All this comes following the takeover of the debt-ridden organisation by Stoper Industries Holdings Sdn Bhd, a pepper-spray manufacturing private company, last month, theSun reported today.
AAM had made an official annoucement on Nov 8 that Asa Fan Wei Nen was appointed as the new CEO, effective from Oct 28, to helm the operations of AAM and its subsidiaries – AAM Automotive Centre and AAM Travel Planners.
Fan is the majority shareholder in Stoper Industries Holdings.
A statement posted on the AAM website on Nov 8 said: “It is with great pleasure that we announce the new CEO of AAM.
“Asa Fan assumed this role on Oct 28, 2016. He brings with him great experience as an entrepreneur. He founded Stoper, the leading provider of professional defence equipment, and diversified its operations into a broader range of industries.”
However, this move has now been revealed to be part of a takeover as stated in a statement released by Fan, according to the daily.
“It is with pleasure, I would like to announce that the takeover of AAM by Stoper Industries Holdings Sdn Bhd has been formalised on Nov 1 this year,” Fan said in a statement.
According to theSun, the statement also disclosed how AAM members will now have to deposit their payments to Stoper’s CIMB bank account, instead of to the AAM account.
The change is said to be due to the company being still in the process of merging accounts of Stoper and AAM, and this has resulted in a temporary halt of the regular credit card services.
A new AAM guidebook for members has also been introduced with new provisions and changes. The guidebook now overrides provisions stipulated in previous versions.
A significant change listed in the guidebook states that AAM members will no longer enjoy any voting rights.
AAM, which celebrates its 85th anniversary this year, has been mired in debt to the tune of RM4.5 million. This resulted in speculation that the AAM headquarters in Shah Alam was up for sale to raise funds to settle the debts.
It was reported later that a potential buyer had been found for the building but the move was aborted after members opposed it in a Special General Meeting (SGM) held on Oct 3.