Tuesday, July 23, 2013

Accounts/Fixed Deposits Update

The Building and Common Property (Maintenance & Management) Act,  2007, also know as Act 663 clearly stipulates that the developer must handover all surplus monies in the Building Management Account within one month of the formation of the JMB.

Villa Wangsamas JMB was formed in 2009 however the developer refused to handover the main account until January 2012. In addition to the monies already handed over,  the Developer is still holding a series of fixed deposits which containing the deposits paid by owners upon vacant possession and total in excess of RM600,000.

Despite a number requests for the funds to be transferred, the developer has tried to set terms and conditions which were deemed completely unacceptable and have now failed to respond to our formal correspondence.

Today we were informed that the Setapak Heights representative who we deal with is no longer working for them and his clerk who holds the paperwork cannot help because she doesn’t know who her boss is!

This contempt, lack of responsibility and blatant disregard of the law is typical of the behaviour shown by Setapak Heights towards Villa Wangsamas JMB.

Owing to this we are left with no option but to commence formal recovery proceedings.

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