Land title in bank’s possession missing
10/09/2007 The Malay Mail By DAWN CHAN
 

HOW could an important document in the possession of a bank go missing?

In businessman Thong Lou Hoong’s case, he claimed that’s what happened to his land title.

The 58-year-old learnt about it three months ago when he tried to get Malayan Banking Bhd (Maybank) to release the document after he opted to refinance his house with another bank.

Speaking to The Malay Mail, Thong said in 2003, he took a RM200,000 loan to finance his double-storey house in Taman Muda, Ampang.

At the end of May, Thong settled the remaining RM180,000 loan with Maybank after accepting a RM237,000 loan from another bank and closed the account which he shared with his 57-year-old wife, Lim Yock Moi.

“I almost had a heart attack when Maybank told me that the document was missing. The bank is now playing the blame game.

“They are saying that the Land Office should be held responsible as they were careless in handling the document after their solicitors had submitted it for amendments,” said Thong.

Thong said he needs the document to enable the other bank to release the RM57,000 loan difference.

“As far as I am concerned, Maybank must hand over the document within 14 days of the full settlement for the loan.

“I need the RM57,000 for my business and to finance my children’s education,” he said.

Thong said he was also made to pay RM7,000 in penalty for settling the loan early.

What worried Thong the most was that the land title could have fallen into the wrong hands.

The document could be used to facilitate a loan application or enable a transfer of the land title to another person.

Thong was glad that he had discovered the problem early.

“I wonder what would have happened 20 years down the road if I took my time to settle it and discovered it had gone missing? Maybank has promised to look into the matter.

“But it has been three months now and there has been no news,” said Thong.

Thong’s lawyer, Keppy Wong, said his client had the right to commence legal proceedings against Maybank for losing the land title.

“If any transfer had taken place after he had parted with the document, Thong can hold Maybank liable,” said Wong.

He added that he had asked Thong to write to Bank Negara’s complaint bureau.

A Maybank spokesman said their lawyers had been liaising with Thong and Wong.

They had provided full and relevant information on the problem.

Maybank said Thong had also been kept abreast on the status of the matter, including the steps taken by the bank to help him in getting back the title.

“We have also extended to Thong, through his lawyer, a copy of the letter from the Land Office dated July 12 confirming that the title was still in its custody.”

“Our lawyer’s still continue to be in contact with Thong to solve,” said the spokesperson.