KUALA LUMPUR: GT Global Race (M) Sdn Bhd has issued a winding-up notice on ADM Ventures (M) Sdn Bhd and initiated bankruptcy proceedings against its two company directors for failure to indemnify a RM2.5mil sum owed to Cityneon Contracts Sdn Bhd and a repayment of RM10.9mil in relation to the organisation of the KL City Grand Prix 2015.
Cityneon Contracts had on Nov 7, 2016, initiated a civil action suit against GT Global Race for the rental, installation, demolition of grandstand and exhibition facilities for the KL City Grand Prix 2015 for a total contract sum of RM13.4mil.
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