The management committee of Menara UOA Bangsar, one of UOA REIT’s five commercial office blocks, has been paralysed last week by the resignation of seven out of its nine members, reported The Star.
The seven resigned due to an impasse over several issues, among which is the number of members the committee should have, said Datuk Satharuban, one of the resigned members.
A part of UOA Group, UOA REIT had “proposed to reduce the number of committee members from nine to three and the seven who resigned were against the proposal. They (UOA REIT) wanted to control both the buildings,” explained Satharuban.
There was also a dispute on how the financials and accounts were managed.
“As the owner of the 24-storey Tower B (inclusive of six levels of parking and three floors of retail), we are answerable to shareholders,” said a source from UOA.
“Both the blocks have different specifications and so income and expenditure differ…In order to be accountable to shareholders, we need to keep separate set of accounts. We have been doing this until this set of management committee came into office.”
With this, the UOA source said he cannot now say how much of the RM16 million cash surplus in the accounts belongs to Tower A and B as the management committee has combined the accounts of the two blocks.
Satharuban, however, claims that “there is no such thing as which belongs to Tower A and Tower B”.
Tower A has 31 storeys of offices, while Tower B has 15 storeys. Both blocks also come with four levels of basement parking and six levels of elevated car park.
The seven members that resigned were from Tower A, which had been sold by UOA to private individuals, while the remaining two were from UOA Group, the owner of Tower B.
Image sourced from The Star Online
This article was edited by the editorial team of PropertyGuru. To contact them about this or other stories email editorialteam@propertyguru.com.my
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