“In 1997, the government had to bail out companies, they had to buy out the LRT, give a loan to Tan Sri Halim Saad who had to pull of a corporate exercise and this led to RM3.2 billion not paid back,” Pua said, referring to the collapse of the Renong Group during the financial crisis in 1997. “His (Syed Mokhtar) companies owe RM34.3 billion, more than 10 per cent of the national corporate debt; Renong owed about RM20 billion, which was only 8 per cent.
Syed Mokhtar’s debts raising fear of future bailout, says Tony Pua
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