Tuesday, November 07, 2006

Time To Expose This Company Meda Inc Bhd & its Summit Hotel Subang USJ

Meda Inc Bhd is listed as a property counter on our Bursa Malaysia Securities Bhd mainboard.

This blog is a journal of some of the most interesting things I hear about this business group. In fact, I myself have done some business with them, and I have regretted it.

For a company with a public listing, their business ethics is extremely bad.

If you have friends doing business with them or supply anything to them, be warned. You probably will not get paid.

For those who have bought shares in this company, good luck to you.

Meda Inc Bhd owns the Summit Hotel Subang Jaya, and I found from their website that they also own the Summit Hotel Bukit Mertajam.

I came to know about this group when last year some friends asked me along to a pub called Cabana, which is a Balinese-style cafe-cum-drinking-bar located just in front of Summit Shopping complex, next to Summit Hotel, at Subang Jaya. Nice place although a bit small, the music good. Service was not that good, but the manager was very friendly. Nice people running the place, I must say.

I made many friends there, some were also the Summit Hotel suppliers. I also met some who did business with Meda Complex, who were there to chase for payment.

Through meeting some of these people, I also met some hotel executives. Being in sales, naturally I hoped to build a business relationship with them. I have heard many people warned me before that it is a big problem collecting payment from Meda group, and the Summit Hotel, because of their very poor business practises. But I was keen to impress my boss, so I try. Anyway, good sales will look good on my performance evaluation. Payment is a problem far distant from my mind. Who wants to think so far ahead, right?

In the weeks following that, I managed to clinch some deals to supply our products to the hotel and to Meda complex management (Meda Complex Management was run by a Mr Kong, but it is owned by Meda Inc).

That was around December last year.

Since then, I hear from some of my acquaintances who have had business deals with them, many things have happened at the hotel and the Meda complex.

The payments due to us, promised to be settled within 90 days, is still outstanding today. It's almost a year now.

Through my network of friends and business acquaintances, I have since heard a lot of things going on in the Meda Group. And I will share them with you as I pick up more from them.

I am sure this blog will be of interest to all business people dealing with the Meda group, all the minority investors who hold Meda shares, and even our SC if they have the manpower to investigate this company.

If you have any other insider stories to share, please write them in the comments. I will check with my friends and network to see if I can add more comments.

More information to come.


Norman said...

I am also having a nightmare dealing Meda Development Sdn Bhd. I have solid proof that Meda Inc Bhd is scandalising its property buyers. I decided to purchase a shop lot in The summit shopping centre, Subang USJ on 20th December 2006. The seller was Hexaland Sdn Bhd (who bought the unit from Meda when it was launched 8 years ago). In May 2007, my lawyers conducted a land search on the master title on which the shop lot is erected and the search result reveals that there is a charge created by Meda in favour of AmInvestment Bank for a huge amount of RM220K! In other words, Meda secured a loan of RM220K by charging the shop lot to the bank - without the seller knowing about it all these years!! This means the seller cannot sell the property to me unless Meda settles this loan. The lawyers told us Meda was able to create this loan because the seller paid cash for this shop lot (no mortgage), hence fooling AmInvestment into thinking that this property is 'clean'. Till today, the developer has still refused to do the right thing to settle the loan. The seller and I have decided to go public with this story to warn the world the kind of people that are running Meda.

My name is Norman Chia. I am available for contact at 012 689 1042. I have a legal paperwork to substantiate everything I write.

Anonymous said...

Totally agreed with your comments. MEDA INC BERHAD is scandalising its property buyers , staff and also all the share holders of MEDA INC BERHAD. MEDA INC BERHAD penipu and a big fat LIAR!!! Ungrateful company and boses!!!!!!BTW thet have unprofessional HR DEPRT as well............