AmBank seeks to auction off property of Jho Low’s former aide Kee over RM1m loan

• The bank has also requested that a reserve price be set by the court and a licensed auctioneer appointed to handle the sale.

KUALA LUMPUR (April 22): AmBank (M) Bhd is taking legal action to auction off a property in Bandar Kundang, Rawang, owned by the late Kee Kok Thiam, a former aide to fugitive businessman Low Taek Jho (Jho Low), to recover a housing loan of RM1.018 million.

The bank filed the suit in February, and had on April 18 applied to amend its statement of claim to include Kee’s estate. The application is set for case management on Tuesday before High Court senior assistant registrar Liew Yen Fern.

According to court documents sighted by The Edge, AmBank is seeking for the property to go to auction within a month of the court’s order. The bank has also requested that a reserve price be set by the court and a licensed auctioneer appointed to handle the sale.

In addition, AmBank is asking that the property be handed over vacant within 14 days of the auction, and that it be allowed to bid without the standard 10% deposit. The bank proposes that any remaining balance be settled within 120 days, and is also seeking to recover legal costs.

In a supporting affidavit filed in February, Shamshaharul Abdul Khalid, a manager at AmBank, stated that Kee had mortgaged the property on Sept 30, 2013, as security for a RM1.018 million loan. 

Shamshaharul claimed that Kee had agreed to repay the loan, either when asked or if he failed to make payments.

In a letter dated Dec 3 last year, the bank’s lawyers stated that Kee owed RM26,091.58. They warned that if he failed to pay, the bank could claim the full outstanding mortgage amount of RM873,245.89 (including interest) as of Dec 2.

The bank had issued a Form 16D notice, demanding payment and warning of auction, which Kee failed to respond. The amount remains unpaid, with interest continuing to accrue at 2.5%, based on the 6.70% loan rate.

Kee passed away from a stroke two years ago

Kee died of a stroke on May 29, 2023, at Sungai Buloh Hospital, after reportedly returning from Macau. His death was confirmed by his lawyers, Messrs Valen, Oh and Partners, who asked the public to avoid speculation and respect the family’s privacy.

Before his death, the Malaysian Anti-Corruption Commission (MACC) announced that it had brought back and arrested a person linked to the 1Malaysia Development Bhd (1MDB) scandal, believed to be a former close associate of Jho Low. Although Kee’s name wasn’t mentioned at first, it later emerged that he was involved.

Kee was believed to have played a role in both 1MDB and its former subsidiary SRC International Sdn Bhd. He returned to Malaysia on May 3, 2023, via klia2 and was ordered to report to the MACC the next day. His statement was recorded, and his property was searched.

MACC sources said Kee was suspected of receiving illegal funds from 1MDB and SRC through a company called Wright Shaw Ltd. He was also named in 1MDB-related trials, and said to have deposited cash into former prime minister Datuk Seri Najib Razak’s accounts.

In a related case, OCBC Bank had previously moved to auction off properties and cars belonging to Jasmine Loo Ai Swan, 1MDB’s former general counsel, in 2021. Loo returned to Malaysia in July 2023.

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