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Thursday, January 3, 2013

Are banks above the law?


Businessman cries foul over bank's acquisition of a 92,000 square feet of land which he claims was done fraudulently
KUALA LUMPUR: A businessman today claimed that a 92,000 square feet of land belonging to him had been fraudulently, illegally, and unlawfully acquired by a bank here.
Jean Louis Jayaraj, 66, the owner of Priyamas Export Corporation Sdn Bhd, said the bank took action against his company in 2011 over a RM185,000 debt and lost the case.
Inspite of that, he claimed the bank went on to take action through another division of the High Court, using a consent letter which had been deemed null and void in the earlier case.
Jayaraj’s company, which had been dealing in property investments and the export of scrap metal to India, wound up its operations on March 30, 2012, due to financial constraints.
Claiming that the land is currently worth about RM20 million, Jayaraj said he would have no problem re-paying the loan as he could have sold the land and settled his debts.
But now that the land is now no longer his, Jayaraj said his hands have been tied.

Notice served with immediate effect

He claimed the land was fraudulently transferred to the bank using the same consent letter, this time around endorsed by a different court registrar.
Jayaraj had even taken the extra precaution on Jan 26, 2012, to obtain a police caveat on the land, so no further action could be taken by the bank as he now had a tenant on the land.
Nevertheless, an eviction notice was served on his tenant by the bank on Dec 27. Under normal circumstances, a tenant will be given 14 days to vacate a premises.
“The notice required the tenant to move out with immediate effect and the order was taken in default within five days.
“Did the registrar really sign the documents even after the courts had deemed them illegal and fraudulent? How can that be? What is going on in this country?” he asked.
Jayaraj said he had written to the prime minister and Bank Negara on Nov 19, 2012, seeking their intervention to resolve the matter but has yet to received a reply from either party.
The bank could not be contacted for comment.

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