Sumatec loans cancelled, creditors demand for RM72.33million by Jan 19

KUALA LUMPUR: Sumatec Resources Bhd’s creditors have terminated three collateralised loans and are demanding for the company to pay up the RM72.33million owed by Jan 19, 2017. The debt is being called up by the Malaysian Trustees Bhd (MTB), trustees to the three lenders of the loans – Kerisma Bhd, Capone Bhd and Prima Uno Bhd – according to Sumatec’s stock market filing this evening. Sumatec, however, said its lawyer Shearn Delamore & Co advised that the group is not obliged to pay given that a provision under the settlement agreement inked with the creditors in 2013 has stated that the appropriate remedy for the bondholders is to instruct MTB to pursue RM17 million from three entities, namely Hoe Leong Corp Ltd, Setinggi Holdings Ltd and/or Hoe Leong’s nominees.

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