plaintiff asked the court to enter judgment against all of the defendants, including demanding the total amount due of S$1.36 million to the three defendants and S$1.16 million to the first and second defendants.

Comments are closed.