(In Statutory Management)
Report to Equiticorp Holdings Ltd debenture stockholders
Dated 25 June 2025
We are disappointed that the liquidation of Mr Cheah’s property holding company has been mired in Malaysian winding-up and legal processes. The Malaysian High Court finally approved the liquidator's fees in November 2024. Then, in determining the final distributions to be made to shareholders of the company, two third parties have come forward claiming to hold security interests over the 18% shareholding that was owned by Mr Cheah's brother. The liquidator has filed an application in the Malaysian High Court to resolve these competing claims and for a Court Order to set the final distributions to be made to shareholders. A hearing date has been scheduled for 26 August 2025.
The distribution to Mr Cheah’s bankrupt estate, which owns 82% of the shares, will be paid to the Singapore Official Assignee as Mr Cheah was a resident of Singapore when he was bankrupted. The process of winding up the estate may take some time as the Official Assignee has yet to adjudicate upon all the claims against the estate, and it will not complete that process until it receives funds from Malaysia. Equiticorp’s debt has been admitted and is the largest known creditor.
Given the circumstances set out above, we cannot say at this time what the possible recovery might be for Equiticorp debenture holders or the timing of any potential distribution.
2. Next report
We will write again around 30 June 2026, or earlier if there are any significant developments. Our recent reports are available on our website: www.equiticorp.co.nz
B G Stowell & K T Stotter
Statutory Managers
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