Malaysian Institute of Translation & Books has been saddled with RM10m in debts, its GM is reported as saying.
Government-linked Malaysian Institute of Translation & Books is expected to scale down its operations by half after left saddled with debts of close to RM10 million, according to a news report.quoted ITBM general manager Sakri Abdullah as confirming that the retrenchment process involving about half of its 116 employees could take place at any time.
He also reportedly indicated that the company's board would meet with Finance Ministry officials soon to discuss further actions. This is after it had also been tasked to manage the Kedai Buku 1Malaysia bookstore chain, which closed down in 2017, and reportedly raked up debts of some RM3 million.also quoted several ITBM staff who said they had been informed of the retrenchment exercise.
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