Debt mounts for Malaysian confectionery firm Silver Bird

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Related tags: Debt

Debt mounts for Malaysian confectionery firm Silver Bird
Malaysian firm Silver Bird Group Berhad has defaulted on loan repayments totalling almost €1.7m (RM 6.5m) for its Standard Confectionery subsidiary.

The company recently received a letter from the Solicitors of AmIslamic Bank Berhad demanding for payment of €1.2m (RM 4.5m) and another from Malaysia Building Society Berhad chasing around €481,000 (RM 2m).

Last month, the company suspended three executives over financial irregularities pending an internal inquiry. Silver Bird has been in financial difficulties ever since.

The lenders may choose to initiate legal proceedings against the company.

Related topics: Manufacturers