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Thestar
ALOR SETAR (Feb 6, 2013): Kedah Gerakan Youth has questioned the ability of Bina Darulaman Berhad's (BDB) and its subsidiary, Kedah Sato Sdn Bhd to repay a RM330 million loan taken to finance the construction of the Insaniah University College (Kuin) campus in Kuala Ketil.
Thestar
ALOR SETAR (Feb 6, 2013): Kedah Gerakan Youth has questioned the ability of Bina Darulaman Berhad's (BDB) and its subsidiary, Kedah Sato Sdn Bhd to repay a RM330 million loan taken to finance the construction of the Insaniah University College (Kuin) campus in Kuala Ketil.
Its chief, Tan Keng Liang said BDB and KSSB were supposed to settle
nearly RM50 million per annum for the loan whereas BDB's profit was only
about RM20 million a year.
"Why BDB, which only has a paid-up capital of RM72 million, has to
bear the debt for the project? How will the state government help BDB to
settle the debt since it only has RM193 million in its coffer whereas
the state's debt has reached RM2.6 billion?" he said at a news
conference here today.
Tan said the loan was taken from Bank Islam Malaysia Berhad and Affin
Islamic Bank Berhad by KSSB while BDB acted as a corporate guarantor.
"KSSB is wholly owned by BDB which was given a corporate guarantee
for the repayment of the RM330 million loan," he said, adding that BDB,
which was listed on Bursa Malaysia, is a subsidiary of the Kedah State
Development Corporation with a 55 per cent stake.
Tan said Menteri Besar Datuk Seri Azizan Abdul Razak should solve the issue. – Bernama
