Tony Pua to IWH CREC : Show payment proof on Bandar Malaysia stake buy

KUALA LUMPUR (May 6): IWH CREC Sdn Bhd needs to show evidence it has fulfilled payment obligations for the planned acquisition of a 60% stake in Bandar Malaysia Sdn Bhd to proof IWH CREC's credibility, Petaling Jaya Utara MP Tony Pua said.

Bandar Malaysia is a planned real estate project on a 486 acre or 21.17 million sq ft tract within the old airport site in Sungai Besi here. The Edge Malaysia business and investment weekly quoted an executive familiar with Bandar Malaysia as saying that as at December 2015, the gross land value was estimated at RM12.35 billion or RM583.37 psf.

Today, Pua, who is also DAP national publicity secretary, said IWH CREC's evidence was crucial to quell seller TRX City Sdn Bhd's allegation that the deal was null.

Pua said : "Therefore, to put the matter to rest, instead of a verbal spat, all IWH CREC has to do is to provide specific details of (i) what they have paid, (ii) when they made the payments and (iii) what were the agreed payment terms."

He said "if IWH CREC is able to provide proof of payment in accordance with the agreed terms of the Bandar Malaysia sale, proving unreasonable termination by TRX, I will certainly be demanding a response by TRX."

Bandar Malaysia is in the spotlight after Malaysian Government-owned TRX alleged last Wednesday (May 3) its planned sale of the 60% stake in Bandar Malaysia to IWH CREC was "null and void with immediate effect."

TRX alleged that "IWH CREC failed to meet the payment obligations" under the share sale agreement. In response, IWH CREC said yesterday TRX's allegation was "unacceptable" because IWH CREC had fulfilled "all the required payment obligation" under the agreement dated December 31 2015.

At the time of writing today, IWH CREC and TRX had not issued statements in response to Pua's statement. — theedgemarkets.com

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