Citibank confirms it will not seek breach of the SRO
Contributed by Emily Lee Lai Ming (Executive Officer)
Wednesday, 31 January 2007 12:23pm
KUALA LUMPUR, Wed: Citibank Berhad has confirmed to
the Bar Council that it will not seek breach of the Solicitors
Remuneration Order 2005.
In a letter to the Bar Council signed by its Chief Executive
Officer, Mr. Piyush Gupta dated January 19 and copied to the Bank Negara, Gupta
wrote: "We confirm that Citibank will not seek breach of the SRO from the legal
community." (Please click here to download a copy of the said letter)
Gupta added that as a financial institution, they will do
their utmost to ensure full compliance with applicable laws and regulations
pertaining to the finance industry and the business community at large.
As a result of complaints received that legal firms have been approached by
officers from Citibank to attend to loan documentations for facilities granted
by them whereby Citibank would pay (i) ad valorem stamp duty, and (ii) a flat
rate of RM1,200.00 (for fees and disbursements) for each transaction, the Bar
Council wrote to Citibank on October 12, 2006 followed by a reminder on December
29, 2006 seeking their cooperation in ensuring compliance with the SRO.
The Chairman of the Solicitors Remuneration Enforcement Committee, Roger Tan
said the confirmation from Citibank is a much welcomed development in the
efforts by the Bar Council to enforce the SRO.
In a circular issued to members today, Tan hoped that the confirmation from
Citibank would be of assistance to members who are attending to non-contentious
matters for Citibank falling under the SRO.
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KUALA LUMPUR, Wed: Citibank Berhad has confirmed to
the Bar Council that it will not seek breach of the Solicitors
Remuneration Order 2005.
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Circular No 110/2012: Seminar on Introduction to ICC Arbitration: An Insight into the 2012 ICC Rules
This is a real coup. With CitiBank falling in line the NO Discount rule is now stamping its mark emphatically in the whole conveyancing sphere.
CONGRATULATIONS to the SRO (Enforcement) Committee.