Updates from the liquidator

Dear all, Elsie has made a call to our liquidator (Ferrier Hodgson) lately to get the latest info pertaining our condo project. Yvonne (the person in-charged for our project) replies that she is now progressively accessing the financial documents (accounts book & other legal documents) of Mudi Angkasa. However, she complains that she is facing some obstacles from the Mudi Angkasa’s personnel that they are very sluggish in releasing all the related documents to Ferrier Hodgson, as a result, it affects the progress of accessing Mudi Angkasa. Without further delay, I made a call to Mr. William, the ex-project manager of our condo project regarding this matter, and he promises to follow up for us by giving a chase to his colleagues. That’s about the little updates from me. I will write more should there be any new updates.

37 Responses so far »

  1. 1

    iman210 said,

    Hi,

    I just got to know about the blog from the people i called at HBA forum. Great to know there are a group of ppl who has taken up the effort to go against Mudi. Kudos to you.

    Moving forward, can Ferrier Hodgson gave a letter saying that the project is an abandoned project by Mudi. Can our MHLG gave the nod that it is an abandoned project?

  2. 2

    Anne said,

    I just want to say thank you to our committee!
    Thank you for doing these for ALL of us!

  3. 3

    Mr M said,

    Dear All

    With this kind of cooperation from Talam, it is a time for all of you to lodge report to BPR.

    They are keen to assist us.

    Take this opportunity

  4. 4

    iman210 said,

    Mr M,

    prolly u can shed some light to the committee and all of us?

  5. 5

    Mr M said,

    First. Register your comittee with Pendaftar Pertubuhan

    Second, then lodge a police report on the failure of the developer to deliver the project

    Third, lodge a report to ACA. Show to them the last letter from the developer requesting for the payment. Colllect few samples letter from other buyers. They will co-operate. Not mistaken the last letter was to build an access road? Right? if let say, 10K from one buyer, multiply with the units, would total cost is reasonable that time?

    The total cost can be used to build the 5km jalan kampung….

    Take this oppurtunity.

  6. 6

    iman210 said,

    Mr M,

    looks feasible…anybody care to lead…

  7. 7

    khairul said,

    Dah lama…no progress anymore???..How

  8. 8

    Jason Lee said,

    I have just contacted Elsie, and she will be calling Yvonne of FH tomorrow to get the latest updates, if she finds that Talam is still delaying the documents, we will organize a small meeting btw Talam and FH together with the committee members to seek for a deadline.

    I will update into this blog once i have got updates from Elsie.

    Thanks,
    Jason

  9. 9

    SowChan said,

    Any update ? Can anybody tell me still got hope to get the house or not ?

  10. 10

    Jason Lee said,

    Hi all,

    We have got some replies from Ferrier Hodgson that they are still in the midst of accessing the documents from Mudi Angkasa. They are estimating to finsh the process by end of Oct/early Nov.

    By then they would have a meeting with the committee to discuss about the available cash flow/budget and also what are the actions to be taken.

    Personally I would say this is a very long process as it involves many parties, therefore please be patience and our committee will strive very hard to get the final result we want. Also, please do not hesitate to update this blog should you get any first hand information.

    Thank you.
    Jason

  11. 11

    Lisa said,

    Hi,

    First of all , a very big thank to all committee for their work hard.

    I was told by someone that all the TALAM project will be finish by IJM in year 2009. Is our house included??

  12. 12

    Chin said,

    Hi Lisa,

    I think you should refer to Vincent’s message at https://bukitpandan.wordpress.com/2008/04/22/the-liquidator-is-finally-appointed/#comment-90.

    Talam so called “revival” may not have impact on our condo…

    Do hope FH and the committee can make progress asap.

  13. 13

    John Lee said,

    Hi Comittee.

    Thanks for the good effort to assist all of us.

    But, is there any way we work with Yb Iskandar, State Govt or any MP Ong Tee Kiat.

    We have to find an alternative and have few plans.

    Sad to say, I dont think Yb Teratai can help us. Busy with political agenda and get involve with isu on Kubur Islam Teratai. Why we must disturb muslim life? I will not vote her for the next election.

    Please comittee. We must take an oppurtunity based on the current political situation. I was told, MP Ong Tee Kiat is willing to help us but no one from the comittee approach him. Why must rely on DAP 100%?

  14. 14

    Jason Lee said,

    Thanks John Lee for your input.

    Any idea who told you that MP Ong Tee Kiat is willing to help us out?

    But looking at the fact that Mudi Angkasa has already been wiped out (backrupted), everything is relied on Ferrier Hogdson to take the action on this project, my final conversation with Ferrier Hogdson was that they will give us an answer by end of this month on when can they meet the commitee for more discussion on the financial related matter of our projects (claiming of the late delivery compensation, cash flow for continuation, etc…)

    If Ferrier Hogdson still couldn’t give us an anwer by this month, i affraid i will have to call up the committee to contact MP Ong Tee Kiat on this matter, do you know what would be the most effective way to contact him?

    Thanks,
    Jason Lee

  15. 15

    Suresh said,

    With the MCA election on the corner and since our friend is going for the presidency post, i think it’s not the right time to meet him..

  16. 16

    Chin said,

    All the people in “certain” political parties are busy with their own election, agree with suresh that they dont have time for us.

    By the way, wasn’t the committee already looked for MCA people in the past??? Which is several years back??

    I say we wait for our house committee to stand up for us, more practical…

  17. 17

    Jason Lee said,

    Dear all purchasers,

    I have just got to know that the person incharged, Yvonne from Ferrier Hodgson will be having a meeting with the committee early next month. I will update this blog further as soon as we finish the meeting.

    Thank you.

    regards,
    Jason Lee

  18. 18

    Suresh said,

    Hi Jason,

    Glad to hear that. Hope they will be speed up the process without further delay. Thanks.

    Suresh

  19. 19

    Yatie said,

    Hi Jason

    In advance…Thanks to all the committee for your support.

    Am one of the purchaser whom taking staff loan with the Bank. Need your help to informed our new Liquidator (Ferrier Hodgson) to issue letter to the bank just informed the status of the project. As we need to make report to BNM on the abandoned project.

    Waiting for your reply soon.

    Thank you…

  20. 20

    Chin said,

    Did anyone notice there is a some contruction activity happening just beside (or next) to our condo?

    Recent continuous heavy rain causing heavy flow from project hill top down to the valley, passing our condo… i wonder what are they doing, drain? If it is drain, why drain to this location?

    Can anyone shed some light here?

  21. 21

    Suresh said,

    Hi all,

    Just a little note to update all of you that a meeting between the liquidator and our committee is scheduled to take place on Nov 7th @ 10am in the liquidator’s office in Brickfields.

    As per tele-conversation between our VP, Elsie and Yvonne of FH, the liquidator wants the committee to present them the list of concerns and queries from the housebuyers prior to the meeting so that they can come out with the answers during the meeting.

    All of us sure have a lot of questions running in our mind which can only be answered by the liquidator. As such pls list down your queries in the below list. I will list down a few questions down here. For those who have any other questions to be asked please list them down as well.

    Please mark and copy the list of questions i will be listing below before adding in your question in numeric order so that we can keep proper track of them and just copy the list and forward to FH.

    Queries, concerns from the house buyers:-

    1) When is FH planning to start back the project?
    2) What will be the duration taken to complete the project and when is it scheduled to complete?
    3) How much fund do they have now to run the project?
    4) What is their budgetted cost to complete the project?
    5) Will there be any changes in terms of fittings and finishings from the original proposal?
    P/S : Please take note that, we did receive a letter from Mudi Angkasa somewhere in 2004 if i’m not mistaken stating that they will fit tiles for all the floorings instead of parquet which was stated in our S&P.
    6) If we are to agree to their requirement of not requesting for LED, will they come out with a separate agreement on the compensation plan like waive the maintenance fee for certain numbers of years or get the units be installed with extra fixtures like air-cond or built-in cabinets?
    7)
    8)
    9)
    10)

    I have listed down the common questions in general which i can think of. Please add on to the list from no. 7) onwards.

    Thanks,
    Suresh

  22. 22

    Syed Akil said,

    Dear Suresh

    Thank for the info and your effort for coordinating the list of questions to FH.

    Would it be better for the commitee to organize a meeting with all interested buyers to get feedback rather than through this blog? During the meeting minutes can be taken and all queries and concern can be convey to the commitee in person.

    Just a suggestion.

    Thanks
    Syed Akil

  23. 23

    Suresh said,

    Dear Syed,

    Thank you for your feedback.

    I have spoken to Elsie, regarding this but we are unable to contact all the buyers as our only mode of communication is thro’ this blog. But as you are aware since i posted the comment, you are the only person who responded. I suppose the rest of the buyers do not visit the blog regularly.

    I think it will be good idea if all the buyers can call Elsie and leave your number with her so that we can contact all you if we decide to have a meeting after the meeting with the liquidator. Or else we can post our email addresses and contact numbers in the blog so that the comittee can contact you in future.

    So after discussing with the comittee, on behalf of Elsie, i would like to invite any interested buyers who wish to attend the above meeting to confirm your attendance by calling either me (016-226 8970) or Elsie (016-280 6906).

    Thanks,
    Suresh

  24. 24

    Elsie Lee said,

    Well done Suresh, thanks so much for your hard work and concern for this project. Well i hope through this meeting we will be able to find out the future of our project. Anyway i hope and pray for a good outcome from this meeting …………………

  25. 25

    Chin said,

    Hi Suresh,

    Thanks for your effort. I’m not too well verse with what to ask, but i do have a questions in mind. If it can be answer by anyone, feel free to edit or cut it off from the list.

    1) When is FH planning to start back the project?
    2) What will be the duration taken to complete the project and when is it scheduled to complete?
    3) How much fund do they have now to run the project?
    4) What is their budgetted cost to complete the project?
    5) Will there be any changes in terms of fittings and finishings from the original proposal?
    P/S : Please take note that, we did receive a letter from Mudi Angkasa somewhere in 2004 if i’m not mistaken stating that they will fit tiles for all the floorings instead of parquet which was stated in our S&P.
    6) If we are to agree to their requirement of not requesting for LED, will they come out with a separate agreement on the compensation plan like waive the maintenance fee for certain numbers of years or get the units be installed with extra fixtures like air-cond or built-in cabinets?

    7) As for those house buyer who current paying progressive payment, do we need to ask the bank to release all the fund at once if the project started?
    8) What guarantee(s) does the house buyer have if the new developer fail again to complete the project?

  26. 26

    Suresh said,

    Hi Chin,

    Tq for the feedback. You are right, we have to have some assurance that they will start and complete the project. We had so many experiences of contractors walking in and out after completing part of the job. We must get some assurance that this won’t happen again. If you are free, please try to attend the meeting this fri at 10am.

    Thanks
    Suresh

  27. 27

    Chin said,

    Hi Suresh,

    Where is the location for the meeting?

  28. 28

    khairul said,

    Hi Suresh,
    My question for no 8

    — What is the new developer name and please provide it’s track record?

  29. 29

    Suresh said,

    Hi Chin,

    The meeting venue will be FH office itself. The address is listed below.

    Ferrier Hodgson MH Sdn Bhd
    No.22 Monteiro & Heng Chambers
    Jalan Tun Sambathan 3,
    50470 Kuala Lumpur
    Malaysia

    Hi Khairul,

    I’ll raise this question to them. If you can make it, please try to attend the meeting as well.

    Thanks,
    Suresh

  30. 30

    Suresh said,

    Hi Syed,

    You have a point down there on the validity of the S&P. I’ll raise the question during the meeting. But about the LAD, last time FH has hinted that with the fund they have they can only complete the project without compensating LAD to the buyers. That’s why i put up a question on other sorts of compensation like waiver of the maintenence fee or additional fittings, etc.

    I was going through the annual statement from the bank on sun, i have paid close to RM20K just on interest since Apr’ 2004,😦.

    Regards,
    Suresh

  31. 31

    Syed Akil said,

    Dear Surresh

    One point that I would like to raise is where do we stand legally with regards to the S&P agreement that we had signed with the developer once we accept any proposal by liquidators. For example what will happen to the LAD?

    We have spent thousands in interest payment so we need to be aware of the consequence at the back of our mind when we discuss and negotiate with FH.

    Not sure wherether FH can answer but can be considered as a potential question to them.

    Thanks
    Syed Akil

  32. 32

    Syed Akil said,

    Hi Suresh

    Mine should be around that figure as well. So is the other buyers. That is a lot of money. Mudi and the creditor make money at the expense of we the buyers. Our creditor is the worse transfer all the risk to the buyer and make money from the interest.

    So we should negotiate with FH on some form of compensation.

    Thanks

  33. 33

    marzeck said,

    I’m concern on the location of the condo site. It seems unsafe and prone to landslide. Can something be done to ensure safety of the area?

  34. 34

    eric said,

    dear suresh & elsie,

    it’s appreciate that you can update us what is the outcome for the meeting ?

    regards
    eric

  35. 35

    Suresh said,

    Dear All,

    I’m sure all of you are eager to know the outcome of the meeting yesterday. Below are the list of questions which we raised to FH during the meeting. Please find the explanation given by FH.

    1) When is FH planning to start back the project?
    – WITHIN 1 YEAR IF FH CAN GET 75% OF THE BUYERS TO AGREE WITH THEIR TERMS. 1 OF THE TERM IS NOT REQUESTING FOR LAD. IF THEY DON’T GET THE QUOTA OF 75%, THE PROJECT WILL BE ABANDONED FOREVER.

    2) What will be the duration taken to complete the project and when is it scheduled to complete?
    – THE DURATION COULD BE 1 YEAR OR LESS, DEPENDING ON THE QS REPORT. SO, WE CAN EXPECT TO GET THE HOUSE READY IN LESS THAN 2 YEARS FROM NOW.

    3) How much fund do they have now to run the project?
    – THEY CLAIM THAT AT THE MOMENT THERE IS NO FUND AVAILABLE FOR THE PROJECT. THE REMAINING FUND TO BE COLLECTED FROM THE BUYERS IS AROUND 14 MILLION.

    4) What is their budgetted cost to complete the project?
    – THEIR ROUGH ESTIMATION IS AROUND 21 MILLION. THE ADDITIONAL 7 MILLION NEED TO BE TOP UP BY THE BUYERS. FH WILL GET THE BANK TO REEVALUATE THE PROPERTY, TO INCREASE THE LOAN AMOUNT. IF ANY OF THE HOUSE BUYERS DON’T AGREE TO TOP UP, THEY WILL STILL COMPLETE YOUR PROPERTY BUT SINCE YOU DIN’T TOP UP, THE HAVE THE RIGHT TO CANCEL YOUR S&P AND RESELL YOUR PROPERTY.

    5) Will there be any changes in terms of fittings and finishings from the original proposal?
    – THEY WILL STICK TO THE ORIGINAL S&P. THE ROOMS WILL BE FITTED WITH PARQUET.
    P/S : Please take note that, we did receive a letter from Mudi Angkasa somewhere in 2004 if i’m not mistaken stating that they will fit tiles for all the floorings instead of parquet which was stated in our S&P.

    6) If we are to agree to their requirement of not requesting for LAD, will they come out with a separate agreement on the compensation plan like waive the maintenance fee for certain numbers of years or get the units be installed with extra fixtures like air-cond or built-in cabinets?
    – THERE WILL BE NO OTHER SORT OF COMPENSATION AS THE ESTIMATION TO COMPLETE THE PROJECT WILL BE MORE THAN THE REMAINING PAYMENT TO BE COLLECTED FROM THE BUYERS.

    7) As for those house buyers who are currently paying progressive payment, do we need to ask the bank to release the entire fund at once if the project started?
    – THE BANK STILL HASN’T RELEASED 30% OF THE LOAN AMOUNT. SO, THEY WILL BE BILLED ON EACH PROGRESS.

    8) What guarantee(s) does the house buyer have if the new developer fails again to complete the project?
    – THE NEW DEVELOPER IS GOING TO BE FH, WHO WAS APPOINTED BY THE HIGH COURT. SO, WE CAN HAVE SOME SORT OF ASSURANCE.

    9) What is the new developer name and please provide its track record?
    – FH.

    10) Validity of the S&P.
    – THE S&P IS STILL VALID.

    12) Can FH issue a formal letter to all the buyers on the winding up of Mudi Angkasa? This is to show to our financial institutions to request for interest rate reduction.
    – FH HAS AGREED TO SEND OUT THE LETTER WITHIN THIS MONTH.

    Thanks,
    Suresh

  36. 36

    Sharon said,

    Dear all ,

    Thanks for all the hard work which is very much appreciated. This is my first entry. Just got to know this site from the letter sent by FH. It’s a very sad state of affairs cos’ looks like we have no choice but to just accept what is beeing offered by FH, right? Isn’t there any justice? We have to wait so long for the condo to be completed but in the end we have to fork out more just to ensure that the project continues otherwise we won’t get our condos at all. Can anyone just give a rough estimation on how much more each buyer have to pay inorder for the project to be completed? What about those taking government loans? Or those who can’t afford to top up the payment?
    Once again thank you for taking the initiative.

    Sharon

  37. 37

    KALAVATHY A/P A. RAJENDRAN said,

    when is the project going to complete, suffer servicing the Bank loan.


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