THE year 1997 was a tragic year for Malaysia and its citizens. Dubbed as one of the promising “tiger economies”, the country was suddenly dragged into the contagious effects of currency speculation activities.
The devaluation of the ringgit was painful to many, especially those in the corporate world. Overnight, the amount of external debts burgeoned and forced many firms to scale down and, to a certain extent, cease operations; not to forget those categorised as PN4 companies by the Kuala Lumpur Stock Exchange.
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