Monday, February 27, 2006

Matrade RM167 Million Damages

"Even if it has been reduced to a one-sen company, we will go after them. We will go after the parent body and even its subsidiaries. They cannot just run away by reducing the paid-up Capital."

"We will show them what we can do."

- Samy Vellu

Samy Vellu said the government will go all out to pinned-down Perangsang International Sdn Bhd, a subsidiary company of Selangor government Incorporated, and the turnkey contractor for the Matrade Building.

Samy wants to make Perangsang pay RM167 million compensatory damages comprising $97.02 million for non-performance and $72.9 million for remedial works.

Boleh ka? How?

It's a $2 paid-up company! Didn't Samy understand what is $2?

They never reduced their paid-up capital, Samy! It was and had been a $2 company since the day the government decided to award Perangsang International the project.

How is it that the government could award a $167 million contract to a $2 company? Samy should answer!

The legal advisors in PWD should perform their duties by advising their boss about contract law and damage claims.

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