Thursday, July 23, 2009

Big Play Up in Malaysiakini, Sin Chew, China Press

Our rally at Yeng Chong Realty Sdn Bhd's office yesterday received a big play-up in Malaysiakini. There was a write up and also a video clip of what went on. The protest clip is also available on YouTube, courtesy of Malaysiakini. The Sin Chew Chinese newspaper also carried our story in the night edition. Another woman called up to say she read about us in The China Press and she had a group of about 8 buyers. Hopefully more buyers will come forward to lend a bigger voice to our cause.

We would like to register our thanks to the media for covering our story. We hope some of them will be curious enough to dig deeper into the story, like how did the state land in Jasin get into the hands of Yeng Chong Realty. And someone should also follow the money trail, where did all the millions collected from buyers go to. Until yesterday, the clerk at the Yeng Chong office was also telling some buyers that the joint account set up by Yeng Chong Realty and MBSB was frozen but the money was still there! She said they could not release the money as MBSB was the other signatory and that they were in litigation. However, we found out that most of the money had been withdrawn! How could this be? That is why we have lodged a police report. We hope the police will question her about it and help us by investigating the case as soon as possible. We have waited long enough.

From the gathering yesterday, we learned that some people who invested in the land were not rich. One lady used her baby-sitting money to pay for the instalments. She would take a bus monthly to go to the Yeng Chong office, baby in tow, to pay the instalments. Now she is worried she would not see her money again.

Another woman is having difficulties paying for her husband's medical bills and hope the money would be returned to her soon.

Among the group were old ladies who accompanied their children to attend the rally. An old Mak Cik said her daughter bought the land when her grand-children were still babies. Now the children are all grown and the land is still not in sight. She was going home to pray, she said.

Let us all pray for those who put us in such a predicament, and that they will wake up tomorrow and realise that they cannot just take the hard-earned money of the people without feeling any twinge of conscience. Many people are suffering because of the failed land deal. The right thing to do is return us our money. What is the use of a Sales & Purchase Contract if they do not honour it?

The Sin Chew article


1 comment:

  1. Some related news:

    http://mbsb.listedcompany.com/news.html/id/79042
    News
    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.

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