Date 28 oct 2008
Time: 0845 – 0945
Location: Menara Prudential
Attendence: Dr Rafick(PHUKB) and Mr Tay (GM Malaysian Trustee)
Our discussion centered around on how to move project again as there is money within the HDA Account. We have reafirmed that the HDA cannot be used for any other purpose except for reviving the project. Malaysian Trustee also informs us that, the bondholders will not take the money from the HDA account until the houses are completed. This is stipulated in the rules and regulations in managing the project.
We have proposed that the Bondholders appoint an indipendent QS firm that meets the expectation of the developer, PHUKB and the Bondholder to ensure that interest of all parties is protected.
Malaysian Trustee will float our suggestion to the Bondholders tomorrow as there is a meeting being planned to discuss about the DB project.
The committee is in the process of escalating the problem to MB Selangor office.
Dr Mohamed Rafick Khan