Cash-strapped PWTC woos govt agencies

SM Amin SM Amin Updated 7 years ago · Published on 23 Nov 2018 7:00AM · 9 Comments

The Umno general assembly remains one of the biggest events held at the Putra World Trade Centre. Party president Ahmad Zahid Hamidi, however, admit that it owes the company managing PWTC more than RM12 million. – The Malaysian Insight file pic, November 23, 2018.

UMNO’S Putra World Trade Centre (PWTC) is approaching event management companies, ministries and government agencies to offer its venue for programmes to overcome its “critical financial situation”, said sources linked to the party’s management.

The financial situation was brought about following Umno’s defeat at the 14th general election, which saw the party accounts frozen by the Malaysian Anti-Corruption Commission (MACC).

PWTC has also accumulated a lot of bad debts, with many organisations – including Umno itself – failing to pay their bills from before GE14, the source said.

Putrade Property Management Sdn Bhd, the Umno-owned company charged with managing PWTC and its operations, have now sought the services of Gerbang Perdana to help increase its cash flow by approaching event management companies and government agencies to hold their programmes there.

“After Umno lost, not many parties, especially from the ministries and government agencies, conducted their programmes at PWTC,” a source told The Malaysian Insight.

“Not that there weren’t any at all, but the number of programmes is really insufficient. We need more people to hold their events in PWTC.

“If this continues, it will be hard to fix the cash flow, especially with so many outstanding bad debts.”

Umno president Ahmad Zahid Hamidi earlier said the party owed PWTC a total of RM12.7 million from all the past programmes.

“That’s just from Umno. If you total all the debts owed to PWTC, the figure reaches tens of millions of ringgit,” said the source.

Umno is trying to claim more than RM116 million seized from former party president Najib Razak's (centre) home when it was raided as part of the 1MDB probe. – The Malaysian Insight file pic, November 23, 2018.

Gerbang Perdana is the company involved in the “crooked bridge” project with Singapore which was cancelled by former prime minister Abdullah Ahmad Badawi.

After the project was cancelled, the company sought a RM360 million compensation, but was paid RM247 million for works carried out.

Gerbang Perdana managing director Yahya Abd Jalil is a well-known Malay businessman and had once held positions in Umno Johor.

Apart from PWTC, Umno is in the process of restructuring its other companies to overcome the critical financial problems most of them are in, especially after the party’s bank accounts were frozen by the MACC in relation to the 1Malaysia Development Berhad (1MDB) probe.

Umno’s defeat in GE14 also scuppered its plans to build a 70-storey tower named the KL Putra World Trade Centre (KL PWTC) across the existing PWTC to house its new headquarters.

In September, Zahid said the party was freezing plans for the project due to “economic problems”.

Umno has filed a suit to reclaim RM116.7 million – which it claims belongs to the party – seized by police from premises linked to former party president Najib Razak shortly after the May 9 elections. – November 23, 2018.

Sign up or sign in here to comment.

Comments

  • Great news. May it get worse

    Posted 7 years ago by Watchdog Watchdog · Reply

  • Most Umno Leaders are filthy rich! Do approach them for donation. Most Malaysian Companies are not keen to hold their events at PWTC as it has bad fengsui.

    Posted 7 years ago by Jordan Lee · Reply

  • All government agencies should not hold any event there. Let scUMNO 'bungkus'.

    Posted 7 years ago by Chee yee ng · Reply

  • If u r willing to rent at 0.01 sen psf, let me know. I am keen to set up a nasi lemak stall there.

    Posted 7 years ago by Rock Hensem · Reply

  • Sell that Monument of Corruption to Najib. He sure can pay with diamonds, bags and cash in ambank. If all else failed, there is THAT Special Arab Donor.

    Posted 7 years ago by Roti Paun · Reply

  • Another victim of the gravy train derailment :))

    Posted 7 years ago by Simple Sulaiman · Reply

  • The government should avoid PWTC because it is owned by Umno. Period.

    Posted 7 years ago by Gerard Lourdesamy · Reply

  • Since Umno has contributed so much to the nation I would suggest 3 solutions. (1) Send SOS to Saudi for a donation they will gladly give $500m without strings attached problem solved. (2) Or ask Fatty Low to remit he still has $billions stashed abroad only a drop in the ocean. (3) Get all the loyal Umno politicians and hardcore supporters to contribute proportionately from the dedak received and inflated contracts just 10% will do. There you are all problems solved. Show your middle finger to PH like Edi Rejang!. Do it fast before you are booked at Sungei Buloh Resort.

    Posted 7 years ago by Justin Leno · Reply

  • Get it from Jibby & Zahid as they got cash stashed some where

    Posted 7 years ago by Teruna Kelana · Reply