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03-26-2004, 05:06 AM #1
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- Apr 2002
- Santa Clara, California, United States
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NEWS : Malaysian court dismisses Rashid's appeal against bankruptcy order
Badminton: Malaysian court dismisses Rashid's appeal against bankruptcy order
KUALA LUMPUR, Malaysia : The High Court on Friday dismissed with costs an appeal by former national badminton player Abdul Rashid Sidek to annul the bankruptcy order obtained against him by a finance company.
Judicial Commissioner Siti Mariah Ahmad made the decision in chambers.
Abdul Rashid was declared a bankrupt on 13 August 2002 for failing to repay a RM1.67 million bank loan, which he stood as a guarantor, following a creditor's petition by the finance company.
Abdul Rashid, now a national badminton coach, is appealing against the decision of senior assistant registrar Habibah Haron, who on February 14 last year dismissed his application to set aside the bankruptcy order.
On April 11 2002, Abdul Rashid's brother, Jalani, who stood with him as guarantors for a company named AZ Handwork Sdn Bhd which took a loan of RM1.24 million from Cempaka Finance Berhad, was also declared a bankrupt.
Cempaka Finance has since been taken over by Southern Finance Berhad. - CNA
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