THE Malaysian Institute of Translation & Books (ITBM), which was charged with managing the failed bookstore chain project, Kedai Buku 1Malaysia (KB1M), is undergoing a revamp to increase its earnings to pay off a RM3 million debt to publishers, said Education Minister Maszlee Malik.

KB1M, which was launched under the previous Barisan Nasional government, was placed under the charge of ITBM, which is wholly owned by the Finance Ministry, with its administration managed by the Education Ministry.

ITBM, which was set up in 1993 with a paid-up capital of RM29.4 million, has racked up debts with several parties, including publishers.

Maszlee said the agency is in the midst of diversifying its revenue stream to generate the required funds to pay off creditors.

“They are in the midst of employing various creative initiatives to generate extra income. Hopefully, if they are able to generate additional income, the debts will be paid off,” he told The Malaysian Insight.

“ITBM’s new board of directors is brainstorming on new ways to improve income.”

The Simpang Renggam MP said besides stepping up efforts to increase revenue from translation, ITBM also collaborated with Pos Malaysia on book promotion and sales.

The tie-up with Pos Malaysia will include the setting up of reading corners at post offices nationwide.

“They (ITBM) are translators and they have a large stock of books. For example, they’ve tied up with Pos Malaysia. It’s a creative endeavour by ITBM and I am hopeful that there are more such future undertakings that could help them improve their earnings.”

However, Maszlee did not specify the deadline for the debts to be paid off.

He also did not comment when asked if the Finance Ministry would respond to any request for additional funds to pay off the debts.

Former prime minister Najib Razak launched the KB1M bookstores in September 2012, with the aim of offering reasonably priced books to encourage more Malaysians to read. Several KB1M stores were opened in the city.

However, the chain, owned by the joint venture between ITBM and MPH Group Malaysia Sdn Bhd, was forced to close shop in stages when its finances were hit.

Independent publishers are still waiting for their settlement and some have also initiated legal action.

One of them is Lejen Press, publisher of the popular Awek Chuck Taylor by Nami Cob Nobbler. Its founder, Aisamuddin Asri, said KB1M owed them RM70,500 from 2016. – May 16, 2019.