NO to sale

Debt-rid­den AAM FAILS to get mem­bers’ ap­proval to sell head­quar­ters

The Sun (Malaysia) - - FRONT PAGE -

SHAH ALAM: The Au­to­mo­bile As­so­ci­a­tion of Malaysia (AAM) yes­ter­day f ailed t o ob­tain ap­proval from its mem­bers to sell its head­quar­ters here. The as­so­ci­a­tion, which has been bleed­ing fi­nan­cially for the past eight years, had hoped to raise RM7.5 mil­lion by sell­ing the build­ing to al­le­vi­ate its dire fi­nan­cial po­si­tion. De­spite hav­ing sold its other prop­er­ties, it is still debt-rid­den, with li­a­bil­i­ties to­talling some RM4.5 mil­lion.

AAM had called for a spe­cial gen­eral meet­ing yes­ter­day to so­licit its mem­bers’ ap­proval for the sale, but the pro­posal was re­sound­ingly re­jected.

Although no vote was taken, the ma­jor­ity of its mem­bers were op­posed to the sale.

Mem­bers did not ac­cept AAM chair­man Tunku Mudzaf­far Tungku Mustapha’s ex­pla­na­tion that after set­tling debts, the as­so­ci­a­tion would have enough money to work out strate­gies and im­ple­ment a turn­around plan.

Some of the mem­bers said they would not al­low the sale un­less such plans are

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