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Creek Marina Action Committee demands resumption of project - Press Release issued by Corporate and Marketing Communications(Pakistan News Releases Via Acquire Media NewsEdge) April 17, 2014 (PPI-OT) Following is the text of press release issued by Corporate and Marketing Communications Quote Creek Marina Action Committee represents over 100 investors who are victims of the Creek Marina luxury residential project, which promised completion in December 2009, but has not managed to deliver until now. Launched in 2005, the Creek Marina project was promoted as a partnership between Defence Housing Authority and a Singaporean consulting firm named Meinhardt, run by an expatriate Pakistani, Dr Shahzad Nasim. DHA provided 19 acres of prime coastal land in Phase VIII. Meinhardt set up a local company named Creek Marina Private Ltd. to oversee the marketing and construction of the project. However, by 2009 the company (CMPL) revised delivery date to 2011, by which time most buyers had paid a major portion of the final cost. Then in 2010 construction came to a complete halt. All attempts to seek clarification from the developers at the local office were met with expressions of helplessness and uncertainty. The personnel at the office kept changing, and no one appeared to be responsible and in charge. It was finally learned that the Singapore-based CEO of Meinhardt, Dr Shahzad Nasim, was the person ultimately responsible for the project, but all approaches to him resulted in denials of responsibility and even of any connection with the project, despite the fact that this person was the signatory to the original agreement with DHA, signed in 2004. The Action Committee was formed at the beginning of 2011 and has been coordinating between buyers, connecting with DHA, and attempting to prevail upon Dr Shahzad Nasim/Meinhardt to resume construction and deliver the promised units. When members of the Action Committee sent emails voicing their concerns addressed to this person, they were threatened with a defamation suit seeking damages of Rs.100 million against each member.It has emerged that Creek Marina Pvt Ltd (CMPL) has not filed a Form A (identifying the directors of the company) with the Securities and Exchange Commission of Pakistan, nor has it submitted any annual returns since 2010. Around 3 billion rupees were paid by buyers to this company. It is estimated that the construction actually carried out cost around one-third of that amount. Another third is in an account in Habib Bank, with an injunction placed on it by the Sindh High Court on application by DHA to prevent its misuse and transfer out of the country. A third of the amount is unaccounted for. The Action Committee demands that DHA and Meinhardt should sort out their differences and allow the project to be resumed without further delay. A tri-partite meeting, including representatives of the buyers, who are the biggest stakeholders, should be held and the issues resolved. For more information, contact:Corporate and Marketing Communications44-F/2, Razi Road, Block-6, PECHS,Karachi-75400, PakistanTel: (+9221) 4388569Fax: (+9221)-4543105Cell: 0345-2022060Web: www.cmc.com.pk Unquote |