Jamaica Gleaner / Scotiabank Jamaica has denied allegations it acted in bad faith when it sold a Portland couple a house in the hope of recouping unpaid monies owed to it by the previous owners and that it willingly pursued the sale knowing that the house in question was not part of lands the bank initially identified in its sales pitch.
In response to a story published in The Gleaner on Tuesday, under the headline: ‘Portland couple sue Scotiabank for fraud and negligence’ – the bank said in a statement the information received by the newspaper was riddled with inaccuracies and sought to set the record straight.
“We want resolution; we want to work it out with the Logans. Legally, we do not feel the bank is at fault in this matter, having sold the property in good faith,” said Scotiabank’s Director, Legal Counsel Maia Wilson.
“The allegation in the article that the bank knew that the house was not on the property is inaccurate. The fact is that prior to the sale to the Logans, numerous professional advisers on whom the parties relied (six valuators and the surveyor hired by the Logans) all provided inaccurate information indicating that a house was on the property. This all arose from the fraud committed by the customer (previous owners of the house),” read a statement from Scotiabank.
“There are many other inaccuracies; however, we will deal with them in the courts,” it continued.
“The big question is, how all the evaluators could come back with inaccurate information on the same property,” Wilson noted.
The property in contention, a two-storey house located in Windsor Forest, Portland, and valued at $10.5 million, was to be sold on lands spanning seven acres, however it was subsequently noted that the house is not on mentioned land.
The Logans are suing Scotiabank for fraud and negligence in misrepresentation in the matter. The Logans are hoping to recover damages to the amount of $34.25 million to include legal fees, and loss of National Housing Trust benefits, among other claims.
“We loaned money to a customer in good faith and obtained several mortgages over the subject property. The information concerning the identity and value of the property was corroborated by numerous valuations, including valuators hired by the customer from 2004 to 2011, and valuators hired by the Bank in 2014 and 2016,” the bank said.
“This is a fraud matter that the bank takes very seriously. After the sale to the Logans, Scotiabank reported the fraud to the police and there is an active fraud investigation,” further read the bank’s statement.
Scotiabank’s Director, Legal Counsel Maia Wilson told The Gleaner that six professional evaluations situate the Windsor Forest house, that is the subject of a law suit, on the property. She said that the bank had a mortgage on the property and that having sold the said property under the power of sale.
It was after that, it was brought to the bank’s attention that something was amiss with the evaluation and surveyor’s reports.
“There are many other inaccuracies; however, we will deal with them in the courts,” Wilson said.
Scotiabank said that it takes the situation very seriously and its external counsel has issued numerous invitations to meet with the purchasers (Logans), but their attorney has refused to facilitate a meeting.
“While the bank sympathises with the Logans, we think the approach taken by their attorney is unfortunate. The bank is not prepared to say more at this time due to the constraints of litigation,” Scotiabank said.
Scotiabank said that the matter is before the courts, and that is where the bank will defend the matter and that while they have not got an opportunity to meet the Logans, they are still willing to meet in order to discuss the matter
CARACAS.- La espera terminó y los Rays de Tampa Bay, en teoría, reforzaron la posición que menos le estaba aportando a la ofensiva con el regreso del criollo Wilson Ramos a las mayores. ?Estamos felices por tener a Wilson Ramos con nosotros? , dijo Kevin Cash a MLB.com. ?Me imagino que probablemente tenía algunas inquietudes…
La compraventa de inmuebles como Torre Agbar, Xanadú y el Edificio España aumenta un 70% la inversión en el primer semestre hasta los 6.000 millones de euros. La inversión inmobiliaria vuelve a registrar cifras récord en el mercado español. A falta de apenas cuatro días del cierre del semestre, la compraventa de edificios y solares…
san fernando Prime Minister Dr Keith Rowley prayed with members of the Muslim community and distributed zakat (charity) to the needy as he celebrated Eid-ul-Fitr at two masjids in San Fernando yesterday. He attended the Eid services on an invitation from Minister of Local Government Kazim Hosein, who is also referred to as a…
gasparillo The mother of a disabled child was shot dead inside her apartment in Gasparillo yesterday. Ornella Philips, 28, was shot once in the chest. Her body was discovered lying in the living room around 10 a.m. The country’s murder toll now stands at 243. Her eight-year-old daughter, Kayla, has cerebral palsy and depends…
ISTANBUL (AP): Turkish police stopped activists for lesbian, gay, bisexual, trans and intersex rights from gathering in large numbers for an LGBT Pride event in Istanbul yesterday, but smaller groups made impromptu press statements, defying a ban imposed by the governor. Organisers of the 2017 Istanbul LGBTI+ Pride had vowed to march in central Taksim…
LONDON (AP): The list of high-rise apartment towers in Britain that have failed fire-safety tests grew to 60, officials said yesterday, revealing the mounting challenge the government faces in the aftermath of London’s Grenfell Tower fire tragedy. All of the buildings for which external cladding samples were so far submitted failed combustibility tests, Communities Secretary…
BAHAWALPUR (AP): Alerted by an announcement over a mosque’s loudspeaker that an overturned tanker truck had sprung a leak, scores of villagers raced to the scene with fuel containers yesterday to gather the oil. Then the wreck exploded, engulfing people in flames as they screamed in terror. At least 153 men, women and children were…
WASHINGTON (AP): Making a final push, United States President Donald Trump said he doesn’t think congressional Republicans are “that far off” on a health overhaul to replace “the dead carcass of Obamacare”. Expressing frustration, he complained about “the level of hostility” in government and wondered why both parties can’t work together on the Senate bill…
While reliving the horrors experienced by so many families after another spate of bizarre violence across the country last week, I couldn’t help but picture Tourism Minister Ed Bartlett’s rictus grin plastered on television screens while the elderly and even suckling babes were being gruesomely slaughtered inside their homes. While the rest of us were…
- 17 March, 2018 Borde rolls out new pan pal
- 17 March, 2018 ROJ pumps $4.5m into Gov’t school-feeding programme
- 17 March, 2018 Symposium to showcase Jamaica as BPO destination
- 17 March, 2018 Musical reunion with Charmaine Forde
- 17 March, 2018 Archie boils down
- 17 March, 2018 Dillon: No legal action by inmates
- 17 March, 2018 Garcia: More than 100 scholars with funding issues
- 17 March, 2018 Top artists Represent
- 17 March, 2018 MY SON BEAT ME
- 17 March, 2018 Risdon leapfrogs Richards to lead TT Golf Open