What explains the RM1.78 million overpayment for the Lake Coaster ride?

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Overpayment of RM1.78 Million for Lake Coaster Ride Lacks Clear Explanation in Audit Findings

An overpayment of RM1.78 million was made for the "Lake Coaster" ride at the Movie Animation Park Studios (MAPS), with audit reports indicating that Animation Theme Park Sdn Bhd (ATP) paid RM22 million to Sanderson Design Group (M) Sdn Bhd (SDGM). However, the certification of works for this specific ride only accounted for a payment of RM20.3 million. The available information does not provide a detailed breakdown or justification for the discrepancy between the amount paid and the certified value of the works completed for the "Lake Coaster" attraction.
Discrepancy in Certified vs. Actual Payment

The audit findings highlighted a significant difference between the amount disbursed and the documented value of work for the "Lake Coaster" ride. ATP's payment to SDGM totalled RM22 million, while the official certification of works for the same ride registered a value of RM20.3 million. This leaves a variance of RM1.78 million unaccounted for within the provided documentation.
Uninstalled Ride Equipment and Subsequent Costs

Further compounding the issue, the "Lake Coaster" ride equipment had not been installed, despite the substantial payment made. The cost to undertake the installation at a later stage was estimated to be between RM3 million and RM4 million. This situation suggests that the funds allocated did not translate into a functional attraction as intended.
Potential Financial Loss on the Attraction

The situation surrounding the "Lake Coaster" ride also points to significant potential financial losses. A prospective buyer had offered RM11.48 million for the ride. Even if this sale were to proceed, ATP would still face a projected loss of RM10.52 million on this particular asset, underscoring the financial implications of the overpayment and the unfulfilled installation.

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What explains the RM1.78 million overpayment for the Lake Coaster ride?

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