SPNB wants legal immunity for reviving abandoned projects
Business Times 02/10/2001

SYARIKAT Perumahan Negara Bhd (SPNB), a company wholly owned by the Minister of Finance Inc, wants to have an immunity scheme to protect itself from possible legal action when reviving abandoned housing projects.

SPNB chairman Datuk Ahmad Zahid Hamidi said: "This scheme will ensure that SPNB will not be subjected to any legal action from various quarters like creditors, developers, buyers and others when the rehabilitation process is undertaken aggressively."

This scheme would help SPNB to revive abandoned housing projects in a big way, faster and effectively, he said in an interview with the National Economic Action Council communications team recently.

Ahmad Zahid said most of the original buyers of such houses were government servants, some of whom are still burdened with repaying the loans they took from the Government and banks. "SPNB will try to get the Government's agreement, through the KPKT (Housing and Local Government Ministry), to the proposed immunity scheme for reviving abandoned housing projects under its care," he said.

Apart from reviving abandoned projects and implementing low- and medium-cost housing projects, SPNB had also been entrusted with building quarters for soldiers and other government servants, he said. "SPNB has signed an agreement with Lembaga Tabung Angkatan Tentera (LTAT) for a joint venture known as Usahasama SPNB-LTAT Sdn Bhd (USLSB), with SPNB holding 51 per cent and LTAT 49 per cent equity," he said. He said the company had introduced two schemes to help the poor own houses under the SPNB Fund. - Bernama