London Biscuits board must explain to minorities
FocusM | 12 Jul 2019 00:30
The minorities of London Biscuits Bhd (LBB) must be disappointed and angry with the sudden turn of events in the fortunes of the company.
On July 5, the company said it had defaulted on a RM9.83 mil loan (and additional interest charges) from Bank of Nova Scotia Bhd. As a result, it slipped into PN17 status.
What is interesting is that four days earlier on July 1, the company announced it had received a writ of summons from Bank of Nova Scotia demanding payment for its loans and confidently stated that there “will be no significant impact on the financials and operations of the company at this point in time”.
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