Jho Low associate declared bankrupt for failing to pay RM68mil in income tax

 

A bankruptcy order was recorded by the High Court after hearing a creditor’s petition filed by the government against Eric Tan Kim Loong.

KUALA LUMPUR: The High Court here today declared Eric Tan Kim Loong, who was alleged to be an associate of fugitive businessman Low Taek Jho or Jho Low, bankrupt after he failed to pay RM68,334,219.01 in income tax to the government.

Senior assistant registrar Chai Guan Hock recorded the bankruptcy order after hearing a creditor’s petition filed by the government through the Inland Revenue Board (IRB) against Tan on Dec 15, 2021.

IRB’s Klang Valley branch revenue counsel Siti Maisarah Ab Rahim confirmed the matter.

According to the creditor’s petition, the government applied for a bankruptcy order on Tan’s property as he owed the government RM68,334,219.01 which included interest and costs.

The petition stated that Tan failed to comply with the requirements of the bankruptcy notice dated June 8, 2021, which had been extended through a court order dated Aug 30, 2021.

The bankruptcy notice was advertised in the News Straits Times on Sept 14, 2021, and pasted at Tan’s residence on Sept 10, 2021.

On May 4, 2021, the High Court ordered Tan to pay income tax of RM67,996,891.87 and interest at the rate of 5% per annum from the date of judgment until the date of realisation and costs of RM2,000 to the Malaysian government after he failed to enter an appearance in a suit filed against him by the government through the IRB.

The government filed the suit against Tan seeking payment for tax arrears amounting to RM67,996,891.87 for the assessment year 2010 to 2013. - FMT