Gloomy record of Malaysia's Perwaja shows how a state enterprise can fail in good times
Article Abstract:
The Malaysian government has touted Perwaja Terengganu Sdn. Bhd. as one of the country's most successful state-owned enterprises after Eric Chia Eng Hock engineered the company's spectacular turnaround in the early 1990s. However, it now appears that all Chia did was to hide the company's mounting financial problems with non-existent profits. Audits have shown that since 1982, the company has accumulated losses which amount to two and a half times greater than its paid-up capital and reserves.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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Perwaja's future in doubt after loss is disclosed by Anwar
Article Abstract:
Malaysian Deputy Prime Minister Anwar Ibrahim revealed that Perwaja Trengganu Sdn. Bhd. suffered a 376.5 million Malaysian dollar-loss for FY 1994. Anwar's disclosure further fueled speculation about Perwaja's doubtful future, which was first questioned after Perwaja's long-serving managing director, Eric Chia, suddenly resigned. However, Anwar allayed such concerns and stressed that Chia's resignation was part of an initiative to promote major changes in the company.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1995
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Perwaja starts repayment of loan to Japan Ex-Im Bank
Article Abstract:
Malaysian steel producer Perwaja Terengganu Bhd. has implemented its financial strategy of eliminating its foreign borrowings by raising capital to pay its debts to Japan's Export-Import Bank which amount to $435.5 million. The steel firm is financially ailing and has even been reported to be insolvent. It is counting on Malaysian banking institutions in its effort to bail itself out of financial trouble.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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