Lowyat.NET: Latest topics by cricketeer

Paying out high commission for land sale

cricketeer — Tue, 06 Jun 2017 21:36:30 +0800

Hi all,

I have a land property under my company name (A) which a independent valuation recently valued at about RM1mil. I have been thinking to sell, and already some buyer approached me with offers mostly lower than the valuation price.

Now there is one guy, who is referring himself both as introducer and middle-man, who give me an offer letter from a company (B) ready to buy the same land at RM1.75mil. However he wants RM750k guaranteed to his company © as a form of commission.

So;
S&P between A and B at RM1.75mil
Letter of Undertaking to pay C RM750k upon completion of payment and title transfer.

Is this a scam? If so, I don't see what the angle is since buyer B is willing to put in 10% deposit at RM175k.

Is the fishy "commission" at RM750k higher than the valuation price even legal or will it run afoul some laws like AML?

Will it count against the profit when calculating the property sale tax to IRB?

Any advice or just talk is much appreciated!

Payout to shareholder of a dormant Sdn Bhd

cricketeer — Thu, 21 Apr 2016 23:03:31 +0800

Hi all,

Need sifu advice on a situation my family is in. Our late grandfather owned 3 companies. Due to hardship he fell late in his life, all 3 companies are not in a good shape.

Company A is a Berhad company and is in the final stages of liquidation and is disbursing cash to its shareholders based on the number of shares held (return of capital).

Company B is a Sdn Bhd which has been dormant for 6 years with no liability. This company is expected to make RM200k from shares held in Company A.

Company C is a Sdn Bhd which has been dormant for 6 years with income tax not paid totaling RM150k . This company is expected to make RM100k from shares held in Company A.

My late grandfather is the 99% shareholder of both Company B&C. My father was appointed director of Company B&C to oversee the distribution of money to the beneficiaries.

My question:
1) For Company B which has no liability, is there any requirement to pay income tax if the intention is to return 100% of the RM200k to the shareholders then dissolve the company?

2) For Company C, the RM150k debt to income tax is due to a land sale back in 2009. Insolvency(?) has sent letter indicating the intention to wind up the company prior but my father negotiated to pay RM10k to postpone it. If my father take out the RM100k payout and distribute to the shareholder and let the company wind up without paying the rest of the owed taxes, will he be liable for anything?

In both cases, I appreciate any advice for the director to maximize the cash to be disbursed to the shareholder without being exposed to legal issue.

Many thanks

[WTA] Cost of extend 15'x20' for 2 floors terrace

cricketeer — Wed, 13 Nov 2013 02:09:04 +0800

Hi all,

I'm thinking to do some renovation work on my house and could use some comments/advice.

My house is 20x70 intermediate terrace on top of 20x120 land. So there is about 50ft land behind the house that I want to utilize.
Currently the extra land is just grass but walled in.

I want to extend my house by about 15ft at the back for both floors. I have drafted some drawings for the desired layout (attached)

Roughly summary of what I want to do:
GND floor
Demolish kitchen counter & cabinet from Old Dry Kitchen and Old Wet Kitchen
Demolish side walls at ‘Old guest room’ & create ‘New guest room’ at Old Dry Kitchen location
Extend 15’ to back with including:
-285sq.ft Kitchen (8’x15’ + 15’x8’)
-35sq.ft Utility (5’x8’)
-72sq.ft Maid Room (10’x8’)
Create 3ft side entry fold door to current toilet (access from New Guest Room)
Ventilation fan & piping from toilet to outside
Plaster ceiling for approximately 550sq.ft
Piping and drain at kitchen
Lighting/Outlet/Fan at all except Living hall and Toilet

1st floor
Demolish Old Joint Toilet
Extend Family Hall into Old Bedroom 1 area.
Create 7’x5’ Toilet 2 in Old Bedroom 1 area.
Create Study Room 10’x13’ in Old Bedroom 2 area
Extend 15’ to back with including:
-18’x10’ Bedroom 1
-18’X10’ Bedroom 2
-5’x7’ Toilet 2
Plaster ceiling for approx 700sq.ft
Lighting/Outlet/Fan except Master Bedroom, Master Toilet and original Family Hall (airwell location)

I want to ask all the sifus here for opinion on:
1) What is the estimate of the cost involved? (ballpark figure for structural/roofing/piping/wiring/plaster ceiling/tiling)
2) To reduce cost, in what area can I reduce or postphone to do later?

Also, feel free to comment on the new layout as I am still in design phase

P/s: I am looking for a reputable contractor in the Bangi/Kajang area who can do this renovation also. Please PM me contact if you know of any!.

Paid for 2GB RAM but got 1GB from Thundermatch

cricketeer — Sun, 26 Dec 2010 00:11:32 +0800

In short: I paid for 2GB RAM and got a box labeled 2GB but has 1GB inside.

Late today, around 8pm, I went to the Thundermatch store at Aeon Jusco in Melaka to buy a RAM. I chatted with the technician discussing about my choices, and agreed to purchase a Kingston 2GB DDR2 Value RAM.

He picked a box containing the RAM from the mess on his table and showed me. Being used to buying RAM before and not expecting any trouble, I merely glanced at the sticker in front of the box to confirm that it is KVR800DRN6/2G.

So when I was installing the RAM later I noticed that my PC reported that it is 1GB. I took it out and finally noticed that the sticker on the RAM is KVR667D2N5/1G. So the RAM inside the box is a different one from what is stated on the box (and what I paid for) .

Has this happened to anyone before? I am definitely going to Thundermatch again tomorrow and confront them about this matter. The thing is they could just as easily accuse me of switching the RAM and trying to cheat them.

Any advice is appreciated.