Mah Sing disputes with JV partners over Jln Tun Razak project

KUALA LUMPUR (Dec 13): MAH SING GROUP BHD []
has disputed with the joint venture partners for the proposed
development of a piece of prime land along Jalan Tun Razak here and is
maintaining that the agreement is valid.

Mah Sing said on Tuesday the two parties -- Asie Sdn Bhd and Usaha
Nusantara Sdn Bhd -- had claimed the joint venture agreement (JVA) for
the development of the 4.08 acres site had lapsed “and is of no effect
from Dec 2, 2011” as the conditions were not met.

“Mah Sing however, takes a different position and maintains that the
JVA has not lapsed,” it said, referring to its Dec 6 announcement that
it waived the conditions in the Aug 2 announcement.

“Mah Sing’s solicitors have today issued a letter to Asie’s and Usaha
Nusantara’s solicitors inter alia maintaining this position,” it said.

It added that its solicitors also returned the RM6.44 million
deposit, with interest earned, to Asie and Usaha Nusantara, as it was
unable to accept the refund of the deposit.