Maybank Singapore sues NFC chairman and his children over housing loan default

Maybank Singapore Ltd sued National Feedlot Corp Sdn Bhd (NFC) chairman Datuk Seri Mohamad Salleh Ismail and his two children over defaulting on two housing loan facilities for properties in Singapore.

On July 19, Maybank Singapore has filed the suit at the High Court through law firm Messrs Benjamin Dawson.

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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.

In a statement of claim, Maybank Singapore is seeking the court’s judgement over the outstanding loan the defendants still owe which is amounting to a total of S$2.53 million (RM7.9 million).

As for the first housing loan facility, Maybank Singapore has loaned the defendants S$4.37 million (RM13.7 million) for the purchase of a luxury apartment in Orchard Scotts in 2009.

However, they have failed to meet their obligation to pay their monthly installment of S$7,225 (RM22,572) which has accumulated to S$3.94 million (RM12.3 million) with all accrued interests as at June 22, 2018.

As the defendants defaulted, Maybank Singapore has repossessed and sold the property by means of auction at the price of S$3.2 million (RM10 million).

However, the sold amount was not enough to settle the entire outstanding loan amount of the defendants.

As of December 29, 2020, a total of S$1.37 million (RM4.27 million) is still outstanding.

Meanwhile, 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 for the purchase of luxury condominium in Marina Bay.

The two defendants, Mohamad Salleh and Wan Shahinur Izran, defaulted on the monthly installment 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) but still insufficient to cover the total outstanding amount.

As of December 29, 2020, a total of S$1.17 million (RM3.6 million) is still outstanding. The suit alleged that all three defendants have failed, ignored and/or neglected to pay the sum demanded, which consequently made the bank pursue the matter through the Malaysian courts.