KUALA LUMPUR (Sept 3): PRG Holdings Bhd (KL:PRG) has been placed under interim judicial management by the Kuala Lumpur High Court, amid an escalating boardroom feud and a debt dispute with its largest shareholder, Datuk Ng Yan Cheng.
The court appointed Andrew Heng and Ashvin Mahendran of Baker Tilly Insolvency PLT as the joint interim managers (IJMs) under a sealed order dated Aug 26, PRG said in a bourse filing on Thursday.
The move effectively stripped its board of directors and management of their powers, though they remain bound to fulfill statutory compliance duties, said the Main Market-listed company that is involved in property development, construction and manufacturing of elastic textiles, webbings and metal components.
The…