10
Jan
18

Company in Felda land transfer scandal is interior design company

Shadow cast over ID company in Felda land transfer

KUALA LUMPUR, Dec 27— Questions are being raised about the development experience of local company Synergy Promenade Sdn Bhd, reported to have taken over ownership of the Jalan Semarak land here from the Federal Land Development Authority (Felda).

Malay daily Berita Harian cited an unnamed source claiming that Synergy Promenade is an interior design company with experience in handling some interior projects in Menara Felda and Istana Negara, but none in managing development projects.

“There is no reason for the land to be transferred to Synergy Promenade. Granted the full power of attorney (PA), the company already has enough power to do the development works on behalf of Felda.

“Synergy Promenade holds the PA only as an agent while Felda is the principal so that it could get the development order (DO). So, why would the land need to be transferred to the company?” the source was quoted saying.

According to the source, Synergy Promenade should have only imposed a third-party charge on the land as it had already acquired the DO as well as a lease agreement with Felda Investment Corp (FIC) for a large section of the tower that was to be built.

The source said the third party charge can be collected from the project itself and not from the land, as the company is responsible to fund the project.

The source claimed that in order for banks to approve loans to the company or the project, Synergy Promenade should have a credit worthiness and value to the bank.

Berita Harian also reported that Synergy Promenade was registered on June 15, 2006, and recorded its activities as property developer and construction contractor, general contractor, and general business.

The newspaper added that its checks showed no project developments had been carried out by Synergy Promenade.

…more
Shadow cast over ID company in Felda land transfer
December 27, 2017 – MMO

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for the triumph of evil
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to do nothing.

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fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
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