Kota Kinabalu: The State Cabinet has decided that the Local Government and Housing Ministry will coordinate a meeting with relevant stakeholders to resolve issues surrounding the abandoned PacifiCity project, said Deputy Chief Minister Datuk Seri Masidi Manjun (pic).
Masidi, also Finance Minister, said the State Government understands the plight of affected buyers and remains committed to assisting them within the law and public fund regulations, though it cannot bail out failed private developments.
Clarifying Sabah Development Bank’s (SDB) position, Masidi dismissed claims of inaction, pointing out that the bank acted purely as a financier rather than the developer and remains owed nearly RM300 million.
He disclosed that SDB had conducted due diligence on two interested parties who lacked the necessary credentials, adding that the bank is prepared to absorb a haircut of up to 50 per cent on the debt to facilitate a viable white knight.
Separately, addressing reports of a United States military installation on Balabac Island in the Philippines, Masidi urged the public to remain calm and avoid speculation, expressing confidence that the Federal Government will ensure Sabah's border security.
