Singapore bank sues NFC chairman, children over S$2.53m housing loans

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Maybank Singapore Ltd has filed a suit against National Feedlot Corporation (NFC) chairman Mohamad Salleh Ismail and his two children for allegedly defaulting on two housing loan facilities amounting to S$2,534,203.41 (RM7.89 million) for properties in Singapore.

Bernama

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

Maybank Singapore filed the suit through Messrs Benjamin Dawson on July 19 in the Kuala Lumpur High Court naming Salleh, 73, Wan Shahinur Izran, 37, and Wan Izzana Fatimah Zabedah, 35, as the first, second and third defendants.

In its statement of claim, the bank states that at the request of the defendants, it 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 November 20, 2009, and November 10, 2017.

It claims that all the defendants had defaulted to pay the monthly instalment of S$7,225 and it had withdrawn the loan and demanded full payment of S$3.94 million, which is the amount owed and payable as of June 22, 2018, together with the accrued interests.

It also claims that it had exercised its rights under the mortgage and obtained a court order on January 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 outstanding amount of the loan, with the total outstanding sum of S$1.3 million.

For the second housing facility, the bank claims to have granted a loan amounting to S$5.3 million to Salleh and Wan Shahinur for the purchase of a property in Central Boulevard, Singapore with a monthly instalment of S$8,700.

It alleges 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 bank obtained a court order on January 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 bank, the sale price was insufficient to settle the amount due under the loan, hence it demanded Salleh and Wan Shahinur to pay S$1.16 million, together with the accrued interests.

The bank applied to the court to enter judgment against all the defendants, including demanding the amount owed totalling S$1.36 million from them and S$1.16 million from Salleh and Wan Shahinur.

Checks on the court system revealed that the suit is set for further case management on August 30 before senior assistant registrar Khairun Neesha Raj Mohamed.

Salleh and his two children are also facing a suit filed by the Malaysian government seeking RM253.6 million in connection with the National Feedlot Centre project in Gemas, Negri Sembilan.

The trial is set to resume on January 24 next year in the Kuala Lumpur High Court.