After the PGCC fiasco, the end of Abad Naluri’s interest in the Turf Club land (and its plans for a new racecourse in Batu Kawan) draws closer. The Turf Club has seized RM4.5 million in deposits from Abad Naluri after the company failed to start work on a new race course.
This from the NST:
“Abad Naluri has until March 30, 2011, to complete the RM375 million PIEC project,” Ong said after the club’s annual general meeting yesterday.
The company entered into a RM488-million agreement to build an ultramodern racecourse in Batu Kawan in exchange for the club land and to pay the difference of RM103 million to the club. The developer paid the club RM10 million after signing the original agreement.
It had proposed to redevelop the club land into the Penang Global City Centre (PGCC), a project that has since been scrapped.
The two parties signed a supplemental agreement on April 1 last year on a timeframe for the developer to complete construction of PIEC.
It is good to see the Penang Turf Club taking the right steps to enforce the conditions in its agreements with Abad Naluri.
My question now is, what is PDC doing about its agreement with Abad Naluri for the latter to acquire the Batu Kawan land on the mainland for a new racecourse? The race course work had barely started. Has Abad Naluri paid for the land? Surely, there were conditions in place when Abad Naluri signed a principal agreement to acquire over 1,000 acres of land. Have those conditions been fulfilled? If the PDC were to take back the land, we would have space for a public park (and not another golf course, I hope) on the mainland….
Patrick Lim’s Equine had sold of its interest in Abad Naluri some time ago to an obscure third company. I believe Patrick was just the “front man” for the PGCC project. His Equine only owned 25 per cent of Abad Naluri. Who were the remaining 75 per cent Abad Naluri shareholders back then acting for? The Penang Turf Club could give us a clue by revealing who signed Abad Naluri’s tender bid letter for its Batu Gantung land in 2002.
Where is Bala?
Where is RPK?
Where is Patrick Lim?