Malaysia’s first high profile casulaty of Dubai financial turmoil.
PRSEA | Dec 11, 2009 | Comments 3
Interior fittings and design company LCL Furniture Sdn Bhd has become the first high profile Malaysian casualty of the financial turmoil in Dubai.
The subsidiary of listed company LCL Corp Bhd has defaulted on RM72 million (US$21.1 million) of repayments following the collapse of property prices.
A statement issued by the company to the Malaysian bourse said: “LCL has been severely impacted by the recent financial turmoil in Dubai, where property prices have plunged resulting in delay and non payment of its receivables. Hence, LCL and its subsidiaries have been unable to meet its repayment obligations.”
The statement continued: “Prior to the Notices of Demand, the company has been in regular negotiations with the financial institutions to reschedule its loan repayment. The company will continue to engage the financial institutions for their consideration to agree to our request. In the meantime, the company will intensify its efforts to maximise its collections on receivables from the Dubai segment.”“
Yes and they just flee the country with out paying thier staff.I am still waiting for my salary.after 2 years.
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If this is one example of a high profile casualty case, what about the mid and low profile firms?