Latest news with #WZR
The Sun
28-04-2025
- Business
- The Sun
WZR Property urges top-level intervention in long-standing Maldives contract dispute
KUALA LUMPUR: Property developer WZR Property Sdn Bhd, a subsidiary of WZR Group of Companies, is calling for top-level diplomatic intervention from the government to help settle a long-standing business-to-government dispute with the Maldives. The company had previously initiated legal action against the Maldives government over an alleged contract breach. WZR Property said the official visit by Maldives President Dr Mohamed Muizzu to Malaysia offers a timely chance for Malaysian authorities to address the matter. Group executive director Wan Nadzir Wan Mohamad highlighted that the ongoing dispute is affecting WZR's operations and risks creating negative perceptions about the overseas investment prospects for Malaysian businesses. Wan Nadzir also revealed that the Malaysian government has been consistently helping to engage with the Maldives authorities at the government-to-government level over the years regarding the matter. 'We are truly grateful for our government's unwavering support, and we remain hopeful that the upcoming high-level discussions will finally resolve this longstanding issue, allowing us to strengthen and enhance the partnership between Malaysia, the Maldives, and their respective business communities,' he said. Despite the challenges, Wan Nadzir expressed WZR's continued confidence in the Maldives' prospects, highlighting the country's future potential. 'We are optimistic that these matters can be settled amicably and swiftly, helping to rebuild trust and open new opportunities for prosperity between our two nations,' he said. Dr Mohamed, who arrived yesterday for a four-day official visit to Malaysia, was accorded an official welcoming ceremony at Perdana Putra Complex in Putrajaya earlier today. Muizzu was received by Prime Minister Datuk Seri Anwar Ibrahim. Also present were Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi, Youth and Sports Minister Hannah Yeoh, Dewan Rakyat Speaker Tan Sri Johari Abdul and Public Service Director-General Tan Sri Wan Ahmad Dahlan Abdul Aziz. Muizzu's maiden visit to Malaysia since becoming president in November 2023 was at the invitation of Anwar. Founded in 1999, WZR Property is a Class A Bumiputera contractor holding a CIDB Grade 7 licence, with a track record of delivering residential and commercial developments across Malaysia. Expanding into international markets, including the Maldives, is part of WZR Property's broader strategy to promote Malaysian construction expertise on the global stage. On Aug 7, 2021, it was reported that WZR Property had filed a lawsuit against the Maldives government over an alleged breach of contract involving the construction of the Ministry of Finance building in Hulhumalè. The adjudication ordered the Maldives government to pay WZR Property US$22.82 million. However, the company stated that full settlement of the sum is still pending. In addition, WZR Property is separately pursuing a US$61.2 million claim for damages linked to the same contract dispute.
New Straits Times
28-04-2025
- Business
- New Straits Times
WZR seeks high-level intervention over dispute in Maldives
KUALA LUMPUR: Home-grown builder WZR Property Sdn Bhd is seeking intervention at the highest diplomatic level to resolve its long-standing business-to-government (B2G) dispute in the Maldives. The company had a few years ago filed a lawsuit against the Maldives government for alleged breach of contract. WZR told a news portal today that the official visit to Malaysia by the Maldives president Dr Mohamed Muizzu presents a timely opportunity for Malaysian leaders to raise the issue. Group executive director Wan Nadzir Wan Mohamad said the unresolved issues not only disrupt WZR's business operations but also send the wrong signal about the investment climate for Malaysian enterprises seeking to grow overseas. He also shared that the Malaysian government has been actively assisting in engaging the Maldives government at the government-to-government (G2G) level on this matter over the years. "We are truly appreciative of our government's continued support, and we hope that with the upcoming high-level meetings, we can finally bring this legacy issue to a close and move forward to build a stronger, mutually beneficial partnership between Malaysia, the Maldives, and their respective business communities," he said. Despite the setback, Wan Nadzir reaffirmed WZR's bullish outlook on the Maldives, noting its future potential. "We believe that we can resolve these issues amicably and quickly so as to restore confidence and pave the way for greater prosperity between our two nations," he said. Established in 1999, WZR is a Class A bumiputra contractor with a CIDB Grade 7 license, known for delivering residential and commercial projects across Malaysia. Its foray into international markets, including the Maldives, forms part of a broader strategy to showcase Malaysian construction capabilities on the world stage. On August 7 2021, Business Times reported that WZR had submitted a legal suit against the government of Maldives for breaching the contract on the development of the Ministry of Finance building in Hulhumalè. The adjudicator ordered a payment of US$22.82 million to WZR but the company said that the payment has yet to be fully settled to date. Separately, WZR is also pursuing a further US$61.2 million claim for damages due to an alleged breach of contract.
