Former Perak menteri besar Mohammad Nizar Jamaluddin has called for a debate on the winding up of PCB Development Sdn Bhd (PCBD), which developed the now-defunct Movie Animation Park Studios (Maps).
Nizar's call for a debate to be held in a special state legislative assembly sitting comes after state-owned Perak Corp Bhd (PCB) postponed and cancelled two briefing sessions on the winding up of its wholly-owned unit.
The briefing sessions for state assemblypersons were slated to be held on Jan 3 and today (Jan 10).
"We proposed for a briefing session by PCB so that the state assemblypersons know the status of PCB and PCBD, which is being wound up," he told a press conference in Ipoh today.
"The first briefing to be held on Jan 3 was cancelled at the last minute and a new date for the briefing was given, where we would have a briefing at a hotel by 12pm today. But we were informed the briefing was cancelled two days ago.
"We now demand a special assembly sitting to be held for us to debate and discuss the matter. We want to prevent the assets of PCB from being affected as it may involve the auction of assets," he said.
Nizar (above), who is the Sungai Rapat state assemblyperson, expressed disappointment in Menteri Besar Saarani Mohamad's explanation of the issue.
Saarani had said the state government has no standing to interfere in the business of a state-owned company and its subsidiaries, which include the affairs of the movie theme park.
Nizar said Saarani failed to provide a detailed answer related to the winding up of PCBD.
In a filing to Bursa Malaysia on Jan 6, PCB said its subsidiary initiated a creditors' voluntary winding up, and liquidators have been appointed to assume control of PCBD's business undertakings.
PCB itself slipped into Practice Note 17 (PN17) status in February 2020 due to defaulting on payments and being unable to declare solvency.
It was reported in October 2019 that PCB's unit Animation Theme Park Sdn Bhd (ATP) defaulted on its repayment of a syndicated term loan facility of up to RM280 million.
Meanwhile, Keranji state assemblyperson Chong Zhemin alleged that PCB issued two different sets of accounts dated on the same day showing two different financial positions of the company.
He drew the conclusion based on PCB's quarterly report ending June 30, 2020, which recorded total assets of RM771.43 million, but the figure was reduced to RM159.67 million in the PCBD scheme of arrangement.
"The quarterly report for PCB Group shows total non-current assets of RM404.18 million and current assets of RM367.25 million, amounting to total assets of RM771.43 million.
"However, in the explanatory notes of the scheme of arrangement dated on the same day June 30, 2020, the non-current assets declared was RM99.22 million and current assets RM60.46 million, which gives a total of RM159.68 million," he said.
"I urge the board of directors of PCB to immediately explain why there are two sets of accounts issued publicly dated on the same day stating two different financial positions of the company.
"Following the collapse of the PCBD scheme of arrangement, it is now crystal clear that the scheme of arrangement proposed by PCB and PCBD is fraudulent and does not treat its creditors and JV partners fairly," he said.
He urged the authorities, namely the Security Commission (SC) and Bursa Malaysia, to investigate the matter thoroughly to protect the interest of minority shareholders and company creditors.
"It would just be a matter of time when PCB follows the footstep of PCBD by winding up, and all the state strategic assets including Lumut Port and Casuarina Hotel would be auctioned off cheaply.
"The state government risks losing one public listed company and all its strategic assets. I urge Saarani to immediately step in and take corrective action to avoid this catastrophic scenario from happening," he said.
Malaysiakini has contacted Saarani for comment. - Mkini
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