MK Land falls 6.35% after unit slapped with RM80.77m income tax and penalty bill

KUALA LUMPUR (May 23): MK Land Holdings Bhd fell 6.35% in early trade this morning after its wholly-owned subsidiary Saujana Triangle Sdn Bhd was been slapped with income taxes and penalty worth RM80.77 million by the Inland Revenue Board (IRB) for assessment years 2009-2011 and 2013.

The group — the third company troubled by IRB this month — said it disagrees with the decision, and will appeal accordingly.