Utusan Group ceases operations, staff told to vacate offices by 1pm Wednesday (Oct 9)

Utusan Group ceases operations, staff told to vacate offices by 1pm Wednesday (Oct 9)

Malaysia today - News·2019-10-09 12:34

Employees of Utusan Melayu (Malaysia) Berhad were told to pack up their belongings and leave the office by 1pm on Wednesday (Oct 9) as the cash-strapped company officially ceases operations.

(The Star) – Executive chairman Datuk Abd Aziz Sheikh Fadzir said poor cash flow, mounting debts and declining sales led to its board of directors on Monday (Oct 7) in approving the Creditor’s Voluntary Liquidation proposal and appointing UHY Advisory (KL) Sdn Bhd as interim liquidator.

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