Marinara, The Truth

ARCHIVES 2010

By admin-s On Mar 27, 2010

All past directives by Dr Mahathir and Datuk Abdullah Ahmad Badawi have been ignored by Tan Sri Nor Mohamed Yakcop. Datuk Seri Najib, in December 2008 had directed Fadzlur Rahman Ebraheem to assist HMY to resolve this matter but all directives have been blatantly ignored. Now Danaharta Hartanah in the process of selling the building for their own profit and have ignored all the letters and proposals made by PTSB’s lawyers for the shareholders to buy back the building.

By Marina Yusoff

BACKGROUND OF MARINARA

On 2^nd July 1983, Hajjah Marina Yusoff (HMY) formed the company Pekeliling Triangle Sdn Bhd.(PTSB) with the purpose of buying a piece of land to put up a building. Within five years she bought three pieces of land , merged it into one big real estate totaling 2 1/2 acres. Together with several architects and consultants she formulated the concept and built a 36 storey building consisting of commercial, office and luxury condominiums and named it MARINARA, and was assisted by Bank Negara, by giving her assistance in the form of a loan from the Entrepreneur’s Rehabilitation Fund (Tabung Pemulihan Usahawan – TPU) through ERF Sdn Bhd, a subsidiary of Bank Negara for RM 23 million to start the piling works. Bank Negara then arranged for a loan from Bank Bumiputra (M) Bhd berjumlah RM169,800,000.00 approved as follows:

(i) Term Loan I RM26,000,000.(only RM20 million was utilized)

(ii) Term Loan II RM 21,000,000 (only 17 million was used)

(iii) Bank Guarantee RM122,800,000.* (never called upon as the Contractor

failed to complete the project)

The Tripartite Agreement ERF Sdn Bhd had given the Guarantee to pay all outstanding dues while the building remains uncompleted and unsold PTSB was given one year from date of completion to sell the building and settle the loans. According to the Agreement PTSB was allowed to sell only a portion of the building sufficient to settle the loans and may keep the rest of the building left unsold. But when Danaharta refused to allow HMY to sell portions of the building it created a major problem. All other developers were allowed to sell by units through Strata Titles but HMY was not allowed to do so. It was very difficult to sell such a big building to one buyer within a short time especially due to the many obstacles and sabotage by Prokhas and Duar Tuan Kiat (alleged Receiver appointed by Danaharta ) when Danaharta had officially closed down.

The Security Documents with the Bank are:

(i). Tripartite agreement between PTSB, BBMB dan ERF Sdn Bhd**

(iii). Charge

(iv). Debenture

(v). Assignment of Proceeds of Sale

(vi).Assignment of Serahak Bon Pelaksanaan

(vii).Guarantee joint and Several by the Directors:-

Marina bt Mohd Yusoff (HMY)

Ida Nerina bt Hussain

Razak Malique bin Hussain.

HMY and the Directors were the Principal Guarantors of the Loan and all the

Bank facilities It was important to the Directors to ensure that the Building was

completed and to repay the loan As long as the loan is not settled they are not

entitled to apply for any other loan for other businesses. As they have been

black listed in the Bank’s reference record to date.

*The Bank Guarantee given to the Contractor, Chase Perdana Berhad,

Guarantees payment of RM122.77 million within 30 months which can only be

called upon when the Certificate of Practical Completion is issued Despite the

Extension of time given by the Architect, up to 28 February 1998, the Contractor

failed to complete the building and incurred Liquidated and Ascertained

Damages (LAD) up to RM77.5 million at the date when the contract was

terminated on 3rd October 2002 payable to PTSB.

LOAN OF PTSB NOT IN THE CATEGORY OF NON PERFORMING LOAN

In 1999 , under the instructions of the Minister of Finance then, Daim

Dzainuddin, all accounts of businesses of HMY,i.e. Pekeliling Triangle Sdn Bhd

(PTSB) and Marina Sdn Bhd (MSB), were transferred to Danaharta and all the

Bank Accounts of PTSB was immediately frozen even though it was an ongoing

Project and NOT in the category of non performing loan. (NPL). Prior to this

there was not a single letter of demand from the Bank or any other party as the

Loans were not yet due.

As at the date of transfer to Danaharta, the actual loan taken out and

utilized was only RM37,350,411.

Danaharta was not entitled to appoint a Special Administrator as the loan was

not in the category of non performing loan (NPL) but without justification on the

15 October 2002, Danaharta Urus Sdn Bhd appointed Special Administrators for

PTSB.

Thence began the obstacles to complete the project MARINARA as the Special

Administrator had absolute over-riding powers empowered by the Danaharta

Act, which could not be questioned in a Court of Law.