IS IT TRUE THAT KHAZANAH’S THEMED ATTRACTIONS RESORTS & HOTELS WOULD RATHER GO INTO LIQUIDATION THAN FULFILLING ITS CONTRACTUAL OBLIGATIONS?

PMX TO ACT IMMEDIATELY. MANAGEMENT MUST FACE CONSEQUENCES FOR DECISIONS THEY MADE.

On 21 August 2023, Free Malaysia Today (FMT) reported that Jana DCS Sdn Bhd has petitioned to wind up TAR PH Sdn Bhd after Khazanah Nasional’s subsidiary failed to honour a statutory demand for payment issued in March this year. TAR PH Sdn Bhd is a wholly owned subsidiary of Themed Attractions Resorts & Hotels Sdn Bhd, Khazanah’s hospitality and attraction destinations arm.  

According to the petition, the debt stands at RM94.7 million as of Aug 10, the date it was filed in the Shah Alam High Court. Jana DCS is seeking the appointment of BDO Consulting Sdn Bhd as the company’s liquidators.

On 22 August 2023, another news portal, SCOOP, published a news with headline, ‘Khazanah: A pattern of liquidation after a series of failed investments.’ According to the report, the debt was rooted in an arbitration award favouring Jana DCS after TAR PH wrongfully terminated a 2012 agreement over the supply of cooling loads.

This comes on the heels of a voluntary winding-up of another TAR&H subsidiary on June 11. 2020 following the failure of KidZania Singapore.  SCOOP understood that TAR&H is also in arbitration and other suits with other contractors.

SCOOP also stated that parallel circumstances are observed in Khazanah’s KidZania project in Malaysia as ineffective management is believed to have compelled Khazanah to sell the theme park in Mutiara Damansara.  

Khazanah was said to have pumped over RM550 million into TAR&H to keep the leisure business going. The theme park was sold to Sim Leisure Group at RM3.8 million.

As Prime Minister, PMX is also Khazanah Chairman.  Khazanah’s current MD is Datuk Amirul Feisal Wan Zahir while Stephanie Saw has been TAR&H GCEO and MD since April 2019.

PMX had in June expressed concerns particularly the KidZania, saying he would meet with Khazanah to get answers and solutions. PMX needs to make a decision. The management must be accountable for these failures. They should leave. Management’s accountability must prevail.

PMX MUST ACT AND MAKE DECISION TO PUNISH AND IMMEDIATELY SACK THE WRONGDOERS. 

Read: Khazanah: A pattern of liquidation after a series of failed investments - Scoop

Read: Petition filed to wind up Khazanah subsidiary over RM95mil debt

More stories on management abuse in TAR&H / DRH, are these true? Let's sign the petition to find out the truth.

Lagi Gempar!!!: Muhyiddin & Projek Desaru: Mengapa SPRM tidak kejar Tan Sri Esa, Dato’ Choo Keng Wen & Stephanie Saw rembat dana Khazanah?

More news: 
[PART 1] KidZania Singapura berhutang Khazanah RM184.17 juta, PM perlu pecat Stephanie Saw CEO DRH punca kerugian Khazanah

[Part 2] Projek Desaru Rugi: Bagaimana Muhyiddin, Tan Sri Esa, Dato’ Choo & Stephanie CEO DRH rembat dana Khazanah?

Its true, Kidzania is not ours. Read: Sim Leisure aims to put more zing into the entertainment space