Lowyat.NET: Latest topics by estcin

Developer Radium sued by homebuyers

estcin — Wed, 14 Jun 2023 09:48:19 +0800

https://theedgemalaysia.com/node/670968
Radium’s 80%-owned unit sued for alleged breach of contract in relation to Residensi Platinum OUG development

KUALA LUMPUR (June 13): Newly-listed Radium Development Bhd’s 80%-owned unit Vistarena Development Sdn Bhd is being sued by 241 individual purchasers for alleged misrepresentation and breach of contract in the sale of its property project in Bukit OUG, Kuala Lumpur.

Vistarena, as defendant, was served with a writ of summons and statement of claim by the individual buyers of Residensi Platinum OUG in Block B (plaintiffs) on June 9.

Prior to the filing of the lawsuit, a meeting was held in October last year to discuss the issues related to the development of Residensi Platinum OUG, which comprises a combined development of condominiums (Block B), affordable housing (Block B) and civil servants housing (Block A) under the same development order.

The meeting was attended by representatives from relevant government authorities, the defendant, architectural consultants, civil and structural consultants, main contractors, and representatives of purchasers from all components of Residensi Platinum OUG.

“However, it was concluded in the meeting that the construction of separate entrances will be put on hold until the formation of the management corporation of the development and defendant to expedite the defect rectification works,” said the property developer in a stock exchange filing on Tuesday (June 13).

This resulted in the plaintiffs — as the legitimate owners of units in Block B — filing suit against the defendant this month, alleging that they had been misled by the defendant's representations about the purchase of the property, specifically the separate entrances between Block A and Block B, which justified a significant price difference.

“The plaintiffs also allege severe defects in the common facilities provided by the defendant. Although some rectification work has been done, the defendant has not completed or rectified the access card facilities or established access control in a shared common area.

“Despite notifying the defendant multiple times about safety-related defects, no action has been taken, and the lack of access separation and clear signage between Block A and Block B is impacting Block B residents’ financial prospects,” said the group.

In addition to the misrepresentation and breach of contract, the plaintiffs are also seeking an injunction against the defendant to take all necessary and reasonable steps to construct two access ways at the entrance to Block A and Block B within three months from the date of judgment.

They also seek exemplary damages from the defendant in the amount of RM25,000 to be paid to each plaintiff.

The suit is now scheduled for first case management on July 3.

Too early to assess financial and operational impact of lawsuit
Acknowledging the concerns raised by the plaintiffs, Radium said it is committed to ensuring a fair and satisfactory resolution to this matter. On the financial and operational impact of the lawsuit, it is premature to determine at this moment, the group said in a statement.

Although some rectification work has been completed, Radium recognised that there are outstanding concerns, particularly with respect to access card facilities, access control, and safety-related defects. “Radium assures all stakeholders that it takes these concerns seriously and is committed to resolving them in a timely manner.

In addition, Radium said it is currently in consultation with its solicitors, and the group will provide timely updates on any material developments related to the lawsuit.

Radium made a weak debut on the Main Market of Bursa Malaysia in late May, losing 23% to 38.5 sen from its initial public offering price of 50 sen.

On Tuesday, the stock closed down half a sen or 1.32% at 37.5 sen, with a market capitalisation of RM1.3 billion.

PSA: Chinese food catering scam

estcin — Tue, 06 Jun 2023 09:24:03 +0800

Food catering scam that did not deliver food after payment. Lim Juen Wei 017-2345569 or 011-24255249. After receiving payment, he will block u and delete ur comments. We overlooked that there are many Angry emojis and Shares of the post but calling it a scam. We called 997 National Anti-Financial Crime Centre but it's just a toothless tiger who advise u make a police report and send it to the bank. In our case, we sent the police report to Touch n Go e-wallet who couldn't do anything cos they said we keyed in the PIN number ourselves.

[fb]https://www.facebook.com/100092672223135/posts/pfbid022hSW5BKFMmBDycjDMGhP2Vaiiy825n3LugZTCJppH1sPn6wAUtw3kTGcNDu2qk2Hl/?sfnsn=mo&mibextid=6aamW6[/fb]

Muslim dog lovers have no qualms

Thu, 01 Jan 1970 07:30:00 +0800

Finas suing ppl who took RM20m grants

estcin — Thu, 13 Apr 2023 12:12:49 +0800

Finas sues 47 individuals, production houses for failing to deliver films despite taking RM20m in grants

https://www.malaymail.com/news/malaysia/202...in-grants/64560

KUALA LUMPUR, April 13 — The National Film Development Corporation (Finas) has sued 47 individuals and production companies for not delivering any films from the RM20 million that has been granted to them.

Malaysia daily Utusan Malaysia quoted its chief executive Md Nasir Ibrahim, who said the actions were taken based on the audit involving grants between 2013 and 2017.

“Based on the audit report we received, all the recipients of the grant failed to produce the film as agreed,” he was quoted as saying.

“Therefore, Finas, through corrective actions and curbing misappropriation, sued all 47 companies and individuals involved. If the action is ignored, the individuals and companies involved will be declared bankrupt.”

According to Md Nasir, Finas had urged them to repay the funds taken through warning letters but to no avail, with some even blaming Finas for being inhumane by taking legal action against them.

He added that Finas aims to recover the funds that were granted but were “wasted” in order to restore its reputation, in addition to addressing the weaknesses that allowed the film funds to be misappropriated.

Following that, Md Nasir said that Finas has tightened the process of granting funds to production companies or individuals who plan to make films this year.

“Finas will also go to the ground to witness the filming process carried out by the recipients to ensure that there is no misappropriation,” he reportedly said.

In addition, he said Finas would also improve the selection process of the fund recipients.

“This year we appointed 30 select panellists consisting of academics, film and drama industry players including screenwriters, directors, and others to facilitate the process,” he said, referring to the selection process of fund recipients.

Felda freezes RM40m ACE Group assets

estcin — Fri, 07 Apr 2023 11:30:44 +0800

Felda co-op obtains court order to freeze RM40 mil ACE Group assets amid investment deal dispute

https://www.theedgemarkets.com/node/662476

KUALA LUMPUR (April 7): Koperasi Permodalan Felda Malaysia 2 Bhd (KPF2) has obtained an ex-parte Mareva injunction to freeze RM40 million worth of assets owned by ACE Credit (M) Sdn Bhd and its parent ACE Holdings Bhd, together with a proprietary injunction to stop them from dealing in the assets, for allegedly failing to honour investment agreements in which they promised guaranteed returns to KPF2.

Also named as defendants in the injunction application filed by KPF2 — a cooperative set up for second-generation Felda settlers — were two mutual directors of both ACE Credit and ACE Holdings, namely Choong Chee Meng and Chang Ai Nee. The application was filed last Thursday (March 30) and granted by the Kuala Lumpur High Court (Commercial) Judge Ong Chee Kwan in chambers on Friday.

The dispute between KPF2 and the ACE Group revolve around three investment agreements involving total investments of RM40 million, with promised returns of between 18% and 20% annually, over which KPF2 is suing the defendants for alleged breach of agreement, according to court documents sighted by The Edge.

According to KPF2, the cooperative entered into two investment agreements dated Dec 10, 2020 and May 5, 2021 with ACE Credit, both on the promise of 18% annual returns. KPF2 invested RM20 million in the first agreement and RM10 million in the second one. A little over two months later, KPF2 invested another RM10 million via an investment agreement dated July 29, 2021, on the promise of 20% annual return.

All three investment agreements have a tenure of five years, and allegedly come with a corporate guarantee from ACE Credit (M) Sdn Bhd, as well as Choong and Chang's personal guarantees.

In its statement of claim, KPF2 said ACE Credit was late for several months with the payment of their 2021 investment returns, despite KPF2 repeatedly chasing for the payment that was supposed to be made within 14 days from Dec 31. The 2021 returns were only paid on March 28. ACE Credit then failed to pay the returns for the first half of 2022 under the third agreement, which was supposed to be made semi-annually. Although it initially asked for more time to make the payment as KPF2 chased for the returns, ACE Credit later told KPF2, via a lawyer's letter, that the third agreement was only a money-lending agreement, and not an investment agreement, which KPF2 vehemently denies.

“This is a case where the defendants are trying to run away from their investors by raising a baseless allegation as if the agreements entered by D1 (first defendant, ACE Credit) are money-lending agreements. The defendants cannot be allowed to unjustly enrich themselves.

“D1’s and/or the other defendants" lack of probity and honesty throughout the course of their business dealings with the plaintiff shows that there is a real risk of dissipation of assets by D1 and/or the other defendants,” KPF2 said.

The injunctions will remain in effect for 21 days from the date of the order, while the defendants are required to file an affidavit, within seven days, stating in full the whereabouts of the RM40 million that the cooperative claims are their investment monies. The defendants are also required to declare their asset ownership domestically and abroad.

The court has also set April 13 for the inter-partes hearing — a hearing on notice to both parties, which both are required to attend — of this application.

Apart from KPF2, The Edge reported in February this year that at least four other investors have filed separate legal actions against ACE Holdings Bhd for allegedly failing to deliver on their promised investment returns. These investors reportedly demanded the return of a cumulative RM22.34 million in principal and interest from ACE Group.

6 M’sian startups that shut down in 2022

estcin — Mon, 16 Jan 2023 16:21:01 +0800

[fb]https://www.facebook.com/VulcanpostMY/posts/pfbid0XpXVCM8oBwdSxJN8h2AckKEa9qXCXTqi1TvEiz63csCqdX55S1ngnhTUkNAG7aXEl[/fb]

Mana black protest against Anwar?

estcin — Tue, 20 Dec 2022 09:26:04 +0800

Mana protest? Seorang pun tak nampak. krik krik krik......
[tiktok]7174769807282277658[/tiktok]

M4A1 kena dox?

estcin — Wed, 02 Nov 2022 11:46:59 +0800

[fb]https://www.facebook.com/photo/?fbid=575097747751499&set=a.311848764076400[/fb]

https://forum.lowyat.net/topic/5323282

QUOTE(M4A1 @ Nov 2 2022, 10:36 AM)

let see what is the end day result

inshallah
dun expect to win , but expect to reduce opponent majority
[right][snapback]105736485[/snapback][/right]

https://forum.lowyat.net/topic/5323289

QUOTE(9m2w @ Nov 2 2022, 10:54 AM)

Dude..... you curi this guy photo is it?

https://www.facebook.com/mike.yew.chuan/

https://www.facebook.com/photo/?fbid=575097...311848764076400

Wasnt hard to find la. Ask my friend in Whatsapp got this link straightaway

For the record

I doubt it's him. He trolling only. If I didn't ask my friend (yes I have MCA lifer friends) someone gonna find it. Not that hard to find. This fella gives alot of comments in the media so not an unknown

And also for the record. I think M4A1 is better than him kek

Edit:

Anyway just kacau M4A1 cos he quickly deleted my post

Locking the thread. For the record i strongly strongly doubt he is Mike.

1. The photo is public domain and easy to find

2. This guy is a prominent fella in MCA. Every day go politic here and there where got time play /k

3. M4A1 speaks legit kelate. Dont think this guy has comparable BM

I think he just closed thread as part of his troll and maybe cos malu his photo theft got detected so fast. But for sure it was gonna be detected

Now if really i doxx him then i surrender to Mods to permaban me
[right][snapback]105736656[/snapback][/right]

It's the time of the year again - Time to wake up

estcin — Fri, 30 Sep 2022 12:15:31 +0800

[YOUTUBE]NU9JoFKlaZ0[/YOUTUBE]

What is Bijan's next move?

estcin — Thu, 18 Aug 2022 17:40:00 +0800

Time for Super Ring snacks

Wee, mana KV double tracking project?

estcin — Thu, 18 Aug 2022 12:29:07 +0800

[fb]https://www.facebook.com/focusmalaysia.my/posts/pfbid0P17st6g6SxHpUKWYsHgDYYdQAnTuYq7rf9K4eebwoAMgjzwn11amp7ovqXW5Dq3Wl[/fb]

Come Vote: Najib legal team

estcin — Wed, 17 Aug 2022 09:53:32 +0800

[fb]https://www.facebook.com/photo/?fbid=5409196342449089&set=a.100378253330951[/fb]

MARA Digital traders: Don't compare us to LowYat

estcin — Tue, 16 Aug 2022 12:30:53 +0800

[fb]https://www.facebook.com/sinardaily/posts/pfbid0AZtqXyV9yQunHYMkuEhfn9vmajVG84RVXZPGQZ7RX9ZfsTQLpGtepXPXCxiEUnf9l[/fb]
“Lowyat is bigger and has many more items.
“But still we are surviving. We did not fail,” he said.
“To say that I failed the business here, I didn’t. I am still surviving with my regular customers.
“Plus, the rental rate here is not that expensive,” he said.
Furthermore, he said they can't compete with Low Yat Plaza traders have their own direct suppliers.

However, Mara Digital Mall Kuantan was closed in 2018 while Mara Digital Mall Johor ceased operations in 2019, with both malls closing down within a span of three months. The Rural Development Ministry was quoted as saying it was forced to close due to low sales.

Mana kapal LCS street protest

estcin — Thu, 11 Aug 2022 16:08:18 +0800

[fb]https://www.facebook.com/thevibesnews/photos/a.113952053784427/576353000877661/[/fb]

Compact air conditioner scam

estcin — Fri, 05 Aug 2022 14:13:45 +0800

[fb]https://www.facebook.com/permalink.php?story_fbid=pfbid02HSqEo3KPxpHna6JPF9Lc9DdkqkDekhse5o1aVhD95ysy1eyPJLbkZFqVWzoZmdiwl&id=100585705657355[/fb]

Polis jilat bossku

estcin — Mon, 01 Aug 2022 14:35:32 +0800

[twt]https://twitter.com/nizambakeri/status/1553552153607688193/[/twt]

Karnival Jom Beli Rumah to offer

estcin — Mon, 11 Jul 2022 18:43:04 +0800

'Karnival Jom Beli Rumah' to offer 10,000 affordable homes nationwide, says Reezal Merican

KEPALA BATAS: 'Karnival Jom Beli Rumah 2022', scheduled to be held at the Mid Valley Exhibition Centre in Kuala Lumpur for three days beginning July 15, will offer 10,000 affordable homes nationwide, says Housing and Local Government Minister Datuk Seri Reezal Merican Naina Merican.

He said the carnival is primarily aimed at youths and the B40 and M40 groups.

"The three-day carnival, organised by the ministry, will feature 40 exhibitors from the government, including various agencies and private developers and will give the public the opportunity to find properties.

"We are offering a total of 10,000 housing units nationwide priced at RM300,000 and below at the carnival," he told reporters after the Kepala Batas parliamentary sacrificial ritual programme at the Taman Penaga Permai surau in Penaga here on Monday (July 11).

Reezal Merican, who is also Kepala Batas MP, said Prime Minister Datuk Seri Ismail Sabri Yaakob will officiate at the launch of the carnival on July 15. Various financial institutions will also be represented to help, especially young people, in the process of purchasing a home.

Apart from this, Reezal said his team will also present several initiatives to the people, especially the younger group, in efforts to assist them to buy their first home as aspired by Ismail Sabri in his mission for one home per family.

"We want to encourage young people to buy homes so that is why we are bringing in funders (financial institutions), so that the prospective buyers will be aware of the initiatives offered to them.

"Karnival Jom Beli Rumah this time is to help the younger group to buy their first homes because they face constraints to purchase homes, especially related to the down payment or deposit to buy a house, and they do not have salary slips because some of them work in the gig economy," he said.

Reezal Merican said the carnival's target was not only the B40 group, but also for the M40 group because housing units worth RM300,000 to RM800,000 were also unsold throughout the country and this would be an opportunity for them to be sold to the public.

"M40 housing units costing RM300,000 and above cannot be sold, so we hope that through the carnival, these units can also move. We want to open the widest possible space to Malaysians who have gone through the recovery process of the movement control order," he also said.

He added that the carnival would also be taken to zones across the country to give the public the opportunity to see the prospects of real estate, especially houses, and then to buy a home of their choice. - Bernama
https://www.thestar.com.my/news/nation/2022...-reezal-merican

Alexandra Daddario is married

estcin — Fri, 01 Jul 2022 13:36:29 +0800

[fb]https://www.facebook.com/MIXdotmy/photos/pcb.10158523606421643/10158523606256643/[/fb]
inb4 Everest: big

Lahad Datu MP says he is educated frog yo

Thu, 01 Jan 1970 07:30:00 +0800

BN Job Fair this weekend

estcin — Wed, 22 Jun 2022 17:10:26 +0800

[fb]https://www.facebook.com/photo/?fbid=399733772190983&set=a.358397346324626[/fb]
Any vacancy for JKOM cybertooper?