Kota Kinabalu: Sabah Development Bank Berhad (SDB), which has recorded excess of RM200 million in losses to the abandoned PacifiCity project in Likas Bay, said it sympathised with the purchasers.
In a statement, SDB said it has been on the lookout for potential white knights over the past few months to undertake rehabilitation for the residential and commercial development project.
“SDB is currently in the midst of winding up the borrower (Pacific Sanctuary Sdn Bhd) and once the winding-up order is obtained, a private liquidator will be appointed to work with potential white knights. Our report yesterday.
“As to the allegation of having initially appointed an administrator, but later terminating them, SDB has no record of any such appointment having been made.
SPONSORED CONTENT Enjoy a taste of Malaysia, everyday with Ayam Brand™ local pastes SHAH ALAM: Fact: Every time Malaysians travel abroad, we almost immediately miss the taste of home. You don’t need to be homesick to celebrate Malaysia’s rich culinary heritage when you can savor the authentic taste of Malaysia in your own home with Ayam Brand™ cooking pastes. Read more “SDB has a charge over the land security but is not the landowner. SDB has not taken over the PacifiCity project nor has SDB assumed any obligation in respect of the land or the project.
“SDB is not privy to the sale and purchase agreements entered into by the purchasers with the landowner and the developer of the PacifiCity project.
“Hence, any damage to their units would best be referred to the developer, Apex Juta Sdn Bhd, which is now in liquidation under the Insolvency Department,” SDB said in response to the PacifiCity Project Purchasers Welfare Association (P3WA).
The association had said it is considering suing SDB and other financial institutions for negligence over the abandoned building that has since been the target of vandals.
Its spokesperson, Datuk Seri Winston Liaw, said it was unfair that the Insolvency Department is dragging its feet in using RM200,000 from the RM9.35 million bank guarantee of the developer to hire security guards to prevent further vandalism.
* Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss.
* Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available.