The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.
KUALA LUMPUR: Shares in AWC Bhd
have been suspended on the application of the company, pending the release of a material announcement.
The company announced in a Bursa Malaysia filing that its application has been approved by Bursa Securities. Trading in AWC’s shares has been suspended from 12.09 p.m today. Its shares was unchanged at 69.5 sen
AWC said it was releasing a material announcement containing certain updates to the proposed acquisition of 60% equity interest in Trackwork & Supplies Sdn Bhd (TWS) and the proposed diversification of the principal activities of AWC.
In late February, AWC had proposed to acquire a 60% equity interest in rail-related industry services firm TWS for a total purchase consideration of RM43.5mil.
In accordance with the conditional share sale agreement entered, the 60% stake acquisition of TWS comes with a cumulative net profit guarantee of RM20mil for the financial years 2018 and 2019, ending Sept 30.
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