Yes, we have discovered that we are no superhuman and cannot shake things up to solve our predicament. In fact we are finding it hard to break the barrier of obstacles in our path. The Public Complaints Bureau seems eager to listen to our problems but have not done much to solve our problem. We met the officers, together with Yeng Chong Realty Bhd and their lawyer and MBSB and their lawyers on May 4. Almost two months later, there are still no significant headway. MBSB has given us the Cause Papers to show the transactions regarding the Yeng Chong/MBSB Joint Account but Yeng Chong had not fulfilled their part, that is furnishing the BGVAC with the list of purchasers claiming subjudice.
At the latest meeting with the PCB on June 30, no one from Yeng Chong or MBSB was present. The Deputy Minister Dato' T. Murugiah was present this time. He was sympathetic towards our plight and said that it was not fair that we could not get the land or our cash back but he said he could not do much at the moment as the two parties were not there. He then instructed his officers to ask the Finance Ministry to write to Yeng Chong and MBSB to inquire why they were not present at the meeting.
Meanwhile, committee members of BGVAC could only make another appeal to the Deputy Minister to help us. Some little birds in the right places have told us that other parties are eyeing the prime piece of land. They are just waiting for the court case between Yeng Chong and MBSB to be settled and than they would make a bid for the land. Then what happens to us, the original buyers of the land?
Where is the justice? Some people enriched themselves from the sale of the land while we are made the victims. Most land purchasers are not rich people and many needed the cash badly to settle urgent problems. It just shows the greed of modern capitalists. They are like vultures waiting to swoop down on the prey, even before the body is cold. Where is the moral conscience and social justice?
We hope that the Government will do something to make sure we get back what is rightfully ours. The land is definitely going to be worth much more than what we paid for 10 years ago, at RM11.60 per sq ft, when it is converted to commercial land and some people will make a huge profit out of it again. So why not pay us back what is owed to us?
The Dato' promised to call a meeting with Yeng Chong to thrash out the matter, as the Sales and Purchase Agreement was signed with Yeng Chong. He also promised to go to the site of the land in Jasin, Malacca. We buyers will be there! We are not giving up that easily.
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Malaysia Building Society Berhad V. Yeng Chong Realty Sdn Bhd
BackDec 07, 2007
Malaysia Building Society Berhad's ("MBSB" or "the Company") solicitors were served with a Counter-claim filed on behalf of Yeng Chong Realty Bhd ("Yeng Chong") seeking damages against MBSB in the sum of RM445 million for alleged losses suffered by Yeng Chong from a development project in Malacca which to-date remains uncompleted.
This Counter-claim was filed by Yeng Chong in a civil suit which MBSB had instituted in the Kuala Lumpur High Court in June 2003 against Yeng Chong, seeking recovery of the sum of RM287 million, together with interest, being Yeng Chong's indebtedness to MBSB by reason of their failure to repay to MBSB 2 Term Loans totalling RM178 million. MBSB's claim in the civil suit against Yeng Chong is a typical banker/customer action seeking judgment for monies lent to a defaulting customer of MBSB.
MBSB's solicitors have advised that MBSB has a strong case against Yeng Chong in the civil suit which is pending MBSB's solicitors further advise that Yeng Chong's Counter-claim against MBSB is without any basis in law, and is without merit. As MBSB has a sound and complete defence to the Counter-claim, it is confident that Yeng Chong's Counter-claim will be dismissed.
FINANCIAL AND OPERATIONAL IMPACT OF THE WRIT ON THE GROUP
A. FINANCIAL IMPACT
The Company at the moment is seeking legal advice from the solicitors and are unable to determine the financial impact arising from the Writ of Summons. Details of the financial impact will be forwarded in due course.
B. OPERATIONAL IMPACT ON THE GROUP
The Company does not foresee any operational impact on the Group arising from the writ.
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