DESPITE receiving 290.07ha of land from the Kelantan Government in a joint-venture deal, a firm has yet to fulfil its end of the bargain to build a mosque, stadium and bridge worth RM195mil.

The Auditor-General's Report revealed that Syarikat Liziz Standaco Sdn Bhd had signed a deal with Kelantan to undertake the Sungai Kelantan river bank beautification project in 2003, and its progress was deemed “unsatisfactory”.

Among the terms of the agreement was for the state government to give about 404ha of land around Lembah Sireh to the company in exchange for contribution in the form of financial and physical development valued at RM350mil.

The contributions by the company that were agreed include a RM20mil mosque, a RM150mil bridge linking Kampung Cina and Palekbang and a women-only indoor stadium costing RM25mil.

However, the audit findings revealed that Liziz Standaco had yet to construct any of the projects as of December last year, which were supposed to be completed by November 2007.

The company was also supposed to give RM90mil in cash to the state government after the construction of the bridge was given to the Federal Government.

On-site audit checks found that only one zone Zone D, where the Kota Baru Tesco Hypermarket is located out of four designated in the river bank beautification project, had seen some development.

Among the reasons given by the developer for the project delay were increase in raw material costs and that many of the projects involved “infrastructure costs that do not generate profit for the company”.

The Auditor-General also felt the transfer of land to the developer was a “huge risk” to the state government, in the event that the project was not completed according to the deal.

It was also pointed out that the company had not submitted a “performance guarantee bond” and no detailed study and project evaluation was done.

• Petronas Dagangan Q1 earnings down 3.7% to RM237m
• Japan's tumble drags key regional, European markets lower (Update)
• KUB in JV with Singapore's Hiap Seng for Petronas project
• TDM to plant 5,000ha of new trees every year in Kalimantan
• KLCI falls to low of 1,765, rattled by Japan, HK
• Japan stocks crash on volatile bonds, weak China data; Nikkei ends down 7.3%
• MISC posts RM300m net profit in Q1, sees challenging year ahead (Update)
• KL Kepong slips to low of RM21.36 as quarterly profit drops
• Maybank's Q1 earnings up 11.8% to RM1.506b (Update)
• Lafarge Cement positive on markets, mulls expanding capacity
• Dayang Enterprise awards RM705m contract to Perdana Petroleum
• KLCI pauses, Japan, Hong Kong key indices slide (Update)
• ECM Libra plans to exit PN17 by year-end
• China HSBC flash PMI hits 7-mth low, fans growth fears
• RHB Research maintains Buy on KPJ Healthcare, FV RM7.30

• Ranger, militant killed in Thai south shootout
• Japan man, 80, scales Everest, sets record
• Philippines vows to defend territory against China
• S. Korean girl killed by suicide jumper
• Ecuador warns satellite could hit rocket remains
• Short-story writer Davis wins Booker International Prize
• Two babies among US tornado victims
• Anti-Islamist protests flare following London attack
• 'British solider' butchered in suspected Islamist attack (Updated)

• Rugby: Former All Black coach Henry on misconduct charge
• Ice queen Nicol into British Open quarters
• Australia to consider following ban on anchor putters
• Intxausti wins 16th stage, Nibali still keeps pink jersey
• Indonesia drawn to meet China again – in knockout stage
• Results worldwide
• Malacca sprinter Mohd Azam Masri out to create history by winning five events in MSSM meet
• Athletics runs in the veins of Vallabouy family
• Chinese long jumper Jinzhe claims another Olympic scalp
• Dane Jorgensen’s wish is to avoid Chinese ace Lin Dan in World Championships
• National badminton team’s lack of depth a glaring factor in home tourney
• Khim Wah-V Shem perform above expectations in Sudirman Cup debut
• Jindapon aims to qualify for 2016 Olympics
• Kenichi’s goal is to take Japan into Sudirman Cup semi-finals
• Dong-keun shows he’s a capable replacement

• Please wait.

• Actress’ barking pet saves her from attacker in late night incident
• Transport Ministry reveals new FT registration plate to start with W1A
• In China, food scares put Mao's self-sufficiency goal at risk
• Tian Chua, Haris Ibrahim, Tamrin Ghafar detained (Update)
• What comes after WYY?
• All four accused guilty in murder of Sosilawati Lawiya and three others (Update)
• Astro and Maxis to deliver new-age TV service in Klang Valley
• Verdict ends three years of restlessness for family, says Sosilawati's daughter
• Colleges challenge new conditions set by registrar
• Chromebook to help rural pupils leapfrog into parity with urban peers