Meeting with MBSB

A few members of the Bandar Golden Valley Action Committee had another meeting with the Malaysia Building Society Bhd officials on Aug 12. The main topic of discussion was the joint account set up by Yeng Chong Realty Sdn Bhd and MBSB. All the instalments collected from purchasers were supposed to be banked into this account but most of the cash had been withdrawn by one party. We wanted to know how this could be possible as we were told by Yeng Chong that our money was in this joint account and that it was frozen and could not be withdrawn due to the court case. Well, apparently MBSB had nothing to do with the collection of instalments as it was handled by Yeng Chong Realty Bhd. The question is, how can they set up a joint bank account and not keep control of the funds? Where is our money?

MBSB denied that they were in joint-venture with Yeng Chong and that they were just the financiers. A court hearing between the two parties would be held on August 28 and MBSB hopes to get a court judgment then. As financier they would have first claim on the land. What about us? According to MBSB, they contacted Yeng Chong one and half months ago to meet to discuss a way out for the purchasers but Yeng Chong has not fixed a date yet.

We hope the two parties will come up with some sort of repayment soon. There are no two ways about it. We paid for land which we did not get, so we are entitled to a refund. If not, something must be wrong with this country, when corporations and companies can get away with such outright acts of injustice!!!