Najib Razak has urged the government to protect Sapura Energy Bhd from bankruptcy by providing loans or instructing Petronas or Khazanah Nasional to take over ownership from Permodalan Nasional Bhd (PNB), Free Malaysia Today reported. The former prime minister was critical of PNB for failing to take action during the tenure of the previous Perikatan Nasional administration on Sapura’s problems and for stopping cash flow assistance. “PNB and the government need to think about the country’s strategic interests.
Malaysian Tycoon Tony Fernandes’ AirAsia X Completes Restructuring, to Reverse $7.9 Billion of Debt Provisions
The long-haul subsidiary of Malaysian tycoons Tony Fernandes and Kamarudin Meranun’s Capital A has completed its debt restructuring, paving the way for the airline to reverse 33 billion ringgit ($7.9 billion) in provisions previously set aside for these liabilities, Forbes reported. “This is another significant step in rebuilding AirAsia X, post pandemic,” AirAsia X CEO Benyamin Ismail said in a statement on Wednesday.
Malaysia’s Airasia X said on Wednesday it had completed its debt restructuring and will write 33 billion ringgit ($7.86 billion) back to profits in the next quarter, Reuters reported. Under the airline’s restructuring proposal, it would pay just 0.5% of debt owed and end its existing contracts. It was approved by its creditors and the High Court of Malaya last year. The restructuring was proposed to avoid liquidation after the long-haul low-cost airline posted a record quarterly loss last September.
It seemed a facetious question, one intended to provoke the star witness: “Do you think you are good at lying?” But it is the crucial issue at the center of what is likely to be the only trial on U.S. soil in one of the largest international kleptocracy cases in history, the looting of billions of dollars from the people of Malaysia, the New York Times reported.