I read with both sympathy and astonishment the news report on fraudulent transfers of cars from one owner to another and how the Pang family had to service a loan for a car they no longer possess.
To cut the story short, Pang bought a car from Ng, but later Ng transferred the ownership to himself then opened a car loan from HSBC. Ng was later arrested but since the loan was not serviced, HSBC repo’ed the car and sold it off, while Pang still services the loan (presumably from another bank).
How Ng did it I don’t know, it’s all a mumbo jumbo of paperwork to me. But how can HSBC repossess a car without Mr Pang’s knowledge? Sounds to me like HSBC is acting like hotjacking car thieves like in Gone In 60 Seconds. Here’s an idea, load up a HDB block’s worth of cars, sell them off as scrap, claim stupidity and remain unreachable for comment.
So Mr Ng has since been arrested and HSBC is not available for comment (obviously some idiot there screwed up, got his bonus and went into hiding in Hawaii). But there is yet another party not mentioned, the party receiving the payments! If two banks are paying for a car through loans, isn’t the car dealer getting two payments for 1 car (presumably Honda or the local distro)? Can someone reach them for comment?
And what about the police and LTA? LTA’s typical response is an expensive-high-tech-no-use computer system no one needs but LTA wants, to “plug loopholes” but actually to burn excess budget during FY budgeting. Instead of plugging loopholes you know exist YEARS and much more money LATER, why not fix it NOW?
Can’t the Police also step in to help address and mediate the issue? Afterall, it’s a criminal issue and yet an innocent party is continuing to suffer. Surely SPF can step in and speak to HSBC et al on Mr Pang’s behalf?
There are simply so many things wrong with this picture, it’s truly startling. Can some BIG SHOT step in and break some heads?
