High Court orders winding up of SFI over RM2.6mil in debts

KOTA KINABALU: Debt-ridden Sabah Forests Industries (SFI) has been ordered to wind up by the Kota Kinabalu High Court here after it failed to pay debts amounting to about RM2.6mil.

Justice Leonard Shim gave the winding up order on Monday (Nov 15) under the provisions of Section 465(1) (e) of the Companies Act 2016 for RM2,699,244.24 indebted to petitioner Lee Khoon & Anor and supporting creditor Sabah Development Bank.

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