Sandar Bina Sdn Bhd a main contractor for DBSB and also a regulator main contractor to other Talam projects has filed for liquidation of DBSB in courts sometime back. The committee was not made aware of this liquidation exercise until today. We were informed today by the staff of DBSB (Mr.Kong) and Malaysian Trustee that the court papers were served yesterday. With the court instruction, KPMG has been appointed as the Receiver and Manager of DBSB. They will now take over the business activities of DBSB. For the record, Sandar Bina Sdn Bhd is an unsecured creditors which means they have secondary rights compared to the bond holders in collecting any monies from DBSB.
Impact on construction work
For Block A-F: Work is still going today but slow because the subcontractor has not paid the workers for 2 months. We are still trying to assess the impact on the progression of the contract.
Block A purchasers are advice to take possession of their units ASAP and they can proceed with renovation if they wish to do so. Most importantly, take the units first.
For Block PKS/PKSR – Status remain unchanged for now but there is a possibility the land might be sold. The committee is getting advice on how to protect the buyers interest here.
For LC 256 – Same as for Block A-F
For Platinum 88 – No impact at this stage. Purchasers must freeze the HD account to ensure that any monies inside the account cannot be taken out if P88 becomes the target for liquidation.
Committee Plan of Action
(1) To seek legal advice on what we can do
(2) To advice the purchasers on what they should do next
Advice to Purchasers
(1) Dont panic and create speculation. Stay united with committee. Those with high level government connection please contact firstname.lastname@example.org
(2) Those who received invoice from DBSB to pay for progress billing – Please hold payment until further notice. Those who took loans from bank, please issue letter to banks to hold further payments till further advice.
(3) Payment to LT (For block A purchasers) – No impact. Please pay accordingly.
(4) Block A purchasers that has not taken keys, please do it immediately.
All purchasers are advice to read PHUKB website on daily basis to ensure that they are in the loop of the latest development.
29 Dec 2012Dr. Mohamed Rafick Khan President VICTIMS Malaysia