A Terengganu government-linked development body may have its premises sealed and assets seized in 10 days if it fails to pay a RM15mil debt to a contractor.
The Terengganu State Economic Development Corporation (PMINT) owes the sum to contractor Accentsys Sdn Bhd but the latter had gone bankrupt while waiting for the payment.
Liquidators acting for the bankrupted Accentsys has obtained the court order to reclaim the RM15mil, resultant from a non-payment of an earlier judgement in August 2013.
The High Court fixed June 16 for seizure and attachment, meaning a bailiff would attach the debtor’s premises at Menara Permint, Jalan Sultan Ismail, in Kuala Terengganu and auction items within the premises, should they fail to pay in time.
The liquidator obtained the writ of seizure of sale from the High Court here after PMINT failed to get a stay of execution against the 2013 court order.
Accentsys was believed to have gone bankrupt after not receiving payment from Lembaga Tabung Amanah Warisan Negeri Terengganu (LTAW) over a resort development project in the state.
In documents shown to The Star, Accentsys was appointed by LTAW in 2005 as the main contractor to build marine, chalets and related facilities on Duyong Island, Terengganu for a contract sum of RM224.94mil.
PMINT was appointed to monitor and maintain the development of the RI-YAZ Heritage Marina Resort & Spa, which is best known as the host of the Monsoon Cup.
Accentsys completed the project work in 2008, but at a sum of RM47.53mil higher that originally contracted.
According to a Form 70 sent to the Companies Commission of Malaysia, Accentsys was wound up on April 21, 2011, after which Tee Guan Pain was appointed to liquidate the company.
Tee began proceedings against LTAW on June 15, 2011 and PMINT on July 8, 2011.
Deputy registrar Mohd Khairi Haron found that neither PMINT nor LTAW entered their defence in the case, leading to judgment in default on Aug 16, 2013.
In his written judgement, Mohd Khairi ordered the defendants to pay RM14,841,745, with two tiers of interest set at 4% and 6%, plus RM3,400 in costs.
As the period to appeal against the judgment had passed, the Terengganu-linked bodies will no longer be able to challenge the decision.
