We have yet to receive any official letter of notification from MITI on their decision to stop issuing APs for the importation of WALD Tuned vehicles, as a result of our alleged non-compliance with their importation regulations as stated by a MITI official in various recent news reports. Regardless of the fact that this information has not been officially conveyed to us prior to its release to the general media, we will make every effort to abide by the Ministrys decision.
This will undoubtedly result in us having to wind up Amazing Tempos WALD business, and this in turn will affect 106 dealers nationwide, with approximately 1000 workers losing gainful employment.
Today, we will face the reality of the governments decision and will be meeting our business partners and employees to notify them officially of our decision to abide by the governments decision. We strongly believe in the governments good judgement and intentions, and continue to hold the view that this move to stop further issuance of APs to WALD is for the greater good of our national automotive industry.
This decision would undoubtedly have not been an easy one to come to as it involves several key factors that would affect the government themselves:
Government-Linked Corporation Investment Related To WALD
USF- Hicom â€“ as they are our partners in the distribution of WALD vehicles nationwide and hold 50% of our vehicle allocation, this is an investment of about RM200 million that has been made by USF-Hicom. USF-Hicom is a government-linked corporation because it is a wholly-owned subsidiary of DRB- Hicom, which in turn is 37% owned by Khazanah Nasional
Amazing Tempo had great plans and vision for their partnership with USF Hicom and in fact plans were made to leverage on the success that was sure to follow on from the WALD venture platform. Unfortunately, these projects will be shelved indefinitely.
Revenue from WALD
Annually, Amazing Tempo would have contributed something to the tune of RM300 million worth of customs excise and import duties that the government is now forgoing.
While we find this a bitter pill to swallow, especially since we are only 10 months old, Amazing Tempo prides itself on conducting its business with the highest levels of ethics. We continuously strive to adhere to all relevant rules and regulations governing the automotive trade, and we will continue to do so. Thank you in anticipation of your continued support and understanding.
I really wonder what is the ‘non-compliance’. Will MITI shed some light on this?