Tenants and shop owners of Komplex Asia City are called to pay service charges, sinking funds, fees and contributions either monthly or yearly to the Developer AC Property Development Sdn Bhd (in liquidation) (ACPD), not to any other company or individuals.

This was stated by a new Liquidator of ACPD, David Wong who was appointed in May 2020.

“Complex A.C. Management Sdn Bhd (CACM) was appointed by ACPD in 2008. As new liquidator, I terminated the property managing services of CACM on June 3, 2020.

“I have asked them to vacate the office which is still under the ownership of ACPD but they refused to do so. My request for all the accounts, ledgers, vouchers, bank statements; relevant documents and the building keys, among other, were also refused,” he said in a statement.

Wong explained his reasons for terminating CACM.

“CACM has been collecting service charges and sinking funds but the use has not been properly accounted for. Monies collected should be paid into ACPD’s account as per unit owners Sale & Purchase Agreement but this has not been done.

“I have asked for all accounts and other relevant documents so that utilization of the monies can. be reconciled and accounted for: It is my duty as the Liquidator appointed by the Court to ensure that this is done and also to respond to the unit owners who I understand have never been updated and provided with the accounts,” he said.

According to Wong, in CACM’s audited accounts ended March 31, 2019, the auditor confirmed that it does not have any sinking fund account with a bank or financial institution.

This is, he said, despite CACM billing and collecting sinking funds for the Kompleks. “So where are the monies for this fund? This fund is supposed to be kept as a reserve for capital expenditure such as replacement of lifts, escalators or air-conditioning system."

“The sinking fund cannot be used for daily and monthly expenses or running costs of the Complex and I noted that the funds have been used for purchasing a vehicle under hire purchase and also for a car park system,” he said.

“Furthermore, directors who are husband and wife had excessive remuneration of RM27,000 per month, money which should be used for the Kompleks which is in dire need of repair and replacement of defective parts and equipment.

“Perhaps these are the reasons CACM refused to allow Unit Owners to study and scrutinise the accounts.”

^{Reference:
"Asia City Dues: Builder Lays Claim | Daily Express Online - Sabah's Leading News Portal". Dailyexpress.Com.My, 2020, http://www.dailyexpress.com.my/news/156169/asia-city-dues-builder-lays-claim/.}