Kuala Nerang assemblyman announces that he is a bankrupt
ALOR SETAR -- Kuala Nerang state assemblyman Datuk Syed Sobri Syed Hashim made an announcement tonight that he was declared a bankrupt after failing to settle an RM8 million debt with a local bank.
Syed Sobri, who is also Umno Padang Terap division vice chief, said the debt was part of a RM50 million loan taken in 1998 to list his company Kulim Enterprise Sdn Bhd on the second board of Bursa Saham Malaysia, at the time.
Explaining the situation to about 300 party members and leaders at his house here Tuesday night, he said due to the economic crisis then, the company failed to be listed and he had to shoulder the debt.
He added that he was declared a bankrupt by the Kuala Lumpur High Court in December last year.
He said he had met with Kedah Menteri Besar Datuk Seri Azizan Abdul Razak today on the matter and Umno leaders had also been informed.