Tajudin Ramli-linked companies go into receivership

KUALA LUMPUR (June 9): Two firms, Tanjung Rhu Land Sdn Bhd and Reka Intisari Sdn Bhd, have gone into receivership, according to a recent report by The Edge weekly.

The two Langkawi, Kedah-based companies are linked to former corporate world elite Tan Sri Tajudin Ramli (pictured).

Sources told the weekly that assets held by the companies could be worth over RM2 billion. These assets include the 136-room Tanjung Rhu Resort and 1,100 acres of surrounding land.

According to The Edge report, Tanjung Rhu Resort was one of the most luxurious hotels in Langkawi. It achieved “record high average room rates despite being local name branded and locally owned and operated”.

The Edge reported that the assets will be put up for sale to recover the sum owed.

The weekly also reported that “the owners have over the past couple of years received offers to buy the hospitality asset from a number of interested parties, including a sovereign entity from the Middle East, a party from Brunei and even a local developer cum mall operator from Kuala Lumpur. However, none of these deals went through”.

The Edge also said that “the hotel occupies only about 20 acres of the entire available land. In 2009, there were plans to build 20 villas with private swimming pools that were scheduled to be completed in 2011. A telephone call to the resort revealed that the villas were never built.”

Another source told The Edge that a valuer in 2015 had valued the assets held by both companies at around RM2.8 billion.

A search on Companies Commission of Malaysia’s website by The Edge showed that Yeoh Siew Ming and Lim Keng Peo were appointed receivers of Reka Intisari and Tanjung Rhu Land on May 3.

“Based on company filings, it is likely that the receivers were appointed by Bank Pembangunan Malaysia Bhd to recover monies owed to it,” wrote the weekly.