The RM250million NFC Corp soft loan was supposed to be paid off in yearly installments from 2012 to 2028. NFC Corp had paid the installments for the year 2012 and 2013 totaling RM34.98 million NFC Corp did not manage to pay off THIS years installment of RM17.49 million for the year 2014 as its accounts were suspended by govt last year hence Federal govt has cancelled the NFC agreement. In the year 2011, Penang State govt sold 102.5 acres of state land to private company Ivory Properties (now called Tropicana Ivory) for RM1.07 billion and surprisingly gave the company 5 years to pay the full amount. Even though many had alleged that the land price of RM240 per sq ft was lower than the market price of RM420 per sq ft at that time, many found it very suspicious that the state govt generously gave a 5 year installment plan to a private property company. According to a reply from Penang State EXCO, Jagdeep Singh to a written question in Penang state assembly this week in the land sale agreement, from 2012, Ivory was supposed to have paid PDC a total RM667 million but so far it had only paid RM227 million and have not paid TWO yearly installments totaling RM439 million. Federal Govt cancelled the agreement with NFC Corp for missing ONE yearly installment of RM17.49 for the RM250million loan. Will Penang state government act without fear or favour and cancel the land sale agreement after the buyer has defaulted on TWO installments worth RM439 million for the RM1.07billion sale? themalaymailonline/malaysia/article/in-row-over-affordable-housing-penang-bn-questions-state-over-luxury-homes
Posted on: Sat, 15 Nov 2014 05:42:51 +0000