Kota Kinabalu: PacifiCity buyers have disputed Sabah Development Bank Berhad’s (SDBank) claim that the stalled project has been unable to be revived due to the failure to find a potential “white knight”, saying the issue remains “stuck” with the bank.
Buyers’ representative Winston Liaw said SDBank had consistently refused to meet the buyers, while the private liquidator appointed by the court had repeatedly stated that it could not proceed without payment.
He said investors had previously approached SDBank to negotiate taking over and reviving the project, but the process had repeatedly become stalled, while the liquidator had also raised the issue of unpaid fees at meetings convened by the State Local Government and Housing Ministry.
Liaw also disputed SDBank’s statement that it remained committed to working with purchasers, saying the bank had not attended several meetings convened by the ministry and had not followed up on a meeting promised by Assistant Finance Minister Dato’ Mohd Ishak Ayub more than a month earlier.
Another buyers’ representative, Constance Liew, said buyers remained ready to meet Deputy Chief Minister and Finance Minister Datuk Masidi Manjun and SDBank to seek a solution, adding that continued delays left buyers in a difficult position while also affecting the bank, landowner Sabah Civil Service Sports and Recreational Council (Maksak) and the State Government.
