Summary of Meeting
Time: 500 pm to 630 pm Thursday 23 Oct 2008
Location : Malaysian Trustee Office, Menara Prudential KL
Intelbest – Miss MK Lai (CEO of Intelbest), Jonathan (Intelbest),
Malaysian Trustee – Mr Tay (GM Malaysian Trustee), Ms Ooi (Legal Exec,Malaysian Trustee),
PHUKB Reps (Dr Rafick, Mohd Ali,Daud,Puan Zaini)
Discussion centered around to the understanding of the Role of Malaysian Trustee and its powers over the Developers various HDA and Company Accounts. Malaysian trustee currently is the Co signatory to all accounts that is associated with Intelbest. Based on the information given the money collected from the 100 Terrace House is still in the HDA account amounted to about RM 3mill. It has not been released to the developer.
There appears to be some level of mistrust between Intelbest and Malaysian Trustee and the Trustee was too protective of the Bond Holders interest. PHUKB offered a solution where a company is appointed by the Trustee to verify the works and ensure that payments is released according to an independent party certification. Money can only be released to be use for the completion of the service apartment and PKS/PKSR project and not for any other purpose.
Malaysian Trustee has agreed to put forward the proposal to the Bond Holders and discuss with PHUKB on the suitable company to be appointed as the independent project monitor. PHUKB wants to have a say in the appointment to ensure that the interest of the Purchasers are protected.
PHUKB also inform the Bond Holders that the purchaser has been advice not to release any additional payments to the developers until VP is giver.
We will inform the purchaser soon on the steps to be taken in ensuring that the banks do not release anymore progress payment to the developer until VP is given.
Dr Mohd Rafick khan