Youth association not selling MAYC complex to settle RM9m debt

2009/11/07

KUALA LUMPUR, Sat: The Malaysian Association of Youth Clubs (MAYC) will not sell its assets including the MAYC Complex in Jalan Syed Putra here to settle outstanding debts totalling RM9 million, said its outgoing president Tan Sri Syed Hamid Albar.

He said MAYC would not sell the complex worth some RM20 million because of its high nostalgic value.

"The MAYC Building owed RM27 million at one point but now the amount has been reduced to RM9 million. We have the option of selling the building and settle for smaller premises to settle oustanding debts but we are too nostalgic about the building," he told a press conference here today.

Earlier, he had handed over duties as president to MAYC pro-tem president Suraya Yaacob and met up with MAYC's new executive council members.

Syed Hamid added that MAYC would find other ways to resolve the debt issue including asking for help from the government.

The MAYC complex, where the city's famous landmarks of Wisma Belia and Wisma Tunku are located, has operated them as the MAYC Hotel since 1981 and if its two shoplots in Taman Shamelin Cheras are included in the valuation of its assets, it will amount to RM26 million.

Syed Hamid, who helmed MAYC for seven years, said he was happy to to be able restructure the organisation and reduce its debts.

He said the the Youth and Youth Development Act 2007 did not permit anyone above 40 to helm youth associations in the country and was confident the new team would be able to bring MAYC to greater heights.

Suraya, 40, a Wanita Umno executive committee member and assemblymen for Sungai Tiang, Pendang, Kedah, said MAYC was now in the midst of preparing for its annual general meeting in February.

MAYC's future direction would be charted at the meeting, said Suraya, who was named Top Youth of the Year in the women's category in 2007. --BERNAMA