Did Phang Li Koon take out an RM2.125m loan for the Pinhorn Road house?

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Phang Li Koon Did Take Out an RM2.125 Million Loan for the Pinhorn Road House

Businesswoman Phang Li Koon did indeed take out a loan amounting to RM2.125 million to purchase a house located on Pinhorn Road in 2008. This loan was confirmed by Choong Sung Yean, the Northern Regional Manager for Public Bank, during proceedings at the Penang High Court. The financial arrangement facilitated Phang's acquisition of the bungalow unit at number 25, Pinhorn Road.
Loan Details and Approval

The housing loan was approved by Public Bank with specific terms that included a base lending rate of 6.75 per cent, discounted by 2.2 per cent, over a repayment period of 300 months. This structure resulted in a monthly repayment amount of RM11,872, which covered both the principal sum and the accrued interest. The loan was formally taken out by Phang on September 5, 2008.
Property Transfer and Previous Ownership

Prior to its transfer to Phang's name, the bungalow unit at 25, Pinhorn Road, was registered under the company Ming Holdings (M) Sdn Bhd. The acquisition of the property through this loan was a significant financial undertaking for Phang Li Koon in 2008.
Legal Proceedings and Allegations

Phang Li Koon was subsequently charged under Section 109 of the Penal Code. This charge relates to her alleged abetment of Lim Guan Eng on July 28, 2015, in connection with the purchase of this same house. The allegation specifies that Lim purchased the property from Phang for RM2.8 million, a sum reported to be below its market value of RM4.27 million at the time.

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Did Phang Li Koon take out an RM2.125m loan for the Pinhorn Road house?

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