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According to data from the insolvency department, Selangor has the highest incidence of bankruptcy in the country, with a significant proportion of cases involving civil servants, particularly teachers, Free Malaysia Today reported. Insolvency department director-general Ishak Bakri said the majority of bankruptcies stemmed from substantial personal loan liabilities, reflecting that salaried employees are disproportionately vulnerable to insolvency.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Malaysian authorities are using drones and handheld sensors to crack down on Bitcoin mining operations stealing power from the grid, according to Bloomberg, Decrypt.com reported. Last month, Malaysia launched a special committee made up of staff from the Ministry of Finance, Bank Negara Malaysia and TNB to target illicit actors. The move is the latest in a series by authorities to rein in illegal mining, including a crackdown in May this year that shut down almost 2,400 operations. Among them was the seizure of 45 rigs in the northeast of the country.
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Datuk Seri Najib Razak has failed in his bid to stay a bankruptcy notice after the High Court upheld the Inland Revenue Board's (IRB) action against the former prime minister for an unpaid additional assessment of close to RM1.7 billion, TheEdgeMalaysia.com reported. Similarly, his son Datuk Nazifuddin Najib has also failed to obtain a stay over a bankruptcy notice issued against him for not paying RM37 million. With this, the IRB can continue with initiating bankruptcy proceedings against the duo.
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