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BN White Elephant Project #5 :: RM6.6 billion debt by JCorp

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Dana Johor under JCorp was incurred heavy losses, and non-bumi investors have to bear for the brunt of mismanagement and corruption by Johor state government.

JCorp has about RM6.6bil in outstanding debt, I doubt JCorp can survive without the bailout from public fund.

I hope Johor Sultan intervenes on this non-political, but the financial heavy losses issue and asks for accountability from the Johor Menteri Besar, Abdul Ghani.

JCorp outstanding debt : RM 6600 million

Number of BN White Elephant Project monitored : 5

Total accumulated cost or losses: RM 13984 million. JCorp to raise RM2.5bil

By RISEN JAYASEELAN

It plans to issue bonds to refinance debt due by the middle of next year

PETALING JAYA: Johor Corp (JCorp) plans to issue up to RM2.5bil in bonds in a move to refinance its debt that will be due by the middle of next year, reliable banking sources said.

“The bond issuance will refinance the bulk of debt that is coming due next year, meaning that JCorp may not need to carry out any big asset sale soon although there is still a small shortfall,” one banker said.

JCorp has about RM6.6bil […]