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Published by Afterschool.my on Nov 26, 2014, 03:41 pm
Allianze University College of Medical Sciences (AUCMS), a higher education institution based in Penang, will be forced to sell its former Middlesex University site it bought for £30 million last year.
AUCMS purchased a former campus of Middlesex University in Trent Park in North London.
Despite pleas made by Datuk Dr Zainuddin Wazir, founder and president of AUCMS, for government to consider immediate solutions such as short term financial aids , it appears that the institution has no other choice but to give up the campus.
The acquisition last year was supposed to help create a Malaysian medical university in London. However, the lack of funds placed AUCMS in a serious financial crisis that led to unpaid staff and over 400 disgruntled students.
The Trent Park campus, according to industry observers, would require millions to renovate. "The campus was sold at a ridiculously high price with many issues and that is something AUCMS have struggled to cope with," said Peter Gibbs, head of the Enfield Parks consortium.
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