- Joined
- Jul 24, 2008
- Messages
- 33,627
- Points
- 0
[h=1]MAXICASH SUES 3 CUSTOMERS TO GET BACK $275K THAT THEY ACCIDENTALLY OVERPAID THEM[/h]
Post date:
2 Apr 2015 - 11:58am
<Pic Credit: StreetDirectory>
Local pawnbroker MaxiCash is suing 3 persons to get back overpayment amounting to $275,000. Ms Chen Qiaodong, Mr Keok Suseng and Ms Belinda Ho Geokeng had previously bought five pieces of gold bar at $95,000 a piece totalling $475,000 from gold investsment firm Genneva. Genneva Pte Ltd has since been shut down pending a police investigation for alleged financial improprieties from the Commercial Affairs Department (CAD).
The trio then pawned their gold at the MaxiCash Northpoint Shopping Centre branch for loans amounting to $275,000.
5 days after the loan was approved, a MaxiCash Customer Service Officer, Desmond Kee Chia How, misappropriated the gold bars and sold them off to repay his gambling debts. He was sentenced to 5 years jail in 2013 for criminal breach of trust and money laundering.
When the trio found out their gold bars have been misappropriated, they demanded compensation from MaxiCash. MaxiCash agreed to the compensation and mistakenly paid them $475,000 of the original value they paid for.
It is only 6 months later did MaxiCash found out that the trio have not returned their $275,000 loan yet, hence MaxiCash launched a lawsuit to get their money back.
MaxiCash's lawyer, Mr Wendall Wong, said that the trio should not feign ignorance and profit from the mistake. "The defendants received a windfall and are simply feigning ignorance so that they can retain the windfall"
The trio's defense was that there was no mistake because a contract agreement they signed with MaxiCash clearly stated that the $475,000 was a full and final settlement of all claims between the borrower and lender.
Do you think MaxiCash should honour their mistake in the contract agreement or should the trio return the overpayment in full honesty?
Post date:
2 Apr 2015 - 11:58am
<Pic Credit: StreetDirectory>
Local pawnbroker MaxiCash is suing 3 persons to get back overpayment amounting to $275,000. Ms Chen Qiaodong, Mr Keok Suseng and Ms Belinda Ho Geokeng had previously bought five pieces of gold bar at $95,000 a piece totalling $475,000 from gold investsment firm Genneva. Genneva Pte Ltd has since been shut down pending a police investigation for alleged financial improprieties from the Commercial Affairs Department (CAD).
The trio then pawned their gold at the MaxiCash Northpoint Shopping Centre branch for loans amounting to $275,000.
5 days after the loan was approved, a MaxiCash Customer Service Officer, Desmond Kee Chia How, misappropriated the gold bars and sold them off to repay his gambling debts. He was sentenced to 5 years jail in 2013 for criminal breach of trust and money laundering.
When the trio found out their gold bars have been misappropriated, they demanded compensation from MaxiCash. MaxiCash agreed to the compensation and mistakenly paid them $475,000 of the original value they paid for.
It is only 6 months later did MaxiCash found out that the trio have not returned their $275,000 loan yet, hence MaxiCash launched a lawsuit to get their money back.
MaxiCash's lawyer, Mr Wendall Wong, said that the trio should not feign ignorance and profit from the mistake. "The defendants received a windfall and are simply feigning ignorance so that they can retain the windfall"
The trio's defense was that there was no mistake because a contract agreement they signed with MaxiCash clearly stated that the $475,000 was a full and final settlement of all claims between the borrower and lender.
Do you think MaxiCash should honour their mistake in the contract agreement or should the trio return the overpayment in full honesty?
