Perwaja's woes may have broader effect on Malaysian government, bank system

Article Abstract:

Analysts believe that the financial crisis which has engulfed Perwaja Terengganu Sdn. Bhd. could have an impact not only on the banking system but on the Malaysian government as well. The state-owned steel firm has acknowledged its insolvency and it is now trying to obtain a moratorium on the payment of the interest and principal on its $2.23 billion debt. The company's problems are attributed to an ill-advised expansion strategy as well as numerous irregularities.

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Mismanagement is blamed for Perwaja's insolvency

Article Abstract:

Malaysian Finance Minister Datuk Anwar Ibrahim confirmed that Perwaja Terengganu Sdn. Bhd. (Perwaja) is insolvent and that a government audit has uncovered evidence of mismanagement and questionable transactions. Datuk Anwar stated that Perwaja has accumulated liabilities of 6.94 billion ringgit and losses of 2.96 billion ringgit. The Malaysian government has initiated a detailed investigation into Perwaja's financial collapse.

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Malaysia's Perwaja Rescue Plan Falters

Article Abstract:

The financial management of Malaysia's Perwaja Trengganu Sdn. Bhd. is discussed.

Primary Iron & Steel, Iron and Steel Mills and Ferroalloy Manufacturing, Financial analysis, Malaysia, Blast Furnace and Basic Steel Products, Statistical Data Included, Planning, Maju Holdings Sdn. Bhd.

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