Report: Maybank Singapore sues NFC chairman, children for defaulting on housing loans worth RM7.9m

National Feedlot Corporation chairman Datuk Mohamad Salleh Ismail (right) is seen with his wife Tan Sri Shahrizat Abdul Jalil outside the Sessions Court in Kuala Lumpur in this file picture taken on November 28, 2015. — Bernama pic
National Feedlot Corporation chairman Datuk Mohamad Salleh Ismail (right) is seen with his wife Tan Sri Shahrizat Abdul Jalil outside the Sessions Court in Kuala Lumpur in this file picture taken on November 28, 2015. — Bernama pic

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KUALA LUMPUR, Aug 2 — National Feedlot Corp Sdn Bhd (NFC) chairman Datuk Seri Mohamad Salleh Ismail and his two children have been sued by Maybank Singapore Ltd, for defaulting on two housing loan facilities for properties in Singapore, theedgemarkets.com reported today.

Maybank Singapore, 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 and former Umno Wanita chief, Tan Sri Shahrizat Abdul Jalil.

According to a statement of claim sighted by theedgemarkets.com today, Maybank Singapore is seeking the court’s judgement on a total of S$2.53 million (RM7.9 million), which is the outstanding amount under the loan facilities that the defendants still owed.

For the first housing loan facility, Maybank Singapore granted a loan of S$4.37 million (RM13.7 million) in 2009 to all 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 (RM22,572), with S$3.94 million (RM12.3 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 (RM10 million).

The sale, however, was insufficient to settle the entire outstanding amount.

As of December 29, 2020, the sum of S$1.37 million (RM4.27 million) remains due.

For the second housing facility, Maybank Singapore granted a loan of S$5.38 million (RM16.8 million) in 2010 to the first two defendants to finance the purchase of a luxury condominium in Marina Bay.

The two defendants, Mohamad Salleh and Wan Shahinur Izran, defaulted on the monthly instalment payments of S$8,700 (RM27,194), with S$5.06 million (RM15.88 million) being the outstanding amount due as at June 4, 2018, together with all accrued interests.

Similarly, Maybank Singapore exercised its rights by repossessing and selling the property through a private treaty sale at the price of S$4.68 million (RM14.6 million).

The sale, however, was insufficient to settle the entire outstanding amount.

As at December 29, 2020, the sum of S$1.17 million (RM3.6 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.

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