Tuesday, December 13, 2011

Mah Sing disputes with JV partners over Jln Tun Razak project

KUALA LUMPUR (Dec 13): MAH SING GROUP BHD [] has disputed with the joint venture partners for the proposed development of a piece of prime land along Jalan Tun Razak here and is maintaining that the agreement is valid.

Mah Sing said on Tuesday the two parties -- Asie Sdn Bhd and Usaha Nusantara Sdn Bhd -- had claimed the joint venture agreement (JVA) for the development of the 4.08 acres site had lapsed 'and is of no effect from Dec 2, 2011' as the conditions were not met.

'Mah Sing however, takes a different position and maintains that the JVA has not lapsed,' it said, referring to its Dec 6 announcement that it waived the conditions in the Aug 2 announcement.

'Mah Sing's solicitors have today issued a letter to Asie's and Usaha Nusantara's solicitors inter alia maintaining this position,' it said.

It added that its solicitors also returned the RM6.44 million deposit, with interest earned, to Asie and Usaha Nusantara, as it was unable to accept the refund of the deposit.

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