The Singapore Business Times reported on Wednesday (read here) that Asian Petroleum Hub Sdn Bhd, which runs the RM1.4 billion Asian Petroluem Hub (APH) in Johor, has fallen under receivership. A trail of sub contractors are facing bankruptcy and if some RM 2 billion is not pumped into the project, at least two state-linked public listed banks will be forced to make hundreds of million ringgit in writedowns.
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