Real Estate Property: Commission of Inquiry on Fraud Case

This commission, chaired by Judge David Chan Kan Cheong, was established on the recommendation of the Prime Minister. G. Gibson, Director of the Office of Public Sector Governance, and P. Ramrekha, former Chief Government assess will be the assessors. This commission will investigate the complicity of legal specialists and other professionals for systems to circumvent the law. The Commissioners are invested with powers to inquire into cases of sale or lease of real estate properties, including residential and commercial dwellings or land and to move as far away as in the year 2000 to investigate fraudulent practices committed to the detriment of buyers.

This concerns also the companies or other entities under a regime of co-ownership, or 'fragmentation scheme', or by the transfer of shares or other interests in the property, and involving fraudulent practices or transactions resulting in a financial loss. One of the functions of the commission is "to inquire into and report on, since 2000 to date, all cases involving sales or lease of residential gold commercial units of land by"Civil societies to award"gold, companies or other corporate entities under a regime of co-ownership, gold fragmentation scheme, gold through transfer of shares or other interest in property, and fraudulent practices involving gold transactions causing financial or other harm to potential e.g."", lessees, or transferred".

David Chan Kan Cheong will have to submit its report to the president of the Republic. The establishment of the Committee follows the statement that the PM had made to Parliament on 14 November announcing its intention to initiate the procedures for a large-scale survey of real estate fraud. He answered a Private Notice Question (PNQ) of Paul Bérenger.