Confirmed: Borneo Pulp & Paper has gone bust

comments     Tony Thien     Published     Updated

A Sibu-based company, Gabung Trading Sdn Bhd, has petitioned to the Kuching High Court for the winding-up of the troubled Borneo Pulp & Paper Sdn Bhd which is involved in a multi-billion ringgit pulp-and-paper project in Bintulu over claims the respondent company failed to settle.

The winding-up notice was published in a local English-language daily Sarawak Tribune today. Malaysiakini has not been able to ascertain the amount owed by Borneo Pulp & Paper, which led to the winding-up action.

A Kuching-based legal firm George Lo & Partners, acting as advocates for the petitioner Gabung Trading Sdn Bhd which is part of the KTS Group of Companies confirmed the winding-up petition but declined to give details.

Borneo Pulp and Paper, formerly known as Borneo Pulp and Paper Industries Sdn Bhd, has been placed under receivership and today's advertisement notice states that a receiver and manager has been appointed for the company.

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