On the loss of RM188.78 million by Kumpulan Hartanah Selangor Bhd (KHSB), Dato Abdul Karim bin Munisar, its executive chairman, told the Star on March 22 that: -
"the company [KHSB] decided to do a “one-off” prudent stand by writing down the book value of several assets; in particular the assets of two subsidiaries of the company – Brisdale Holdings Bhd and SAP Holdings Bhd."
There are hundreds of claims against Brisdale Holdings Bhd for late delivery and non-delivery of properties especially in the West Port projects and I believe there are also similar claims against SAP Holdings Bhd for which KHSB had made a full provision of RM55 million as liquidated damages to meet all claims.
By writing down the book value of Brisdale and SAP, is KHSB going to wind up both the companies soon?
Morally, the state govenment must make sure that all the investors' interest are protected in that all their legitimate claims for damages must be fully satisfied because they have placed so much of confidence in the projects undertaken by the government investment arm with their hard-earned money but the government eventually failed them. Hopefully not again with company winding-up proceedings before they are fully compensated.
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1 comment:
Ting,
Way to go ! I am a victim of west port tech zone (bandar armada putra, brisdale's baby) development, sufferring huge lost and I am one-leg into bankruptcy. The development was 3 years late on delivery (luckily it manage to complete, better than nothing), there is one college (related to KHSB) currently renting the premise (luckily there was such arrangement, otherwise most of the owners would have bankrupt....) though without on-time rental, staff in the college said the college was 'instructed' to move to the current location from shah alam to help increase population in the area, it has claimed to have a funding of 20mil allocated for the project (move and changing status to international college etc., the amount seems to be on a higher side for a simple relocation though), the college management has changed three times since I spoken to them on the rental agreement, and the college is now requesting further funding from goverment in order to survive (20mil burned just after 2 years).
The area is basically without basic facility, no ATMs, no post office, no public transport, no petro kiosk and even stree lights (those solar powered lights seen at the entrance were only installed just before the launching of National Hydrografi Centre, according to the college manager), previous manager and CEO of the college has approch the authorities to request for these basic facilities for convenience of the students but no progress made depite several meetings, both the CEO and manager gave up and left the college.
'Halal-hub' was publicly announced last year but do not see any development till date
I read in the bursa malaysia announcement site saying that parcel of land in pulau indah has been sold (or joint venture) to other listed companies to help buid up the area, if I am not mistaken, LBS signed one JV in 2003 (mixed development), MISC (JV to build storage facility on a piece of land measuring 25 ekar several months ago), Oilcorp (bought a piece of land, mixed dev. rencently), I am not sure where these development are located in pulau indah, but I do hope they are near to bandar armada putra, and that the development can start as soon as possible and complete on time......
BTW, you and your members are making good progress daily, the focus is good and handle issues professionally, unlike the old days screaming and shouting without solid ground/proof. We can notice the acceptance of the public to your team from recent state election. Wish all of you the best of everything, and I believe majority of the west Malaysian will love to have a louder voice and clearer eyes representing them in the parliment.
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