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Thursday, May 2, 2013

PPP president served bankruptcy notice over RM1.1 million debt


KUALA LUMPUR, May 2 — People’s Progressive Party (PPP) president Datuk M. Kayveas, who is also a candidate for the Pasir Bedamar state seat in Perak, was served a bankruptcy notice issued by the High Court here over a sum of RM1.1 million two days ago.
The lawyer for the creditor, Peninsular Concorde Sdn Bhd, said he had personally served the bankruptcy notice to the former deputy minister on a street outside the PPP office in Teluk Intan.
“He took it, read it and then threw it on the roadside,” Guok Ngek Seong told The Malaysian Insider, adding that Kayveas had then walked away and he did the same, leaving the papers where they had fallen.
When contacted, Kayveas (picture) denied that he had been served with the bankruptcy notice though he admitted that someone had come to see him on April 30 about a notice from Peninsular.
“One unidentified guy approached me with an envelope saying something about a notice. I asked from who, he said Peninsular. I said that was struck off and you need to appeal. He left with the envelope,” Kayveas said.
“The bankruptcy notice was dismissed by the High Court with costs of RM400 to be paid to me,” he added.
Guok, however, categorically denies that the bankruptcy notice application had been “struck off” or “dismissed”, only that it had been set aside pending a fresh application due to compliance with some technicalities, which he then made on April 18.
Peninsular is demanding a debt owed amounting to RM470,000, on top of the accumulation of interest since 1997 as well as court costs.
“After seven days, if he doesn’t reply, he will have committed an act of bankruptcy and we can obtain a creditor’s application to declare him bankrupt,” Guok said.
Kayveas had been holding the sum of RM470,000 for Peninsular Concorde Sdn Bhd as a stakeholder, which he was supposed to release pending the procurement of a project, he said.
However, Guok alleges that the money had been released to a third party despite the fact that the project never materialised and his client was not notified.

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