Don't worry 'we have RM40 million in the bank', says OCM supremo

New Straits Times

5 hours ago

KUALA LUMPUR: Olympic Council of Malaysia (OCM) president Tan Sri Norza Zakaria has assured that the umbrella body has solid financial footing ahead of their move to Bukit Jalil.
OCM has inked a land swap deal with Malaysian Resources Corporation Berhad (MRCB) to build their new headquarters - dubbed the Olympic House - on a 5.38 acre plot of land that will be leased (30 years) from the government.
In return, MRCB will take ownership of OCM's current headquarters — Wisma OCM (0.73 hectare) at Jalan Hang Jebat - in return for building a new RM93 million state of the art facility for OCM.
Certain quarters recently questioned OCM's decision as the latter will not get any cash out of the deal, adding that it could potentially strain OCM financially in the future once the 30-year lease in Bukit Jalil expires.
Norza said the move is part of their plans to modernise OCM and assured that they have a "healthy balance sheet".
"We have received criticism with some saying it is not a good business decision," said Norza yesterday (July 19).
"We are, however, not sacrificing anything. We will get a better building in a better location close to our stakeholders. We will not be stuck in traffic between a school and Petaling Street anymore.
"As I have said before, we could just take RM20 to RM30 million and build a small office in Balakong or Bukit Beruntung and keep the rest of the money, but do we really want that?
"Our balance sheet is healthy, we have RM40 million in the bank. We are also under the International Olympic Committee (IOC). Every year we get (RM) three to five million in funding coming in through sponsorships and so on, so we are okay (financially).
"Our objectives and our core business are different (from other organisations). We are in the process of modernising OCM and we want to establish a well respected organisation. We have to lead by example.
"This issue has been addressed with our affiliates and they are fully supporting the move to Bukit Jalil."
Norza added that a hotel will also be incorporated into the Olympic House project to generate recurring income for OCM.
The new headquarters will also feature offices for over 32 national sports associations, an auditorium, a media conference room as well as various other modern facilities.
OCM yesterday announced that a committee has been formed to oversee the Olympic House project to ensure that OCM receives a facility worthy of the RM93 million valuation.
The committee is led by OCM secretary-general Datuk Nasir Ali with Squash Racquets Association of Malaysia (SRAM) president Gerard Monteiro as deputy chairperson.
Datuk Amarjit Singh Gill (cycling), Datuk Awalan Abdul Aziz (lawn bowls) and Akhramsyah Sanusi (chess) will serve as committee members.
The Olympic House is expected to be completed by the end of 2027 at the earliest.