Jho Low's alleged associate declared bankrupt over RM68m tax arrears

 

The Kuala Lumpur High Court yesterday declared Eric Tan Kim Loong, who is alleged to be an associate of fugitive businessperson Low Taek Jho or Jho Low, bankrupt after failing to pay income tax of RM68,334,219.01 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.

The revenue counsel of the Klang Valley branch, Siti Maisarah Ab Rahim, confirmed the matter.

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

The petition stated that Tan allegedly failed to comply with the requirements of the bankruptcy notice dated June 8, 2021, which had been extended through a court order dated August 30, 2021, within six months before the submission date of the petition.

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 five percent per annum from the date of judgment until the date of realisation and costs of RM2,000 to the government after failing 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.

- Bernama