KUANTAN, 28 July 2017:
The e-Lelong system for Public Auction of Immovable Properties in the High Court allows bidders to bid without pressure and can prevent price manipulation.
Chief justice Tan Sri Md Raus Sharif said in the e-Lelong system, the bidder’s identity would be kept confidential – encouraging more bidders to participate in the public auction.
The system is the first in Malaysia to conduct public auctions online in real time. It will also increase the public’s chances of owning fixed assets – especially residential properties at real value without price manipulation.
“The system will also enhance transparency and integrity of the public auction process and ensure there is no leakage of information,” Md Raus said after launching the e-Lelong pilot project at the Kuantan Court Complex yesterday.
He said bidders registered with e-Lelong could make bids anywhere, as long as they have Internet access including using smartphones – which would save money and time.
“I realise there are parties concerned about the ability and security of the e-Lelong system to handle public auctions online and to ensure the process runs smoothly without disturbance and free of cyber crime activities.
“I would like to emphasise that e-Lelong was developed taking into account information technology security issues and based on guidelines from the Malaysian Administrative Modernisation and Management Planning Unit.”
Md Raus said the proposal to create the system was tabled on March 17 by Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said to the Cabinet, which then agreed to implement it in stages.
The system is currently in the pilot project stage at the e-Lelong Operations Centre at the Kuantan Court Complex from June 1 and the first bidding process is scheduled to take place on Aug 11.
“We’ll get feedback from the parties involved, including bidders, whether they are satisfied, and whether the system is transparent and there is no interference. The report will be submitted to the Cabinet in September.
“If there is no problem, the e-Lelong system will be extended to 14 High Court locations throughout Peninsular Malaysia where the public auction process is conducted manually now.”
He said the system would allow financial institutions to file a notice of the application online while the court officials would generate a Proclamation of Sale online and submit to the financial institutions via e-mail.
These financial institutions needed no longer worry about the possibility of losing original documents of ownership titles and mortgage copies, he added.
– Bernama