Former minister Syed Hamid Albar will handover his MAYC presidency to Suraya Yaacob at the Legend Hotel, Kuala Lumpur around 5pm today.
Nothing extraordinary about it as its a tradition to have a new and younger leader at the helm of the youth movement. Syed Hamid has been there for quite a while.
The only issue is the outstanding debt of more than RM10 million, according to someone who is inside the organisation. However, I believe the figure is double or triple. In 2004, the official figure was more than RM38 million.
Sources also say Sy Hamid and his team were actually a bit reluctant for the handover as it was postponed a few times but finally agreed that its time to let it go. They were said to have plans to retain MAYC assets via a new vehicle. Really?
Even one of its official was said to be earning more than RM10k per month. As a matter of fact, MAYC has dual registrations - with the ROS and ROY. How's that?!
I wish I'm around to shoot him with some questions but unfortunately I'm away.
In 2004, Sy Hamid offered Datuk Dr Azaran Kadir to buy Wisma Belia as one of the limited avenues to raise enough cash to settle MAYC debts which stood at more than RM38 million. Danaharta Urus Sdn Bhd also issue a warning letter for MAYC to set a date of settlement or Wisma Belia and Wisma Tunku go for auctions.
Please read what Dr Azaran wrote h e r e... He got all evidence of how he and Sr Hamid met over the plan. Also, related letters and documents to proof his article was totally correct and precise.
Its very interesting how Dr Azaran wrote about what actually took place throughout his deal with MAYC officials, including his meeting with Sy Hamid and other senior officers.
He even took loan to facilitate his plan to buy Wisma Beliau. However, something went wrong. Continue reading his blog, President...