KOTA KINABALU: The buyers group of the Pacificity integrated development yesterday refuted Sabah Development Bank’s statement that the project has not been revived because it has failed to find a white knight.
The buyers said the issue is stuck at the bank itself.
Buyers’ representative Winston Liaw said SDB has consistently refused to meet the buyers. The private liquidator that SDB applied to the court to appoint two years ago has repeatedly said “no payment, no work.”
“As far as we know, investors have approached SDB to negotiate a takeover to rescue the project, but the process invariably got stuck there,” said Liaw.
He said the liquidator has stated several times at meetings convened by the State Ministry of Local Government and Housing that it will not work without payment.
It even asked the Ministry to use part of the bank guarantee from the Pacific Height apartment project to cover its fees. The Ministry, bound by regulations, refused.
“Since SDB applied to the court to appoint this liquidator, ignoring the issue of its fees is highly irresponsible,” he said.
Liaw was speaking after a meeting with several buyers in Kota Kinabalu in response to SDB’s press release on Tuesday.
He said the failure to find a white knight is itself proof that both parties have failed to discharge their duties.
He said SDB’s claim that it “remains committed to working with all parties, including purchasers to explore practical solutions” is lip service, as SDB never communicates with the purchasers.
He said the Ministry of Local Government and Housing had convened meetings several times, but SDB never sent representatives.
On the one occasion it did, it sent junior staff who could not make decisions and said they would refer the matter to their superiors.
He said it is baffling that SDB, which says it is owed RM300 million and is also a victim, never communicates with the buyers and ignores their requests for a meeting.
Liaw said months ago the buyers requested a meeting with Deputy Chief Minister and Finance Minister Datuk Masidi Manjun.
Masidi sent Assistant Minister Datuk Mohd Ishak Ayub instead.
Ishak promised to arrange a face-to-face meeting between the buyers and SDB within a week. More than a month has passed with no follow-up.
“The State Government leaders do not seem worried about the bank’s problems. They are not even willing to meet the buyers,” he said.
Another buyers’ representative, Constance Liew, said the buyers remain ready to meet Masidi and SDB at any time to seek a proper solution.
She said continued delay leaves buyers in difficulty and brings no benefit to SDB, which provided the bridging loan, to the landowner Sabah Civil Service Sports and Recreational Council (MAKSAK), or to the State Government. – Wu Vuide
‘As far as we know, investors have approached SDB to negotiate a takeover to rescue the project, but the process invariably got stuck there’ – Liaw
