KOTA KINABALU: Sabah Development Bank has taken significant measures to deal with bad loans inherited by the state-owned bank, says the state Finance Minister.
Masidi said the non-performing loans garnered by the bank amounted to RM4.89bil as of September this year. He said that with additional proposals expected to be finalised soon, SDBank is forecasted to achieve a recovery amount of over RM1bil by the end of this year. Masidi said the bank has also appointed receivers and managers for six non-performing loan borrowers, amounting to RM601mil, and liquidators for nine non-performing loan borrowers, amounting to RM1.562bil.
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