Perwaja's woes may have broader effect on Malaysian government, bank system
Article Abstract:
Analysts believe that the financial crisis which has engulfed Perwaja Terengganu Sdn. Bhd. could have an impact not only on the banking system but on the Malaysian government as well. The state-owned steel firm has acknowledged its insolvency and it is now trying to obtain a moratorium on the payment of the interest and principal on its $2.23 billion debt. The company's problems are attributed to an ill-advised expansion strategy as well as numerous irregularities.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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Mismanagement is blamed for Perwaja's insolvency
Article Abstract:
Malaysian Finance Minister Datuk Anwar Ibrahim confirmed that Perwaja Terengganu Sdn. Bhd. (Perwaja) is insolvent and that a government audit has uncovered evidence of mismanagement and questionable transactions. Datuk Anwar stated that Perwaja has accumulated liabilities of 6.94 billion ringgit and losses of 2.96 billion ringgit. The Malaysian government has initiated a detailed investigation into Perwaja's financial collapse.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 1996
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Malaysia's Perwaja Rescue Plan Falters
Article Abstract:
The financial management of Malaysia's Perwaja Trengganu Sdn. Bhd. is discussed.
Publication Name: The Asian Wall Street Journal Weekly
Subject: Business, international
ISSN: 0191-0132
Year: 2000
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