Jepak Holdings judicial manager seeks more time to restructure company

KUALA LUMPUR (June 18): The judicial manager (JM) for Jepak Holdings Sdn Bhd, which is embroiled in the court case for the RM1.25 billion solar-hybrid project for 369 rural schools in Sarawak involving Datin Seri Rosmah Mansor, has applied for a six-month time extension for the company's restructuring exercise as Jepak’s assets are insufficient to repay its debts.

Datuk Mohd Afrizan Husain is the JM for Jepak, the judicial management of which is scheduled to end on July 25, 2021.

Mohd Afrizan’s lawyer Mohd Faizal Khalid told the High Court here yesterday Jepak is also in discussions with the Ministry of Education (MoE) to reach an amicable settlement to recover debts due from the ministry.

Mohd Faizal said: “I am required to file the necessary applications by next Monday (June 21).”

According to the lawyer, the applications comprise a request for a 60-day or longer time extension to prepare Jepak’s statement of proposal and the six-month extension from July 25 for the company’s judicial management.

The court yesterday fixed July 19 to hear both applications, Mohd Faizal said.

Jepak is represented by lawyer Shim De Zhen from law firm Yeoh Shim Siow & Lay Kuan.

Shim has also confirmed the outcome of the High Court hearing held late yesterday afternoon.

Judicial management is a court-supervised company restructuring under which an insolvency practitioner is appointed as the JM to rehabilitate the financially-troubled firm.

On Jan 26, 2021, it was reported that the High Court here allowed Jepak's application to go into judicial management.

It was reported that the court then appointed Mohd Afrizan as the JM for Jepak.

Jepak is embroiled in the court case for the RM1.25 billion solar-hybrid project involving Rosmah, who is facing corruption and money laundering charges.

News reports indicated that the three corruption charges involve the project for 369 rural schools in Sarawak. 

It was reported that Rosmah is charged with soliciting, through her aide Datuk Rizal Mansor, a RM187.5 million bribe from Jepak managing director Saidi Abang Samsudin in exchange for her assistance in ensuring the award of the government project to Jepak.

It was reported that Rosmah's trial for charges of money laundering and tax evasion involving RM7.09 million will begin in November 2021.

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