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KUALA LUMPUR: In a startling revelation during the ongoing trial in the Penang undersea tunnel corruption trial, businessman Datuk Seri G. Gnanaraja admitted to being declared bankrupt after failing to pay his legal fees in a separate case at the Shah Alam Court.
During cross-examination with counsel Ram Karpal Singh, Gnanaraja admitted to being declared bankrupt since Dec 12 last year after failing to pay his legal fees in a separate case at the Shah Alam Court.
He acknowledged that he was represented by at least four lawyers during the proceedings.
“I had no idea what was going to happen, even with four lawyers representing me,” he said.
Papua New Guinea’s only electricity provider is insolvent and more than $1.5 billion in debt, as insiders describe the situation as “hopeless” and “untenable”.
PNG Power is the national electricity company in Papua New Guinea, a country where fewer than one in five people have access to mains power.
The government-owned company was set up in 1963 to deliver electricity to the developing nation.
But a six-month ABC investigation can reveal that in recent years the company has been grappling with extreme financial distress and severe debts.
Company insiders, who spoke on condition of anonymity, said staff feared they would be fired if they spoke out.
PNG Power is a state-owned entity crippled with more than a billion dollars of debt. (ABC…
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Canadian retailer and indie fashion favourite Ssense has filed for bankruptcy protection, the company said on Thursday.
The company is filing an application with Canada’s Companies’ Creditors Arrangement Act, similar to filing for Chapter 11 bankruptcy in the US. The CCAA is a federal law that allows insolvent corporations owing creditors more than $5 million to restructure debts under a legal framework while continuing operations. The filing comes after Ssense’s primary lender placed the company under CCAA protection, triggering a sales…
Ssense is filing for bankruptcy protection after what it described as an attempt by lenders to force a sale of the company, the Montreal-based e-tailer told employees in a letter reviewed by The Business of Fashion.
Chief executive Rami Atallah on Thursday said Ssense’s creditors want to put it up for sale under the Companies’ Creditors Arrangement Act, a process similar to bankruptcy protection that allows corporations to restructure their finances.
Atallah went on to say that Ssense will fight a sale by filing its own CCAA application within 24 hours “to protect the company, keep control of our assets and operations, and fight for the future of the company,” according to the memo.
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The sale “will allow the Claire’s brand to remain a prominent retailer for teens, tweens, and young girls around the world,” the court filing, which was made on August 20, states. Claire’s, which specializes in tween accessories, announced its filing for bankruptcy for a second time in a seven-year span earlier this month. The company will now pause the liquidation of nearly 1,000 stores, though 13 locations, as well as Icing, another brand owned by the company, will still close.
KUALA LUMPUR (Aug 28): The defence in Lim Guan Eng’s Penang undersea tunnel case attacked the credibility of key witness Datuk Seri G Gnanaraja in court on Thursday.
At the Sessions Court, lawyer Ramkarpal Singh highlighted that Gnanaraja is bankrupt, quizzing the businessman for owing his former lawyers Messrs Dennis Nik & Wong more than RM5 million after they got him off cheating and money laundering charges in 2020.
Ramkarpal pointed out to the court that Gnanaraja, despite securing an acquittal, had failed his lawyers, resulting in the law firm suing him.
Ramkarpal: As a result of the non-payment of the legal fees, your lawyers from Messrs Dennis Nik Wong had filed a suit against you?
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The Competition Commission of India (CCI) has on AUgust 26 approved the acquisition of Jaiprakash Associates (JAL) by Adani Group Entities, the organisation announced in an official statement.
The announcement was also posted on their official social media account on X (formerly known as Twitter).
According to the press release, the deal proposes acquisition of up to 100 per cent shareholding of JAL by Adani Enterprises (AEL), Adani Infrastructure and Developers (AIDPL), or any other entity forming part of Adani Group. A detailed order on the same will follow, it added.
The CCI’s statement further noted that JAL is currently undergoing corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), 2016 pursuant to…
