Kota Kinabalu: Sabah Development Bank (SDB) Berhad has moved to protect its interests while the search goes on for a white knight to rescue the seemingly abandoned PacifiCity project of yet-to-be completed shopping mall, offices, hotel and a condominium block which is mostly completed and pending Occupancy Certificate.
For the past recovery year emerging from the Covid-19 pandemic, Apex Juta Sdn Bhd, the developer of Pacific Heights successfully applied to be placed under a judicial manager in order to expedite the process of obtaining the Occupancy Certificate (OC) from City Hall, but to no avail.
SDB notified the Registrar of Companies as of July 18, 2023, that the bank had appointed Andrew Heng and Lim Litt, both of Baker Tilly Insolvency PLT of Kuala Lumpur as Receivers and Managers of the assets of Pacific Sanctuary Holdings Sdn Bhd, the development company of the PacifiCity project, based on the bank’s powers contained in a few Debentures registered in the Register of Charges as part of its recovery actions.
This process by SDB is in accordance with Section 377 (1) of the Companies Act 2016. Baker Tilly Sabah is headed by Dato’ George Lim.
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