Maybank Singapore withdraws lawsuit against NFC chairperson, children

 

Maybank Singapore Limited has withdrawn the lawsuit against National Feedlot Corporation (NFC) chairperson Mohamad Salleh Ismail and his two children for allegedly defaulting on two housing loan facilities amounting to S$2,534,203.41 (RM7,986,959.75) for properties in Singapore.

Mohamad Salleh (above) is the husband of former women, family and community development minister Shahrizat Abdul Jalil.

Lawyer Wan Mohammad Arfan Wan Othman, representing Mohamad Salleh and his two children, Wan Shahinur Izran and Wan Izzana Fatimah Zabedah, said both parties have reached a settlement.

"High Court judge Atan Mustaffa Yussof Ahmad allowed the lawsuit to be withdrawn without liberty for the plaintiff (Maybank) to file afresh and with no order as to costs," the lawyer said when contacted by reporters after the proceedings that took place online.

Yesterday had been fixed for the hearing of Maybank Singapore's application for a summary judgment which was also attended by counsel Tan Hui Ru, who represented the bank.

Defendants defaulted on instalments

On July 19 last year, in its statement of claim, Maybank Singapore Limited stated that at the request of the defendants, the plaintiff had provided a housing loan for a property in Orchard Scotts, Singapore, totalling S$4.3 million, subject to the terms and conditions in the offer letters dated Nov 20, 2009, and Nov 10, 2017.

It claimed that all the defendants had defaulted to pay the monthly instalment of S$7,225 and the plaintiff had withdrawn the loan and demanded full payment of S$3.94 million, which is the amount owed and payable as of June 22, 2018, together with the accrued interests.

The plaintiff claimed that it had exercised its rights under the mortgage and obtained a court order dated Jan 23, 2019, from the Singapore High Court to repossess the property and sell it through an auction on June 28, 2019, for S$3.2 million, however, it was insufficient to settle the whole outstanding amount of the loan, with the total outstanding sum of S$1.3 million.

Meanwhile, for the second housing facility, the plaintiff claimed to have granted a housing loan amounting to S$5.3 million to the first and second defendants (Mohamad Salleh and Wan Shahinur Izran) for the purchase of a property in Central Boulevard, Singapore, with a monthly instalment of S$8,700.

Bank exercised rights under the mortgage

The plaintiff alleged that both defendants had failed to settle the loan arrears and demanded them to pay S$5.05 million of the amount due as of June 4, 2018, together with the accrued interests.

Exercising its rights under the mortgage, the plaintiff obtained a court order dated Jan 23, 2019, from the Singapore High Court to repossess the property before selling it through a personal treaty sale for S$4.68 million.

According to the plaintiff, the sale price was insufficient to settle the amount due under the loan, hence it demanded the first and second defendants pay a total of S$1.16 million together with the accrued interests.

The plaintiff applied to the court to enter judgment against all the defendants, including demanding the amount owed totalling S$1.36 million from the three defendants and S$1.16 million from the first and second defendants.

- Bernama