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MAPS theme park in Perak closed until further notice
Tuesday, 28 Jan 2020 10:26 AM MYT
IPOH, Jan 28 — The RM520 million Movie Animation Park Studios (MAPS) will be closed from today onwards until further notice.
The closure notice was issued by the Receiver and Manager of Animation Theme Park Sdn Bhd (ATP) from Messrs Ernst & Young.
Any inconvenience caused by the closure of MAPS is regrettable, said the notice.
Last year, local media reported that Affin Investment had appointed Datuk Duar Tuan Kiat of Messrs Ernst & Young on December 4 as the receiver and manager of property belonging to ATP which is the operator of MAPS.
MAPS was opened to the public in June 2017. — Bernama
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The Malay Mail
Perak MB: MAPS was closed temporarily due to unpaid electricity bills
Monday, 13 Jan 2020 02:37 PM MYT BY JOHN BUNYAN
GOPENG, Jan 13 — Mentri Besar Datuk Seri Ahmad Faizal Azumu today revealed that Movie Animation Park Studios (MAPS) was closed temporarily during the recent school holidays after Tenaga Nasional Bhd (TNB) cut its electricity supply due to unpaid bills by the previous administration.
Ahmad Faizal said that TNB made the move as it was worried about the overdue bills in light of the status of the animation park which is now under receivership.
“The bills which were not paid were issued during the previous administration and since MAPS was taken over by the bank, it caused TNB to take immediate action to cut the power supply,” he told a press conference after launching the sales of the Rumah Perakku housing project here.
“When we took over, MAPS didn’t have any visitors, but after offering free entrance, many visitors supported the business.
“We managed to secure funds to settle the overhead costs such as utility bills, salary and a few more things. We have been paying the monthly electricity bills since we took over, but the bills which are pending now were issued during the previous administration,” he added.
Ahmad Faizal said the current government could not afford to pay the debts left by the previous administration, including the electricity bills, which amounts to about RM4 million.
Visitors were furious over the two-day closure and criticised the management and state government in social media.
However, Ahmad Faizal said that MAPS has started to operate as usual after a discussion was held with TNB to reconnect the power supply.
“We are discussing with various parties to solve all the problems in MAPS. However, I can’t reveal anything on this matter at the moment,” he said.
Last month, it was reported that Affin Hwang Investment Bank Bhd (Affin Investment) appointed Duar Tuan Kiat of Messrs Ernst & Young as receiver and manager of Animation Theme Park’s (ATP) property and will apply for PN17 status.
Receivership refers to a trustee who is legally appointed to act as the custodian of a company’s assets or business operations while PN17 stands for Practice Note 17/2005 and is issued by Bursa Malaysia and denotes financial distress.
ATP defaulted on its repayment of principal payment totalling RM25.7 million.
The loan was granted by Affin Investment, Affin Bank Bhd, Bank Pembangunan Malaysia Bhd and Malaysia Debt Ventures Bhd. The theme park was built at a cost of RM520 million.
Affin Investment is said to have informed ATP that failure to effect the payment as demanded would “result in the secured obligations amounting to RM242.65 million from ATP becoming due and payable”.
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The Malay Mail
Perak MB: ATP to meet bank over animation theme park’s RM21m default
Tuesday, 10 Dec 2019 01:40 PM MYT
BY JOHN BUNYAN
IPOH, Dec 10 — Perak Mentri Besar Datuk Seri Ahmad Faizal Azumu today said Animation Theme Park (ATP) will discuss Movie Animation Park Studios’ (MAPS) loan repayment default with Affin Hwang Investment Bank Bhd (Affin Investment).
ATP is a subsidiary of Perak Corporation Berhad (PCB).
Ahmad Faizal said the Pakatan Harapan (PH) government has tried to save MAPS from its financial difficulty but could not stop it from defaulting on RM21 million over the last two months.
“ATP started the MAPS project with hundreds of millions of debt. We have tried for more than one year to save MAPS by reducing the workers and have also introduced various methods to boost income.
“By doing this, we have managed to reduce the overhead cost and managed to pay the salaries of workers with the revenue we get from the operation.
“However, for the past two months, we have not been able to pay the default payment amounting RM21 million, which has caused the bank to take legal action,” he told a press conference.
Ahmad Faizal said that MAPS is now under receivership and will apply for PN17 status.
Receivership refers to a trustee who is legally appointed to act as the custodian of a company’s assets or business operations while PN17 stands for Practice Note 17/2005 and is issued by Bursa Malaysia and denotes financial distress.
Last week, The Edge Markets reported that Affin Investment has appointed Duar Tuan Kiat of Messrs Ernst & Young as receiver and manager of ATP’s property.
The report also said that the management powers of ATP’s directors were also suspended immediately.
The report also stated that ATP defaulted on its repayment of principal payment totalling RM25.7 million.
The loan was granted by Affin Investment, Affin Bank Bhd, Bank Pembangunan Malaysia Bhd and Malaysia Debt Ventures Bhd. The theme park was built at a cost of RM520 million.
Affin Investment is said to have informed ATP that failure to effect the payment as demanded would “result in the secured obligations amounting to RM242.65 million from ATP becoming due and payable”.
When asked if MAPS would be closed, Ahmad Faizal said that it might not be as the bank understood that the business must continue in order for it to be repaid.
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weehingthong 