WE cannot continue getting instructions on banking from many different people who do not understand the situation, transferring money from the main accounts ($ and Kyat) requires signatures from the board of directors on the cheques. KMM use the small KBZ account for daily expenses, up to now this has been financed by the advance payment and should be getting topped up by the installation progress payments ( 3 have been issued already from KMM to KJV). There are now signed cheques that KMM can be given to continue this way. An error was made by KMJV in giving KMM an advance payment related to the entire contract sum not the installation element, this means that KMM owe KJV the material element of the advance payment, as they do not have the funds to pay that now it should be recovered from each progress payment or rounded up at project completion, another way is not to give KMM any advance payment for Heritage as part repayment of the Pyay Road debt.
Between KMJV accounting, Jantana and KMM there has been a total lack of understanding of the contract terms and how we make best advantage of them, this resulted in delayed progress payment applications and even now how the payment is made by PNT is not clear which will delay payments further.
Information I received yesterday says the first payment has not yet been certified and yet payment is due on the 18th November, the 2nd and 3rd progress payments can be issued now as we have received from KMM. PNT are suggesting they will pay all 3 at once so someone needs to act quickly on this. The inexperience of the staff in Myanmar is preventing payments being made by ensuring certification of payments are made quickly by PNT, and clear direction from KMJV should have been given to clarify how the progress payments were to be received. I still believe payments should be invoiced directly from KMM to PNT with no need for KMJV to invoice at all.