Baker Tilly stressed that the liquidation of MWBP is a direct consequence of the creditors of the company enforcing their legal rights.
It said the directors and shareholders of MWBP had been fully aware throughout that the firm’s outstanding indebtedness, including amounts owed to a secured lender, was significantly higher than the figures referenced in recent public comments.
“The exact amount remains confidential and cannot be disclosed publicly,” it said in a statement.
Last Thursday, Grand Wellness Hub Sdn Bhd called for a halt to MWBP’s winding-up, claiming it had fully settled all of MWBP’s debts as verified by the insolvency department.
Country Heights founder Lee Kim Yew said the liquidation process could not continue as the RM3.5 million debt had been fully settled, with a final payment of RM1.73 million to the liquidator on Wednesday.
Lee said Baker Tilly had advertised in local newspapers on Nov 11 to invite private negotiations for the sale of the Mines Waterfront flagship office building at Mines Resort City in Seri Kembangan, Selangor.
He said demand letters had been issued for Baker Tilly to cease seeking expressions of interest in the sale, pending hearing of an application to terminate the winding-up order, scheduled for February next year.
Lee also challenged the liquidator’s valuation of Mines Waterfront’s total debt of RM99.35 million.
He said the figure included loans MWBP took from MBSB Bank, its largest creditor, although the bank had on Nov 21 confirmed in writing that it had not filed any proof of debt with either Baker Tilly or the insolvency department.
On May 9, 2023, the Shah Alam High Court ordered for MWBP to be wound up after the company failed to repay Amy Siew RM1.08 million following the termination of an agreement for the sale and purchase of a deluxe suite in the development.
Baker Tilly said today all decisions regarding MWBP’s assets, including potential disposals, were made strictly in line with an independent valuation, recognised professional and regulatory standards, as well as transparency and reporting requirements to the court.
“This is a court-supervised legal process. Public pressure or the dissemination of inaccurate information cannot alter the liquidators’ statutory duties.
“While all parties retain the right to seek redress through the courts, we urge restraint from public statements that misrepresent the process and undermine the integrity of a court-mandated administration,” it said.