Lion Group steel operations in debt, under PN17 category and face de-listing

Troubled times: Lion Group’s Megasteel plant in Banting. The factory shut down on Aug 30.

THE fate of Tan Sri William Cheng’s Lion Group steel operations seem to be stuck in limbo.

Two of its listed subsidiaries – Lion Corp Bhd and Lion Diversified Holdings Bhd – have already been classified as Practice Note (PN17) companies, heavily saddled with huge defaults in payments.