Judul : ACCUSED OF WHEELING & DEALING LIKE JHO LOW, M’SIAN BILLIONAIRE LEE SENG HUANG DENIES EXPLOITING ELDERLY IN AUSSIE RETIREMENT HOME SCANDAL
link : ACCUSED OF WHEELING & DEALING LIKE JHO LOW, M’SIAN BILLIONAIRE LEE SENG HUANG DENIES EXPLOITING ELDERLY IN AUSSIE RETIREMENT HOME SCANDAL
ACCUSED OF WHEELING & DEALING LIKE JHO LOW, M’SIAN BILLIONAIRE LEE SENG HUANG DENIES EXPLOITING ELDERLY IN AUSSIE RETIREMENT HOME SCANDAL
KUALA LUMPUR – Aveo Group non-executive chairman Lee Seng Huang claimed to be a victim of sensationalised and biased reporting after Australian media accused his company of swindling elderly clients in its retirement villages in Australia.
Lee, who is also the executive chairman of Malaysian property company Mulpha International Berhad that is the biggest investor in Aveo with a 22.6 per cent stake, told local daily StarBiz that the cases highlighted in the joint media investigation by Fairfax Media and ABC’s Four Corners were isolated.
“It is not systemic of the business and we do not exploit our residents,” he was quoted saying.
Lee reportedly said the Aveo model, which allegedly engaged in fee gouging and “turned over” residents for profit, was a “time-tested model” that has operated in New Zealand and Australia for about half a century.
“Aveo is not the only player that relies on it, but as one of the largest operators, we have tried to push for greater standardisation and simplification of the complicated paperwork. Lend Lease and Stockland, both of whom had tried to acquire Aveo in the past, run similar models and I am sure they face similar issues.
“That was not picked up by the programme which chose to single out Aveo and Mulpha’s shareholdings in Aveo instead. Perhaps, it is because we are seen as foreign investors?” he was quoted saying.
Lee told StarBiz that all residents and potential residents were given a choice and had a 120-day cooling-off period to decide if they wanted to stay at Aveo that runs 89 retirement villages in Australia and houses more than 13,000 retirees.
“There are no restrictions or cost on them should they decide not to stay at one of our villages. How is that exploiting them? Please take a look at the promises made by the company under the Aveo Way,” he was quoted saying.
StarBiz quoted a statement by Aveo that encouraged “all buyers to get independent legal and financial advice”, even as media reports accused the company of misleading advertising and having complex contracts that allegedly left many residents feeling “trapped”.
“We will, through our board nominees, independently vet the allegations and if need be, push for any management or policy changes. However, we have not seen anything that is systemic or cultural in any of the cases that were highlighted by the TV show,” said Lee.
He reportedly said there were no “excessive complaints” against Aveo, pointing out that Aveo residents lodged only 22 of the 766 submissions at a recent parliamentary inquiry in Victoria, Australia.
Lee also denied that Aveo was making excessive profit, saying: “Aveo’s return on its retirement assets of 6.3 per cent last year is not reflective of a company earning super profits.”
– Malay mail
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✍ Sumber Pautan : ☕ Malaysia Chronicle
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