Mersing : The RM22 billion worth Mersing Laguna project has been cancelled due to the developer’s failure to raise its paid-up capital to RM200 million as stipulated in its agreement.
The Sultan of Johor, Sultan Ibrahim Almarhum Sultan Iskandar said today, the project which he has been monitoring is now cancelled because of the developer’s failure to meet certain terms.
“On April 14, I launched the Mersing Laguna Project and I stated that I will monitor the development of this project myself to ensure everything is done perfectly.
“However, based on reports that I have gathered, the developer have failed to comply with the terms and conditions of the agreement that was signed in Feb 25, 2012,” said the Sultan at the 47th anniversary celebration of the Special Forces Regiment at the Iskandar Camp in Mersing.
The Sultan said, based on the agreement, the developer, Radiant Starfish Development Berhad is supposed to increase the paid-up capital to RM200 million, but have failed to do so in the six months period given.
“With the failure to do so, this project is cancelled,” he said.
The eco-tourism project, which was launched in April, was designed to transform Mersing from a sleepy coastal town into an international tourist destination.
The Sultan advised the government to be more prudent in accepting and evaluating developmental proposals by any corporations.
“Johor is growing rapidly and is open to any developers who are truly committed and equipped with expertise and sufficient capital,” he said.
The Sultan warned parties who are merely looking for a quick buck to go elsewhere because the state of Johor is not a place for that, assuring that any development must be beneficial to the ‘rakyat’ and the state.