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Tuesday, October 25, 2011

RM25m owed to Malacca govt

KMB's failure to collect on outstanding loans has affected KMB's repayments to the state government.

PETALING JAYA: Kumpulan Melaka Bhd’s (KMB) failure to collect on outstanding loans has resulted in the Malacca government being owed RM25.26 million, the 2010 Auditor-General’s Report revealed.

KMB is headed by Malacca Chief Minister Ali Rustam as its director and the state secretary as its deputy president.

In 2007 and 2008, the state government approved a RM23.4 million loan to KMB for the development of Menara Taming Sari, a revolving tower.

In April 2008, the KMB board of directors decided to rent the Menara Taming Sari premises to its wholly-owned subsidiary, Melaka Taming Sari Bhd (MTSB), at a rate of RM0.35 million a month.

“The rental due to KMB as of June 2010 amounted to RM8.40 million,” read the report. “But the amount received was only RM4.72 million.”

The payment shortfall thus affected KMB’s repayments to the state government.

KMB was meant to repay the state government a total of RM7.50 million by January 2009 but only managed a repayment of RM2.30 million as at June 2010.

This was despite KMB having received RM4.72 million in rental from MTSB.

“KMB clarified that its repayment depends on MTSB’s business performance,” read the report. “But as MTSB is a new operation with high expenditure, it is unable to make repayments according to schedule.”

The Melaka International Bowling Centre (MIBC), meanwhile, received a RM20.06 million loan from the state government until May 2009 as development funds.

MIBC is run by the Melaka International Trade Centre Bowlplex (MITCBSB) which has a 40% stake in KMB.

The audit, however, discovered that KMB has yet to draw up a loan agreement and repayment schedule between MITCBSB and itself.

“The loan advancement of RM1.51 million granted to MITCBSB from 2007 to 2009 by the state government hasn’t been serviced and KMB hasn’t prepared a repayment schedule for this either,” read the report.

“MIBC’s operator, Benua Aspirasi (BASB), has also failed to repay the RM2.12 million in overheads owed to MITCBSB since operations began in August 2009.”

“At the end of June 2010, BASB only paid RM0.92 million in rental despite raking in RM3.49 milion in revenue.”

KMB has since confirmed that BASB’s services were terminated in October 2010 for failing to adhere to the agreement. MICB is currently being fully managed by MITCBSB.

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