AAM suf­fers an­other blow

> As­so­ci­a­tion’s two man­age­ment com­mit­tee mem­bers quit


PE­TAL­ING JAYA: The cash-strapped and con­tro­versy-rid­den Au­to­mo­bile As­so­ci­a­tion of Malaysia (AAM) has suf­fered yet an­other blow – two mem­bers of its man­age­ment com­mit­tee have re­signed in a huff.

Two of the mem­bers, theSun learnt, had stepped down from the board and two oth­ers are ex­pected to fol­low suit. Their de­ci­sion was made fol­low­ing the dis­cus­sions and dis­clo­sures made at the spe­cial gen­eral meet­ing (SGM) last Mon­day.

Philip Leong and Dr Ab­dul Ma­lik Yusuf, re­signed from their po­si­tions last Thurs­day.

“I have not been con­sulted over many is­sues and have been kept in the dark,” said Leong, a se­nior lawyer who is in charge of AAM’s le­gal af­fairs.

Sim­i­larly, Ab­dul Ma­lik said: “We had very lit­tle in­for­ma­tion on what was hap­pen­ing.”

At the SGM called to sanc­tion the sale of its head­quar­ters, the AAM chair­man Tunku Mudzaf­far Tunku Mustapha and his deputy Wan Za­harud­din Wan Ah­mad re­luc­tantly ad­mit­ted that the or­gan­i­sa­tion was in the red by RM4.5 mil­lion.

They also re­vealed that RM750,000 re­ceived in earnest money for the pro­posed sale had al­ready been spent and that EPF con­tri­bu­tions for the staff had not been made since Novem­ber last year.

Ac­cord­ing to the Com­pany Com­mis­sion of Malaysia (SSM) records, Leong is also named as the direc­tor and a mi­nor­ity share­holder with one share unit in AAM Mo­tor­sports Sdn Bhd. It is not im­me­di­ately known if he has also left the com­pany.

Ab­dul Ma­lik also in­di­cated that more com­mit­tee mem­bers will be fol­low­ing suit. How­ever, at­tempts to reach two other com­mit­tee mem­bers – Paul David and Ahmed Is­mail Amin – were un­suc­cess­ful. Tunku Mudzaf­far and Wan Za­harud­din have re­fused to an­swer calls or re­spond to mes­sages left on their mo­bile phones.

SSM records show that Tunku Mudzaf­far and Ahmed Is­mail are the di­rec­tors and share­hold­ers of an­other AAM sub­sidiary, AAM Travel Plan­ners Sdn Bhd.

The or­gan­i­sa­tion that was once flour­ish­ing as a dy­namic mo­tor­ing as­so­ci­a­tion has been brought down to its knees – un­able to pay its staff salaries and sup­pli­ers. Records show that it had been record­ing losses over the years but in 2011 it showed a profit of just over RM4 mil­lion. How­ever, it has been on the de­cline since. In the past, it had sold its as­sets – land and prop­erty to keep it­self afloat.

The com­mit­tee had planned to sell its head­quar­ters in Shah Alam for RM7.5 mil­lion in a last-ditch at­tempt to bail it­self from mount­ing fi­nan­cial woes. How­ever, the move was op­posed by mem­bers.

theSun in its re­port on Sept 27, re­vealed that AAM had re­ceived 10% up­front amount­ing to RM750,000 from a po­ten­tial buyer. Mem­bers charged that the price was below the mar­ket price.

Doc­u­ments seen by theSun re­vealed that AAM had en­tered into an agree­ment to sell the prop­erty on May 3. It ap­pointed Ar­chi­tec­tonic De­sign on May 9, as its “mar­ket­ing agent”.

This ar­range­ment, too, is shrouded in a cloud of dark­ness as the Board of Valuers, Ap­prais­ers and Es­tate Agents Malaysia which is un­der the aus­pices of the Fi­nance Min­istry, has con­firmed that the com­pany and its ar­chi­tect are not reg­is­tered es­tate agents.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.