e-Lelong to Improve Transparency of Public Auction

28 Jul 2017

 

Malaysia’s Chief Justice Tan Sri Md Raus Sharif believes the e-Lelong system for court auctions of immovable properties will increases the chances of the public to acquire a property without price manipulation.

The online property auction platform will also raise the integrity of the public auction process, he said. It is also expected to have a positive impact on the courts, the public who are the bidders, property owners and financial institutions involved in auction cases, reported The Edge.

“With e-Lelong, the bidder’s identity is not disclosed to enable bidders to bid without interference, thus enhancing transparency and integrity of the public auction process,” said Md Raus following the launch of the e-Lelong pilot project at the Kuantan Court Complex.

Currently, court auctions are manually conducted at 15 locations of the High Court in Peninsular Malaysia.

“The manual process involves many parties — court officers, bidders, licensed auctioneers and also financial institutions. It is a complicated and time-consuming process. So it is not a surprise that problems and complaints arise from the manual auction process,” explained Md Raus.

“The judiciary has been paying attention to these issues and complaints. So from the research conducted, it decided to shift the auction process online to improve the integrity and efficiency of the entire bidding process by implementing e-Lelong,” he said, adding that the e-Lelong system is set to be expanded to 14 more locations later.

Image sourced from NST

 

This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email Editorial-MY@propertyguru.com.my

 

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