High court finds conglomerate “directly culpable” for insolvency of Peoples Trading Centre after years of trading while insolvent
Malawi’s high court has ordered Press Corporation Plc (PCL), one of the country’s largest conglomerates, to pay more than MK7bn (about £3m) to the creditors of Peoples Trading Centre (PTC), the retail chain it once wholly owned, after ruling that the group bore direct responsibility for the company’s collapse into insolvency.
In a judgment delivered on Friday at the commercial division of the high court in Blantyre, Justice Masauko Msungama found that PCL had allowed PTC to keep trading for nearly seven years despite knowing the retailer’s liabilities far outstripped its assets, and that…