KUALA LUMPUR — Tycoon Syed Mokhtar is poised to rescue the floundering Entertainment Village project in Malaysia.
Mokhtar is doing due diligence on Entertainment Village Sdn Bhd, the company that was entrusted with developing the $790 million complex that was to comprise film studios, associated services, a theme park and training facilities. He is soon expected to take control.
EVSB was unable to raise the funding necessary to complete the development after building the first six of eight soundstages (which opened last September) and has collapsed, owing creditors about $13.8 million.
The Multimedia Development Corp., which was overseeing the E-Village project as part of the Multimedia Super Corridor high-tech area, began looking for a new developer several months ago.
The MDC confirmed last week that Mokhtar is in the process of taking over EVSB, and that the E-Village will be redesigned and rechristened, probably as Eco-Media City.
“The project will still go on, but under a different, restructured company,” one MDC exec tells Variety. “All this however has not affected the development of creative multimedia as a whole in the area. That is being coordinated on an ongoing basis regardless of whether there is an E-Village.”