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THE EDGE DAILY: Dubai Investment Group’s (DIG) withdrawal from a RM184.94 million tripartite joint venture involving financially- troubled PECD Bhd is merely the tip of the iceberg of the myriad of problems PECD now faces, sources said.

Sources familiar with its operations in the Middle East said its wholly owned subsidiary PECD LLC had not paid its staff in Dubai salaries since last August.

On June 21, PECD signed a Heads of Agreement with DIG and Dubai Properties to formalise their intention to enter into the tripartite 200-million dirham (RM184.94 million) JV that would have seen the two Dubai companies holding a 70% stake in PECD LLC.

PECD is currently holding 49% stake in PECD LLC with the remaining 51% held by a local partner. DIG, currently a substantial shareholder of PECD, is the global financial investor of Dubai Holding, which is headquartered in the emirate of Dubai with local office network worldwide from New York to London and Kuala Lumpur.

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