Plaza Rakyat depositors to receive claims soon

Deputy Federal Territories Minister Datuk Loga Bala Mohan said an advertisement would be published on April 15 and depositors would need to contact the designated lawyers to kick-start the claims process.

He told the Dewan Rakyat today that depositors were also free to choose to continue to own the lots which would be redeveloped by a new developer.

“We will give equal opportunities to depositors who still want to own their units and those who want their money back. Lawyers have been appointed to process the necessary documents,” he said in reply to Fong Kui Lun (DAP-Bukit Bintang) who wanted to know when depositors of the long-stalled project could receive their claims.

Before this, Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor had said that Syarikat Profit Consortium Sdn Bhd had been appointed to revive Plaza Rakyat and enter into a sale and purchase agreement with KL City Hall.

He had said, with the appointment of the new developer, it is hoped that the abandoned project could be revived.

The Plaza Rakyat project was initiated in the 1990s but was put on hold in 1997 due to the Asian financial crisis.

In its initial stage, Plaza Rakyat was said to be the second tallest building in the federal capital after the Petronas Twin Towers.