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Konsortium Transnasional Berhad Announces Default in Payment


Monday, 3 Dec 2012 11:33pm EST 

Konsortium Transnasional Berhad announced that it has defaulted on its repayment of principal in respect of banking facilities granted by Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat) and pursuant thereto, Bank Rakyat had served its Writ of Summons and Statement of Claims on the Company on 3 December 2012. The said banking facilities include Bai Bithaman Ajil Facility of MYR 30 million and Bai Bithaman Ajil Facility of MYR 50 million and the respective default payment as per Bank Rakyat's Statement of Claims are MYR 2,915,502.90 and MYR 9,576,032.26. The Company is unable to service and repay its debts to the creditor as its cash flow has been constricted due to the operational losses incurred over the last three financial years. The Company will be negotiating with the creditor bank for installment payments of the outstanding loan sum with the objective of settling the claims with the creditor bank. The creditor bank has indicated in its Writ of Summons that if the Company fails to enter appearance and/or to settle the outstanding loan sum, they will proceed to obtain judgment and implementation of the said judgment may lead to a winding-up petition being served on the Company. 

Company Quote

0.46
-0.07 -13.21%
22 Sep 2014