1MDB will mediate the dispute that caused an unauthorized partial demolition of Imbi Palace

15
April
2012
1MDB will mediate the dispute that caused an unauthorized partial demolition of Imbi Palace

Issued on 15 April 2012

1MDB will step in to mediate in a dispute that has caused an unauthorized partial demolition of Restaurant Imbi Palace on the land owned by 1MDB.

This is a dispute between lessee and sub-lessees on vacating the premises.

Notice to vacate was first issued to occupants of KLIFD land on 6 December 2010, giving them fair time to relocate.

1MDB has never contracted or authorized any party to demolish Restaurant Imbi Palace.

This is in line with the company’s policy of win-win solution in its relocation exercise through constant consultation and negotiation. It has to date successfully achieved 90 per cent of relocation of occupants on an amicable basis.

The handover of the land was due from the main lessee to 1MDB on 30 March 2012. In light of the recent incident, 1MDB will be meeting the parties involved to find a solution in the best interest of everyone.

1MDB has lodged a police report on the incident. 1MDB will not hesitate to take legal actions against parties making unfounded allegations on the matter.

Statement on 14 April 2012

We are shocked to learn about the incident at Restaurant Imbi Palace on KLIFD site.

1MDB has a firm policy of amicable solution in our relocation exercise through constant consultation and negotiation. We deplore any high-handed action against any occupants on the site of the KLIFD. We do not condone nor authorise such action.

We have no prior knowledge of incident and will investigate to facilitate the lodging of a police report.

TRX City Sdn Bhd (Company No. 888740-X)

Bangunan TRX,
Jalan Lapangan Terbang Lama,
50460 Kuala Lumpur, Malaysia.

T +603 2142 9688
F +603 2142 2323
[email protected]

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