Tuesday, September 17, 2013

Update on the Fixed Deposits issue

Over the past few years the various JMCs have tried to arrange meetings and correspond with the developer on the above issue, however these invitations are more often than not declined or along with countless letters simply ignored. 

More recently, the developer has agreed to return the fixed deposits but on the condition that the JMB indemnify them for any and all wrongdoing. This proposal was promptly refused and the developer was reminded of its obligation to return the monies pursuant to Section 22 of Act 663 where it is stated that:

Any surplus moneys in the Building Maintenance Account after payment of all the expenditure which have been properly charged to the Building Maintenance Account shall be transferred to the Body by the developer not later than one month from the date of establishment of the Body.”

To-date, the amount being held by the developer is in excess of RM 600k.This comprises of things such as the advanced rental which was paid by parcel owners upon vacant possession.

The JMC are disappointed that Setapak Heights continues to try and force both unreasonable and unnecessary indemnities as well as make other threats which would be detrimental to the wellbeing of the JMB.

Our legal team is now working to resolve the issue and we will endeavour to keep you updated on the situation





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